Purchasing your first home can feel like you’re about to climb a mountain that will confront you with challenges you’ve never faced before. Any fear of being overwhelmed is understandable, but it doesn’t have to be that way.
After all, more than 500,000 property purchases are projected to be made in Canada this year, according to the data website, Statista.
So, the process is by no means impossible to navigate.
Of course, buying your first home is probably the biggest financial decision of your life.
With mortgage costs falling after the Reserve Bank of Canada reduced the base rate to 3.25%, it’s a great time to research what is possible for you in the housing market and how you could build your personal wealth through real estate..
It’s wise to link up with an experienced agency with suitable properties available to help you find your dream first home.
We’ll be happy to help you.
Below, we’ve outlined 10 key steps on your journey to property ownership. I hope you find them helpful.
Your Finances: It’s important to be clear on your budget. The best way to approach this question is to look for a suitable lender and obtain a pre-approved mortgage. This way, you’re going to know exactly how much you can spend.
Find An Agent: Once you have access to finance, an agent is the next step on the journey. You should find someone with experience and good communication skills. They should be responsive and dedicated to finding a property that meets your criteria.
Legal Eagles: It’s also important to hire an attorney. They’ll help you with all the legal aspects of buying a property.
Define Your Goals: Take time to decide on the type of home you’re looking for. A trusted agent will have lots of ideas that may not have occurred to you. It’s empowering to settle on the style and size of your desired property.
Neighbourhood Selection: With your budget and preferred property in mind, you’ll be able to identify the neighborhoods within your price range. The right location will make all the difference to your lifestyle and, possibly, the future value of your property.
Importance of Research: Research recent sales, current listings and neighbourhood trends to discover the best deals and the hidden gems.
Inspect Every Detail: Once you find a home you love, check that it meets your expectations by inspecting it thoroughly. Use a professional contractor for a formal property inspection.
The Offer: When you’re happy, craft a compelling offer that reflects your budget and assessment of market values.
Value Assessment: Your lender will assess the value of your target property to ensure you’re not paying too much. It’s a normal condition of a loan.
Legal Details: It’s important to hire a good lawyer and leave the legal details to their team. They will conduct a title search to ensure no legal issues are hanging over the property. Once this process is complete, you’ll be ready to agree on a deal.