The road to buying a house in Canada is not an easy one, so we’ve come up with 5 tips for first time home buyers. The ever-rising cost of real estate in Canada makes it harder for first-time home buyers to get their foot in the door, – but it also means that investing into real estate now can bring significant returns in the long run.
At Legacy Homes, we are dedicated to helping you turn your homeownership dreams into a reality. In this article, we have put together some tips for first time home buyers that you should keep in mind before pulling the trigger. Before you continue, check out our previous blog post if you’re really considering buying a home. We have also highlighted the pros and cons of building a house vs. buying.
The Best 5 Tips for First Time Home Buyers
Are you planning to buy your first home, but aren’t sure where to start? The truth is, there are quite a few steps in purchasing a property, from finding the right real estate agent, to securing a mortgage with favourable terms.
Luckily, with the right knowledge and preparation, you can get the most out of your home buying experience. Here are our top tips and tricks every first time home buyers should keep in mind:
1. Start Preparing Early
The best time to buy a home is always now. However, if you aren’t quite ready yet, the next best thing you can do is to spend your time preparing to buy a home. Register for the new First Home Savings Account plan and start saving for the down payment. It is also a good idea to monitor the market, think about the areas you would like to live in, and write down any potential questions you might have for your mortgage lender and real estate agent.
2. Determine Your Budget and Stick to It
Before you start searching for your dream home, it is important to determine what price you can afford to begin with. You can always use an online mortgage calculator to determine the maximum monthly payment you qualify for. It is also a good idea to obtain an official mortgage pre-approval from a lender prior to starting your house hunt. Finally, you should ask your mortgage or real estate agent about the anticipated closing costs and plan accordingly.
3. Make a List of Your Must-Haves
Before you start seriously shopping, think about your own values and lifestyle. What home features would enhance your well-being and what would be a waste of money? From there, make a list of your house must-haves, such as the number of bedrooms, square footage, or even a walk-in pantry. Buying a pre-construction home from a builder like Legacy Homes is always a good idea, as you can choose the model you love and upgrade it further to reflect your preferences.
4. Work With the Right Realtor
This is, probably, the most important tip for first time home buyers out there. Your real estate agent can truly make or break your home shopping experience. If you know the areas you would love to live in, try to find a realtor who knows these areas inside out. It is also a good idea to get a realtor referral from friends or even friends of friends. If that doesn’t work out, search for specialized real estate websites that have ratings on local realtors. A good website to start with is REALTOR.ca
5. Do What is Best for You
Buying a home is, likely, the largest financial transaction you will ever make. Don’t rush into the home purchase out of emotion or by following the opinion of your relatives, advice on the Internet, or even your real estate agent. While other people might bring valuable perspective, the final decision is for you to make. You are the only one who knows precisely what you need and what home features will work for you and your family. So, sit back, consider what is best for you, and follow your heart!
Find Your New Home with Legacy Homes
Without a doubt, finding and purchasing your first home is a stressful yet rewarding experience. Luckily, by knowing these tips for first time home buyers and following your own vision, you can make your life easier.
Among other tips and tricks, buying a pre-construction townhome from Legacy Homes can take much of the house-hunting stress out of the process. Located in London, Ontario, our functional and beautiful custom homes are expertly crafted to turn your vision into a reality. It’s time to find your new home.