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Tips for First Time Home Buyers

House hunting can be both fun and stressful. Planning ahead and having your preferred style of home and price range in mind can help make the process more enjoyable, though.

Financial Preparations

Before beginning your search, it’s important for you to be aware of your financial status. This includes getting your finances organized ahead of time. 

Like any kind of shopping, it’s easy to overcommit and then have regrets. While the financial part isn’t always fun, it’s better to go in knowing exactly how much you’re willing—and able—to spend on a home. Keep in mind that you’ll also need to have a separate budget in place for any added closing expenses. 

When it comes to buying a home, it’s always best to know more. Researching and comparing mortgage rates can make a big difference in the price that you pay. It’s better to be over-prepared than under-prepared, especially when it can help you save money. 

The Right Neighbourhood

Buying your first home is a big step that’s about so much more than what your home will look like, and there are so many options that it can be overwhelming. One thing that does matter is the neighbourhood in which you finally land. 

It is best to look at neighbourhoods that have your key desired elements. Create a personal checklist of must-haves within walking distance that are non-negotiable. Some examples can be easy access to the Skytrain and bus, or nearby restaurants and grocery stores. Whatever you include, this list will help to narrow down your search. 

For first time home buyers, choose a neighbourhood that you can envision living in for years to come. If you already have a family or you’re planning on starting one, find an area that has schools close by.  

Home Value

It’s more than taking a leap and buying your first home, it’s also making an investment. Whether your future home is move-in ready or needs renovations, it’s important that it grow in value. The goal is to achieve a balance between current desires and future needs for when it comes time to sell. 

Next Steps

Consulting with one of our REALTORS® can help with the decision-making process. First time home buyers can have many questions, but don’t worry. We’ve all been there before! 

Be sure to read our Home Buyer’s Completion Checklist once you’ve found your home!