Buying your first home can be a daunting experience.
For many, the real estate world is complex and confusing, and it’s
tough to know where to start when you’re ready to search for your
Agents worldwide and Influencers agreed that pre-approval is the most
important thing for first-time homebuyers to think about so they
understand what they can afford. Having this knowledge will make the
entire homebuying experience easier and less stressful.
Pre-approval is key! Make sure you have a mortgage broker who will
work for you and has reviewed all of your documents so that you know
how much purchasing power you have,
It is also important to incorporate closing costs into the equation,
and don’t forget about strata fees, if applicable.
Be qualified and know exactly how much you can afford before you start
looking. That way, if you see the right home, you can put in an offer
Make a list and check it (more than) twice
It’s a good idea to write down a list of the things that are important
to you when it comes to your first house. Separate the list into two
columns: “must-haves” and “would-be-nice.” The list will come in handy
when viewing homes, especially if a particular property shows well,
but doesn’t have the things that matter most to you.
When viewing homes, keep notes so you can remember what features each
After getting pre-approved, I suggest prioritizing the needs and wants
along with the long-term plan, focusing on their current and
short-term needs, they will be able to find a home they can get
started in, build equity, and eventually move on to the next home that
meets their growing needs.
Keep an open mind
It’s rare for a first home to be a 10/10 in all categories; however,
it’s quite possible to find a home you fall in love with, which is
also one that checks most of the things off your wish list.
In fast-paced markets where multiple offers are the norm, it’s
possible that you may miss out on the first home you’re drawn to. It’s
important to remember that the right home for you is still out there,
and in some cases, you’ll be relieved you missed out on an earlier
home if you eventually find something better.
A good real estate agent will always take the time to answer all your
questions; a great real estate agent will anticipate the questions
you’re going to ask and provide you with the information before you
even request it.
Many first-time buyers are hesitant to ask questions because they
don’t want to be embarrassed if they’re not familiar with certain
terminology. Professional real estate agents understand the confusing
nature of the business, and are happy to help navigate you through the
For many, buying a first home is uncharted territory; therefore, it’s
incredibly important that you are represented by a professional agent
with a good track record.
It’s also important that your real estate agent is very knowledgeable
in the market you’re planning on buying in. Some agents even
specialize in working with first-time homebuyers; therefore, be sure
to research an agent who is the right fit for you, and who has the
time to guide you through the process from start to finish.