5 Tips For First Time Home Buyers In Canada

5 Tips For First Time Home Buyers In Canada

There is no doubt that buying your first home can be not only intimidating but also difficult because although you may have an idea of what you want in your first home It may not be a realistic idea when compared to the budget that you have set for your first home. Many first-time home buyers tend to jump into the mindset of being able to afford their dream home right off the bat. The truth is many times first time home buyers cannot afford to buy their dream home right away. Here are 5 tips for making first time home buying easier.

 

1. Finding Your Budget

The first tip for buying your first home is that you need to find and set a budget that is right for you on how much you want to spend on your first house. You will figure out your budget by adding up all your expenses up and deciding just how much you have aside from your down payment to pay monthly towards your house. Obviously, your monthly mortgage payment after your down payment cannot exceed your monthly income unless you have a large savings account that you plan on using to help pay for your first home.

 

2. Benefits of First time home buying

There are many programs in place to make first time home buying an easier experience for you. Some programs include help finding property’s that are within your budget instead of homes that may be over your budget. Be sure to consider every resource possible to be sure you don’t miss anything that could potentially be of help to you in the future. Be sure to bring a list of your research and resources when you go to look for mortgages for your home as it is very important to have that information.

 

3. Meet a few lenders

Chances are if you are buying your first home you need to find a lender to purchase your home. Meeting with a lender will also help you decide your budget and the amount of money that they are able to give you towards your house. Many sellers won’t take your offers seriously if you have not already been preapproved for a mortgage. Also, many real estate professionals won’t even help you look for a home if they don’t know your budget because they simply would be showing your homes that are either way under your budget or more than likely way over your budget.

 

4. Pick a neighborhood

The fourth most important part of buying your first home is to make sure you pick one or two neighborhoods with homes for sale that are within your budget that you would like to live in or even pick a general area or city in which you would love to live. If you have children you want to make sure that your potential first home is within the right amount of distance from your child’s potential school so that you don’t have to make a huge commute to get your child to school every day.

 

5. Don’t forget to get a home inspection

After having your offer accepted on a home it is extremely important to spend the extra money to get a good home inspection done on this first home of yours because it is possible that there are issues with your future home and if there are any then you can address them immediately and attempt to get the seller to pay for some of the damage if there are any underlying problems that you did not know about before you put your offer in.


Caitlin Weaver
Sales Representative
(416) 890-3017
cweaver@chestnutpark.com

Chestnut Park Real Estate Limited, Brokerage
1300 Yonge Street, Suite 100
Toronto, ON M4T 1X3

(416) 925-9191