First Time Home Buyer
A home is one of the most significant investments that most of us made in our lifetime, so it is a
financial decision that should be well-researched and calculated. Thinking of buying your
dream home comes with too many puzzle points. Wondering how to buy your home? Not sure
where to start? Buying your home can be just as stressful as selling your home. It is very
important as a first step in asking yourself why are you buying a home.
- Are you financially ready to buy a home?
- Understanding the mortgage.
- Review your needs and wants.
The very first step is to understand the down payment requirements. A “down payment” is the
amount of money you put towards purchasing a home. In general, the larger your down
payment, the easier it is to obtain a mortgage. The down payment amount depends on the
home’s purchase price. In Canada, people typically spend between 5% to 20% of the purchase
price on a down payment. I can work with you to review your finances and will determine the
best strategy that meets your needs and wants within your means.
The next thing you need to be sure of when buying your home is a mortgage pre-approval.
A mortgage pre-approval will determine how much you may qualify for when seeking a
mortgage. Keep in mind, a pre-approval can often be a bit more generous than what you’ll
actually be approved for but it will help give you a general idea of your budget when searching.
I can help you with this through our mortgage partner agents. We will review your financial
situation, and speak to our partners, and they can figure out how much you can afford – free of
charge! I will always be available to help and guide you through this most stress full part of the
Once you have identified why you want to buy a home and the financial commitments of
home ownership. You are in a better position to make an informed decision. I can help
you to go through this initial phase, I can help and guide you through the complex
process of buying a house and work with you at every step to make sure you have all
the needed information in a timely manner such as:
- Matching your affordability with your wants and needs.
- Provide you with current market trends.
Once you have some understanding of the market in the context of your wants and needs,
you are in a much better position to plan for the next phase of buying your dream home.
Where we work together to match your wants and needs. Now it’s the time for:
- Showing the houses that match your criteria.
- Review the neighborhoods.
- Make a list of likes and dislikes.
House hunting will involve screening listings electronically, previewing properties online,
and then finally going out to look at homes. I can show you homes in person or virtually.
This is your opportunity to get a feel for the different neighborhoods, refine your wish
list, and ask questions. A wish list is a useful tool for deciding which properties to visit. The
truth of the matter is that most people walk into their perfect home and just feel it. Of
course, it helps when it satisfies your needs and wants too, but don’t underestimate the
power of ‘just knowing’.
Once you find your dream home that satisfies your wants/needs and is within your
budget, it’s time to make an offer. The offer process is both exciting and stressful.
The offer must be in writing and will form the Agreement of Purchase and Sale which is
a legally binding document. Once I have submitted your offer, the Seller can accept it,
reject it or sign back a counteroffer. During these back-and-forth negotiations, you may
need to compromise on small things, but I always work hard to get you what you want.
Once the offer has been accepted and the deposit has been paid as per the Agreement of
Purchase and Sale. The next step is to fulfill the Conditions within the Agreement of
Purchase and Sale must be met for the sale to go through such as finance and
home inspection conditions. Once the conditions have been met, the agreement and
sale are said to be ‘firm’, and now it’s just a matter of waiting for your closing date and
preparing for the big move.
I will be glad to receive your call at your convenience at 519-2096934 to discuss your
individual needs and objectives.
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