Embark on your journey to homeownership with confidence!

5 Essential Steps For First Time Home Buyers

Are you a first time home buyer?

Are you thinking of buying a home but you don’t know where to start? 

Are you too embarrassed to ask an agent where to start? 

Let me help you.

Here are the 5 Steps first time home buyers need to understand to start the home buying journey.

Step 1 - Financing

You cannot start the process without knowing your budget right?

When I bought my first home I found this part to be the most stressful.

I was terrified the entire time.

Then once we got the mortgage I was so grateful that we were getting money that I didn’t ask any questions. 

It was ridiculous

Don’t make the mistake I made.

 Now before you race to your bank, unless you are an experienced finance person, please listen here. 

If you are like most of my clients, they have been banking with the same big bank since childhood or since they settled in Canada. 

The lending options provided by your bank will not reflect your commitment to them, so do not start here. 

I recommend to all of my clients to reach out to a mortgage broker to start the process. 

Mortgage brokers in me experience, will get you the best mortgage package for you. But more importantly, they will take the time to explain the process to you and ensure that you understand what your mortgage package is.

Step 2 - Finding An Agent

Finding an agent is way too easy.  There are tens of thousands of us in Ontario ( I’m not even kidding) So how do you do it? 

By word or mouth and online searching.

Then Interview agents

I recommend that you narrow down to 3

Check out their social media. 

Check them out on Youtube

Call them – it takes 10 minutes of your time. 

Determine if you like them and can trust them.  You could be spending quite a lot of time with them touring multiple properties.

They are going to be messaging, calling and emailing you – if you do not like or trust them, the buying process is going to be an awful experience for you.

Ask questions about the buyers contract and have them explain to you what it means.

*A good buyers contract will outline all of the services provided to you by that agent.  

Ask them about the buying process and how they will be guiding you.

When I was a buyer, before I was an agent, I felt very vulnerable throughout the process.

I felt like I was wasting the agents time and that my financial information wasn’t private and that I wasn’t “high end” enough to warrant professional representation

Once I found a great agent the whole experience changed. 

I was well informed, I trusted her advice and really enjoyed being with her through viewings.  

Everyone has a different style and personality, find the agent that is best suited for you.

Step 3 - Understand The Buying Process

This is an add on to my previous point and should be understood up front, before you begin viewing. 

In my experience, the process can be overwhelming and a good agent will continue to guide you through the process and manage it all when anything pops up.

The paperwork involved in the offer process can be confusing with a lot of signing. 

I ensure that my clients know exactly what every clause means and exactly how the offer process takes place.

Once you get to the offer process, your agent will guide you step by step and day by day. 

 

Step 4 - View A LOT Of Houses

Now many agents will not agree with me here. 

I have heard agents say things like they only permit 6-7 viewings before they step in and dictate what their clients will view (This is insane to me).

To each their own. 

In my opinion, you need to see the options:

  • in different neighbourhoods
  • in different home styles.
  • in different price points
  • and perhaps in different municipalities

Once you have viewed a few homes with me, I will have a sense of what you are looking for and I will steer you. 

I will also present you with options that you may have overlooked that you don’t realize that you could love. I will curate some viewings so that you will have exposure to homes that you don’t know about.

I have had clients start looking in Etobicoke and purchase in Burlington. 

Or start looking for a condo in Central Etobicoke and end up in a sweet townhouse by the water. 

I’ve had clients start in Mississauga and buy in Rexdale.

I have had clients start in Etobicoke and end in Mississauga. 

I have had clients set on The Kingsway and happily purchase in High Park.

It is a process and you need to go through some steps to find the perfect home for you.

It will be a journey, but the process to discover exactly what you need and want in a home can take time, and your agents will guide you through it all to give you confidence. 

Step 5 Due Diligence

Once you have found a home that you will be offering on, there are some due diligence processes that your agent should be guiding you through. 

A home inspection by a qualified home inspector is not mandatory, but should be recommended by your agent. 

In addition, all of my clients do receive an extra Due Diligence viewing of the home to ensure that all aspects of the home are understood and analysed by the buyers. 

See my video Do not Buy A House Without This: My Ultimate Buyers Checklist for more info on this.https://youtu.be/ctaB7UAKj5M

What's Next?

Now that I have brought you though the house hunting process at a very high level, the next part of the buying journey,  The Offer Process and Closing are next.

Stay tuned for all you need to know, including preventing catastrophies (because there can be many!)

 If you have any questions about real estate or the home buying process, please feel free to connect.

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