Buying your first home is a huge milestone filled with excitement, possibilities, and no doubt a few challenges and perhaps disappointments along the way. We’ll walk you through the basics of the home buying process, and prepare you for the steps ahead.
Step 1: Get Pre-Approved for a Mortgage
As a first-time homebuyer, getting pre-approved for a mortgage is one of the most important steps you can take early in the process. It not only helps you understand your budget and price range, but it also allows you to lock in an interest rate for a set period, which could save you thousands of dollars over the life of your loan.
Step 2: Choosing the Best Real Estate Agent For You
As a first-time homebuyer, navigating the complex world of real estate can be daunting. This is why the majority of homebuyers and sellers choose to work with a real estate professional. A great agent will not only guide you through the process but they will also provide valuable market insights, expert advice and ensure you avoid costly mistakes. Here are 4 skills to look for in a great real estate professional.
- A Homebuyer Specialist Skilled in Protecting Your Interests
- Real Estate Experience and Market Expertise
- Expert Negotiating Skills
- Attention to Detail
Step 3: Deciding Exactly What You Want
Deciding exactly what you want in a home, within your price range, is a challenging task. Browsing online listings is a great way to explore your options, however, there are some important decisions you should make right from the start to narrow your focus and make the process easier. Here are 3 key questions to ask yourself that will get you started in the right direction.
- Where do you want to live? Location is often one of the most important factors when choosing a home. Start thinking about the specific area, community, or neighbourhood that fits your lifestyle and needs.
- What type of home is right for you? Do you prefer a detached home, a semi-detached, a townhouse, condo or maybe a bungalow?
You’ll also want to think about the size of the lot, the age of the home, how many levels, and whether you’re looking for a modern or more traditional style. - What are your must-haves, nice-to-haves, and deal breakers? Take some time and list the features that are most and least important to you. Do you need a certain number of bedrooms or bathrooms? Is a garage, finished basement, or home office a priority? What about outdoor space,
like a backyard or a pool?
Step 4: Let the Home Search and Showing Process Begin
The internet can be very helpful for you to get a sense of what’s available, but keep in mind it’s not a complete picture of the market or of all potential properties available. Working with a experienced realtor will help you find all the properties suitable for you, including Homes in Hot Markets That Are Not Online Yet, and Expired Listings or Private Sales Not Found On MLS®.
Step 5: You’ve Found the One! It’s Offer Time.
Congratulations, you’ve found a home. You’re close but not there just yet. Next, we start the offer process. Here’s what to expect at this stage.
- Deciding much to offer and what terms to include.
- Preparing and reviewing the offer.
- Presenting the offer to the selling agent. One of three things will happen:
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- The Seller Accepts Your Offer: Congrats, the house is yours!
- The Seller Rejects Your Offer: While uncommon, it can happen too.
- The Seller Countersigns: This means the seller proposes changes to the price and/or terms. We will review the counteroffer together,
and decide on next steps.
Your offer is successful, what’s next?Congratulations, just one more step. It’s time to take care of any conditions outlined in your agreement. This might involve arranging and completing a home inspection, the bank conducting an appraisal, or providing the necessary personal and property information to your mortgage specialist or lender. Depending on the property, you may also need to arrange for a survey, water tests, or review condominium documents (if applicable).
As your dedicated home-buying specialists, we will guide you through every step of the process, ensuring your first home purchase is smooth and memorable. Contact us today to get started!
Fisher Yu
📱 647.598.8488
📞 877.539.3229
✉️ [email protected]
🔗 Thefishergroup.ca
