BY Reilly Beesley/August 30, 2022
Buying your first home is an exciting time. It’s also probably one of the biggest financial investments you’ll ever make. Looking to get into that first home sooner rather than later? We don’t blame you!
Here are 7 steps to get you into your first home faster.
You’ll want to start by determining what your budget is. Some financial questions you may want to consider when planning your budget:
Getting pre-approved for a mortgage may also help you determine what your budget is going to look like. It’s wise to get a mortgage pre-approval at the start of your homebuying experience to help create a smoother transaction and minimize stress (which we are all about!).
Having a mortgage pre-approval will:
When you request a pre-approval, they will determine how much your mortgage loan will be. Determining this information early on will allow you to quickly move onto the next stage of the buying process.
There is a lot to consider when buying your first home and one thing that should definitely be on your radar is first-time homebuyers assistance and rebates that are available to you! Doing a little homework at the start of the homebuying process will help you save money along the way.
As part of Canada’s national housing strategy, the CMHC (Canadian Mortgage and Housing Corporation) offers a First-Time Home Buying Incentive to help Canadian’s purchase their first home. This incentive is available to first-time homebuyers with an annual income of $120,000 of less.
The federal government also offers a First-Time Home Buyer’s Tax Credit (HBTC) for eligible homebuyers. This tax credit will let you claim up to $5,000 for the purchase of a qualifying home.
It can be a tad (or a lot) overwhelming when you start looking and seeing all the different options on the market. This is why it’s crucial to have your ‘must’ list! Not only is this going to help expediate the process, but it’s also going to act as a great reminder of exactly what you want. When making your list be sure to note which things are an absolute must (as in you won’t purchase without it) and which things may have a bit more wiggle room.
Tip: When you go to viewings take lots of pictures and make notes to refer back to in the decision-making process.
While it’s important to have your list and know what it is you want, it is also crucial in this process to keep an open mind. When looking for your first home it is important to remember that this does not need to be your forever home. Your first home does not need to meet every anticipated future need. A home isn’t always meant to be a one and done situation. Remember, you are allowed to move again.
Remember: If you put an offer in and don’t get the home, your home is still out there waiting for you. Don’t get discouraged!
Get curious! Ask the right questions and get informed as a first-time homebuyer! Don’t be shy to go to your realtor with a list of questions or let them know if there is something you don’t understand. As a first-time homebuyer it’s totally normal not to be completely confident in every single thing going on, because well, it’s your first time!
Two common things to also consider:
It’s go time! Nothing worse than finding ‘the one’ only to not have your deposit ready. Having your deposit good-to-go is going to ensure that when you do find the one, you’re all set to make that offer and can access your deposit. Having your deposit liquid (aka available when needed) is going to be crucial if you don’t want to lose out to another buyer.
Last, but certainly not least, get a home inspection. Getting a home inspection is going to save you from potential future problems in the buying process and down the road. Getting an inspection lined up pronto is one way to expedite the process and get you into that home quicker! And of course, will let you know exactly what it is you’re walking in to.
The road to homeownership doesn’t need to be a bumpy one. In fact, it can be quite a smooth and seamless one. This is why we’ve created the first-time home buyer’s road map to help you out. We’ve got you covered with everything you’ll need, from before you even view properties all the way up to closing day. Happy home hunting, and don’t forget to enjoy the ride!