The Canadian Real Estate Pages

Making the decision to buy your first home is probably one of the biggest decisions you’ll make in your lifetime. It usually comes with staggering financial responsibility and more work than you ever dreamed. But your first home also comes with freedom and solitude from the bustling world around you and will no doubt also be one of the best decisions you ever make. The process between deciding to take this step and moving has s learning curve and several pitfalls you will want to avoid in order to make it as smooth a transition as possible. These tips on how to buy a first home will help you avoid those pitfalls and make it through the home-buying process relatively intact.

BUDGET
The first step your journey is to get your financing in place. You will have to schedule a visit with your bank (or mortgage broker) of choice and figure out exactly what you can spend on your first home; what your mortgage payments will amount to (don’t forget to include the cost of monthly bills, and those dreaded property taxes), how much cash you have access to for your down payment, and if you can get any extra help for renovations that may need to be done. After your visits, you will have a budget set in place and you can move on to defining the criteria for your dream house.

“MUST HAVES”
Now you are ready to make your list of “Must Haves”; criteria that will make the house you decide to buy your dream home. Think about the features in a home that are truly important to you. How many bedrooms would you prefer, how many bathrooms you need, hardwood vs. carpet, etc. Try to be as realistic as possible when making your list (that double Jacuzzi may seem like a fantastic luxury until you get your first monthly water bill.) You will also want to research your desired neighbourhoods and the amenities that are available there. (Shopping, schools, public transportation, etc.) You can do your own preliminary research on what the price ranges are in specific areas. The internet has a number of valuable resources including the Multiple Listing Service (MLS) which has up-to-date listings all across Canada. Your new home sales agents can help your refine your criteria based on your budget and desired location.

FINDING YOUR BEST REALTOR
When searching for the best realtor website or an experienced new home sales team, you can first start by word-of-mouth. Ask friends and relatives which real estate agents they have dealt with or heard good things about. After you get a company or name, research them to make sure you have the right match for your needs. For example, if you are looking for houses for sale in Spruce Grove (Alberta), start with realtors that specialize in that area. Meet with more than one agent if necessary and don’t settle on someone just because they are the first realtor you meet with. Good realtors will sit down and tell you they will find your dream house; GREAT realtors will find your dream home within your budget, and be realistic about whether or not all of “Must haves” are available within your price range. Great realtors also find houses as close to your expectations as possible and help you stay grounded when you get frustrated.

HUNTING FOR YOUR HOME
When you start your hunt, you and your realtor should have a well-defined list of which homes may be the most desirable for you in the targeted locations. On average, experienced new home sales teams take buyers to see about 20 houses. There are a couple of supplies to bring along with you: a digital camera to record features you liked (and didn’t like), will help you to remember specifics; as well, be sure to bring a notepad to record short notes about each house. These are necessary tools as you will start to forget details and information about houses after seeing a few in succession. After making your choice, make sure you have the property inspected thoroughly by a licensed property inspector. Nothing is more disappointing than finding out your new home has hidden costs and sometimes disastrous secrets.

Have fun looking for your new home and starting your journey to home-owner’s bliss!

Lilly Gordon is a freelance web writer, seasoned home-buyer and real estate enthusiast. She enjoys decorating homes and stays up to date on the current home-owner’s market and real estate in Spruce Grove, Edmonton and area.

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