Here’s what you need to know:
- Create a Budget/Start Saving – have you every heard the expression ‘your eyes are bigger than your stomach’? Well, to ensure you don’t bite off more than you can chew, you need to sit down and create a budget so you know what you can realistically afford. Sometimes, first time home buyers forget about all the ‘extras’ i.e. hydro, electric, property tax, maintenance, etc. All of these things add up and can really impact your budget. It is best to go into this new chapter with your eyes open and hopefully some money in the bank!
- Do Your Research – Do you know there are different types of mortgages and sometimes special incentives for first time home buyers? To ensure you aren’t disappointed, be sure to be approved for a mortgage before you start house hunting. This will also help when you do start looking because you’ll have a very clear idea of what you are approved for and can afford.
- Choose a Realtor – Maybe you already know someone who is a realtor or maybe your cousin just used so-and-so and was singing their praises. When choosing a realtor, just make sure that you feel you can trust them and it is also helpful if you get along. Sometimes it is just a matter of personalities meshing. Your realtor will help to guide you through this exciting process and help you negotiate the very best possible price for your new home as well as help to close the deal.
- House Hunting – This is the exciting part (if you ask me). Be sure to create a wish list. Then you can start determining what your non-negotiables are and determine what homes might fit into that category. Your realtor will help advise you through this process. Don’t forget to think about your current living arrangements, and consider what your life might look like a few years from now. Will that home still meet your needs? What about the neighbourhood, the property? These are all things to consider and something that your realtor can likely assist with as well.
- Hire a Lawyer – Your lawyer will work with your realtor to ensure everything is kosher on the legal side of things. They will also ensure the title to the property is without liens or outstanding taxes etc.
- Home Inspection – Once you find the home you want to make an offer on, it is always a good idea to have it inspected before or around the time you make the offer. You don’t want to find out your dream home floods every spring after your offer is already accepted. You want to have that information at hand either before you make the offer or somehow accounted for within your offer.
- Make the Offer – Your Realtor will handle this part while you wait with baited breath. The seller will either counter, reject or accept the offer.
- Final Details – Your mortgage will be need final approval; you will likely meet with your lawyer to finalize details of insurance and any conditions contained within the accepted offer.
- Packing Up – Preparing to move can be overwhelming and stressful. Be sure to line up all utilities for the new place, advise those you need to of your new address, have Canada Post forward mail to your new address as of a certain date and you also may want to consider hiring a moving company.
- Moving Day (Closing Day) – This is the day you’ve been waiting for — the house is finally yours! All the paperwork is completed, payments are finalized and you get the keys! Welcome Home!
Everyone needs a place to live and when you’re ready to embark on purchasing your first home, Melissa Scott LAW is here to help. This process can be quick, or may take a few years of planning depending on your individual situation. But, when you are ready, give us a call. We’d love to be a small part of your 1st home’s story.