tips

Oh the excitement, nervousness and pressure that comes with being a first-time home buyer. I can remember my experience like it was yesterday. Actually ….. I can hardly remember a thing. That’s because the process felt like I was thrown into water without knowing how to swim yet. It is hectic to say the least. From searching and going through house after house, condo after condo, remembering what I saw in any of the 10 properties visited was beyond me. As you can imagine there is a lot that goes into purchasing your first property. The following are some tips to remember when starting the process.

1.       First things first: FIND A REALLY GOOD REAL ESTATE AGENT that you trust and feel comfortable working with.

Investing in real estate will be for most the biggest investment in their lifetime, so make sure that you have professionals you feel you can trust, working with you every step of the way! I can not stress this enough because a lot of the time a good agent will be able to turn a very important and stressful event into a smooth enjoyable process. Meet with your real estate sales representative and go over the process before you start so you have a good understanding of what to expect. Make sure you write down any questions that pop up in your mind because you don’t want to forget to ask them. Have a list of your must haves and things that you would love to have in your new home but are not necessities with you so that your agent can have a good understanding of what you are looking for.

2.       Get a pre-approval right away

By doing this you will have a good understanding of your budget. Bringing this to your agent right away will help them get a head start in finding you the perfect property without wasting your time showing you properties outside of your budget. The last thing you want to do is get your hopes up by walking through homes that are way too expensive.

3.       Don’t go through too many properties in one day.

Trust me, it gets confusing! After the tenth property you will be so exhausted you will hardly remember the last property you went through. It makes the decision process too difficult when there are too many properties to choose from. If you cannot narrow down the amount of properties you will go to view, then spread them out in a couple of days rather than just one. This way you can review the properties you went through without being confused. I would say maximum five to seven properties in one day.

4.       Don’t forget the closing costs!

Closing costs can range from 1.5 – 4 % of the purchase price. That can be a lot of money if you don’t expect to pay that much. ( Check out my article on closing costs to learn more here.) As a first-time home buyer you will be eligible for certain rebates which will help with the closing costs. (Check out my article on rebates for first-time home buyers if you live in Ontario, Canada here.)

5.       Repeat this over and over again in your head: Don’t give up your almost there!

Once you finish negotiating the purchase price of the property and sign the acceptant of the agreement, the real stress kicks in. If you have conditions in your agreement, you need to work on fulfilling them. You need to deal with all the closing costs, lawyers and inspectors, etc. Trust me it becomes a lot. Keep focused and before you know it you will be driving to your lawyer’s office to pick up the keys.

I could go on and on with information for first-time home buyers. Everyone’s situation is different which means you need specific advice tailored to your needs. If you are planning on buying your first property don’t hesitate to contact me, I would love to help!