December 20, 2021

Beginners Guide to Home Buying

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Kelsi Cumberland

Beginners Guide to Home Buying

Beginners Guide to Home Buying

So you’ve made the decision that it’s time to start looking for your first home. But with so many things to consider, where do you start?

The first and most important step is to get in contact with a realtor that you can trust. This is a crucial piece of the buying puzzle; with your realtors’ experience and expertise, they can help make the whole process go smoothly. Chances are, they’ve worked with a good number of new buyers and already know what to expect, so let them guide you through this exciting, sometimes confusing, adventure. I’m always available to assist with your home-buying journey so get in touch & we’ll get things started.

The next step is to decide if you are going to work with a mortgage specialist such as Sue Danychuk at Scotiabank or broker such as Kirk Eaton, and if you need help with figuring out what each would do for you, check out my blog post ‘Big 5 versus mortgage brokers.’

Other things to consider are: which cities/areas you’d be comfortable living in, how long of a commute to work is manageable, and how much money you can actually dedicate monthly, annually, etc. to your new home. It’s common to put down 20% for a down payment; consider if that is feasible for you. Be realistic when you’re thinking about these things because a home is a big commitment and you want to ensure you’re considering all aspects of the process. Setting aside money for after you move-in is important, especially if you don’t have a lot of furniture to start out with. You may need appliances, decor, paint, or a number of other things so make sure you’ve budgeted for these necessary expenses. You’ll need to stock your fridge and cupboards too, so having money aside for your first big grocery shop is a smart step.

Also think about your lifestyle and what type of home you’re ready to commit to. A condo with fees that cover costs is an option, so you’re left with little to no maintenance to worry about. Or, you might be ready for a freehold home with a small, or large, property. In this case, there aren’t any condo fees to cover potential issues that may come up with the home, you would be responsible for the yard work and property maintenance, etc. Definitely important to consider all of these factors before buying your first home.

Something I like to share with my clients is, you live with the payment, not the price. What I mean by that is, don’t fret over a few thousand dollars on the purchase price; realistically it could work out to be an extra $5-10 monthly. That’s definitely realistic to manage!

So, if you’re a first timer and ready to get started, get in contact with me and I’ll guide you through the entire experience.

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