Top 5 Things Every First-Time Homebuyer in Canada Must Know

Real Estate Agent with Thompson Real Estate

If you're considering buying a home, you should prepare for a long and difficult period. Many individuals report that buying a house is a very stressful process they have experienced in their lives, and that’s why you need a solid strategy before entering the market.

Below you will find some essential tips every first-time homebuyer must know, from valuable advice to help you get your finances in order to negotiating with the home seller to protect your interests. So, don’t hesitate to read on.

Prepare The Funds

If you're hoping to own a home in Canada, it makes sense to expect the process to be long and complicated. You can prepare for the journey ahead by lining up your finances early on, researching the different neighborhoods and types of homes available, and asking around for recommendations from other homeowners.

The most challenging part of this process is preparing your finances. If you are a young individual looking to buy your first home, you need all the help you can get. Start by getting an FHSA account to jump-start your savings for that bigger ticket item - the down payment on a new home. An FHSA account is also a great safety net if you happen to have unforeseen expenses related to purchasing or owning a home. If you are interested in finding out more about FHSA, click here to discover more. 

Once you're all set, the next step is getting pre-approved for your mortgage so you can confidently add buying a home to your shopping list.

Find the Perfect Home

Finding the perfect home can feel overwhelming, but with a few helpful hints and an understanding of what you are looking for, you will find your dream home in no time. Start by creating a list of your must-haves and consider combining those items with a few wants. After that, settle on the neighborhood that matches your preferences.

Do some research ahead of time and find out if friends or family live in the same area. Moving to an area where your friends or family are will help you settle quickly and enable you to enjoy events such as family gatherings, cookouts with friends, and so on.

Nowadays, you can easily find houses as the best real estate agencies will provide you with virtual tours and everything you need to make the right decision. So, rather than browsing through old-fashioned catalogs, you can preview the house as if you were there, but that should not deter you from visiting the house as that will give you the real picture of whether the house is welcoming and the neighborhood is friendly.

Be Ready to Negotiate With the Seller

When buying a house, it's important to develop a negotiating attitude. After all, if there's one thing better than getting a great deal, it’s knowing that you got the best price possible without leaving money on the table.

Of course, that doesn't mean you should expect to get things for free; more often than not, the asking price is usually not set in stone. By doing your homework and being knowledgeable about the market, you stand a good chance of getting the best price. 

Hire a Professional to Inspect the House

When it comes to making the biggest purchase of your life, you can't afford to go in blindly. A professional home inspector must check out the property before finalizing your purchase. It may cost a few extra dollars upfront, but it will provide invaluable peace of mind in the long run. Worst-case scenario - you find out something that needs resolving, best case- you buy exactly what you wanted with no ugly surprises afterward. 

So don't put off due diligence – bring in the pros and make sure you know what kind of house you'd be calling home.

Be Aware of Additional Costs

Once you purchase the property, you have to understand that that won’t be the end of your home-related purchasing costs. You have to take moving costs into account, as well as maintenance and repairs. Always be prepared to make capital investments in property improvements, as that will raise the value of your home and improve the quality of that property.

Bottom Line

Purchasing a home doesn’t necessarily have to be difficult. Especially in Canada, where you have myriad options to help you with the whole process. Carefully do your due diligence and follow the steps we outlined for you above. If you do everything correctly, you will have the home of your dreams in no time.

Comments (1)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Feb 02, 2023 02:15 AM