Kola Ifabumuyi MBA
6 EASY STEPS TO BUY YOUR FIRST HOME
The home buying process can seem daunting at first, but by following our 6 simple steps you’ll find yourself in your new home in no time.
Get your finances in order
No doubt buying a home is perhaps the biggest purchase you will make in your life, that is why it is key you have a very strong grasp on what your financial comfort zone is in terms of affordability. In addition, it is imperative you have a decent savings account for a down payment.
Get pre-approved by a mortgage broker
Now you know how much you can afford based on your financial comfort zone and down payment, speak to one of our mortgage brokers and get a pre-approval. This will guide you further in your home search.
Are you a single dweller or buying for a family of four plus more? Do you want to live in an older home with some character or a newer dwelling? These are among the many things you need to consider during your search. With the variety of home types available, it is best and ultimately more efficient to focus on a particular type.
Some buyers are self acclaimed city slickers and others prefer the suburbs. Whatever your preference is, be true to yourself. This will often in turn impact the home type you need to consider. For instance, if you want to live in the city core but want a detached single-family home with a large backyard, you may need to weigh what is most important to you – neighbourhood versus home type.
Now that you have decided what type of dwelling and what neighbourhood you would like to purchase your home in, next thing to consider is amenities. Things like access to shopping, parks, community centres and schools will further guide your search. Depending on your lifestyle, certain amenities will be more important to you. For instance, if you have children, access to schools and day care will be top of the list.
Whether you walk, bike, drive or take transit to work. You want to ensure your new home will not negatively impact your regular commute.
Get help from a realtor:
Now that you know what you want in terms of dwelling, neighbourhood, amenities and transit, it is time to start the search. Get help with an experienced and qualified realtor who has the expertise and knowledge to get the search on the road. Often, realtors specialize in specific neighbourhoods, so it is best to work with one who is very familiar with your target area.
Visit the builder sales centre:
If you are looking for a new build or recently constructed multi-family dwelling such as a condo or townhouse, visit the builder’s sale centre. Experts are on-site to answer any questions you have and provide you with more detailed information about the newly built or about-to-be built homes.
Put in a qualified offer
Now you have put all considerations to work and found your dream home in the ideal neighbourhood – it is offer time. Work with your realtor to put in an offer. Let the negotiations begin!
Now that your offer has been accepted, plan with your broker to decide what options work best for you. Work with your MA broker to decide what is the best mortgage type and rate for you. For more information: Choosing a mortgage that’s right for you.
You have made it! You figured out your affordability, researched, bid, and purchased your first home. Congratulations and enjoy the rewards of home ownership!
Help is available, contact us today to see how your next home fits into your budget.Back