5 Things a First Time Home Buyer Should Do

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Are you thinking about purchasing your first home? The home buying process can be intimidating and overwhelming, this leaving you wondering where do I even start? These are the top 5 things you should do as you start to consider homeownership.

1.) Get your finances in order 

Spend some time figuring out an appropriate monthly budget. There are websites such as Wave, or Quickbooks that you can use to track your spending. These sites pull in your spending from each bank account and the credit card you have to show you exactly how much money you spend every month on everything from everyday expenses like food and gas to those random amazing packages. This gives you an accurate view of what you spend, rather than a guess, so you can understand how much you can afford and what you can cut back.

2.) Talk to a Mortgage Broker

In addition to understanding your finances, a mortgage broker will determine the amount of mortgage you qualify for and the ideal mortgage terms and conditions you should consider. Mortgage Brokers can also help lead you in the right direction when it comes to your finances and how you could be able to afford more. We can recommend top Mortgage Brokers for you as well. 

3.) Talk To A Realtor

Sitting down with a Realtor (me!) to chat about the buying process, neighbourhoods, what you’re needs are and what you should consider when you’re thinking about your options. Developing a relationship with a Realtor happens over time – you need to see properties together and communicate about what you like and don’t like – but it starts with a meeting and a Custom Search. Contact me to sit down to get started. 

4.) Make a wants vs needs list

Think about what you like and dislike about your current home. Be realistic about your future home and what you can afford. Thinking critically about your current home will help you reckon what you should look for in your next home. Do you like getting direct sunlight in your home? Would you prefer to be on the first floor to avoid taking an elevator, or the top floor to avoid noisy neighbours? Are you okay with some street noise? How much storage do you need? Do you have pets?

5.) Visit potential neighbourhoods you’d consider

This step might come after you get a sense of what you can afford, but take some time to check out different neighbourhoods on the weekend. Find the grocery stores, parks, and coffee shops you’ll frequent regularly. If you transit or bike to work, test the route out. Ask your friends and coworkers what neighbourhood they live in and what they like and don’t like about it so you can get a sense of what to expect from a resident. I know quite a bit about different neighbourhoods, so you can always pick my brain about potential areas that would be good for investment and ideal for your lifestyle. 

If you have any questions about the process or want a better idea of the real estate aspect before diving into the other details, give me a call! I’d be happy to go through the first few steps with you: [email protected] or 604-341-9937.