9 Things Every First-Time Homebuyer Should Know

Buying a home for the first time is an exciting journey, filled with plenty of opportunities and a new beginning. There are a few basics to know before diving into the process and starting the search for your new home. The information below will give you a solid foundation to get the process started. To learn more reach out to chat with a real estate expert.

Before the Search for Your New Home

1. Learn About the First-Time Home Buyer Incentive Program

The Government of Canada offers the First-Time Home Buyer Incentive program to assist residents with purchasing their first home. The program is available for eligible residents and includes an application process. For full details on the program, click here.

2. Chat with a Few Mortgage Lenders

Financing your new home is a major aspect of the purchasing process. Before choosing a mortgage lender, it’s ideal to meet and chat with a few lenders to explore the options that may be available to you. It doesn’t hurt to get a second opinion from an expert. Keep in mind, having your credit checked multiple times could negatively impact your credit score. Do initial research before choosing a mortgage lender to move forward with a full credit check.

3. Get Preapproved Before Looking

Before you start looking for your new home, it’s a good idea to get preapproved for a mortgage. By being preapproved, you’ll have a clear idea of what price range to look at and if you find a home that you fall in love with, the process of making an offer will be less stressful.

Starting the Search for Your New Home

4. Connect with an Experienced Real Estate Agent

Buying a home is likely one of the largest purchases you’ll ever make. Being well represented by an experienced, knowledgeable and trusted Agent is essential. An Agent who knows the local area is also beneficial as they can provide you with first-hand experience in the area. Your Agent will help you find what you’re looking for while answering any questions that come up along the way. If you’re looking for an Agent, click here to meet our team.

5. Be Flexible

Keep in mind that buying your first home may look a little different than buying your dream home. Remember to be flexible and see the potential in the homes that you view. The properties you look at might not have everything you’re looking for right now, but you can add your own personal touches after you move in.

6. Ask Questions

You’ll learn a lot throughout the process of purchasing a home for the first time. It’s okay to ask any and all questions that come up along the way. Throughout the process, you’ll learn new terms, meet new people and discover the exciting feeling of being a first-time homebuyer. Take some time to understand the new concepts and learn while you go. Remember it’s okay to not know something, that’s what your Agent and partners are here for.

Putting in an Offer

7. Invest in a Home Inspection

For first time buyers and seasoned investors, a home inspection is a crucial part in the decision-making process. As the buyer, it gives you the opportunity to discover any potential issues that go unnoticed during a showing. Set aside $300 - $500 for a home inspection. The results that you get back from the home inspection are well worth the investment.

8. Plan for Closing and Moving Costs

Closing fees including land transfer tax, lawyer fees, title insurance and home inspection fees all come up closer to closing day. Depending on how far you are moving and what your plans are for transitioning to your new home, you may also want to consider planning for a moving truck and accounting for the last few months of rent at your current home.

9. Prepare for the Unexpected

Home maintenance repair costs could pop up when you’re not expecting them. Setting aside a fund for home repairs will give you peace of mind for when something unexpected happens. Consider the size of the home and what items could need repairing or replacing in the next 1-5 years to get a better idea of how much to set aside.

Ready to start your search for a new home? Explore all of Team Jordan’s current listings here.