Buying your first home will be one of the biggest investments you’ve made yet – but it doesn’t have to be stressful, not even as a first-time home buyer. Where do you start and what should you expect throughout this process?
Our simple 8 steps to buying a home for the first time will help you enter the market prepared and informed. Our experienced agents are also here to guide you every step of the way.
Searching for more First-Time Home Buyer Guidance? Start by downloading our free and informative Buyer’s Guide.
What Is a First-Time Home Buyer?
First things first, let’s clarify who actually qualifies as a first-time home buyer. The answer may seem obvious, but it’s more complex than you realize.
If you’ve never owned a home or lived in a home that your spouse has owned, you definitely qualify.
However, you may get a do-over if you have not lived in a home that either you or a spouse has owned for four years or more. You could potentially re-enter the market and take advantage of all available first-time home buyer benefits in Canada. These include:
Your real estate agent will be happy to guide you through each of these incentives to maximize your purchasing power. Now, we can take a closer look at the steps to buying a house for the first time in Canada.
If you’re considering buying your first home, the resources below were created just for you:
- How to Save for a Down Payment on a House
- A Guide To Buying Your First Home In Toronto
- What Are Toronto’s Most Affordable Neighbourhoods for First-Time Buyers?
Step 1: Find a Reputable Expert
A local real estate team that excels with helping first-time home buyers is an absolute must. Buying a house in Toronto can be an expensive endeavour. An experienced Realtor® will ensure you know about all available resources to make your first purchase more affordable. In addition, we will advocate relentlessly to get you the best possible price on your new home.
Why not start by booking a no-obligation, complimentary consultation with us? We can discuss your budget, lifestyle, and preferred area so we can find you the best house in the ideal neighbourhood.
Step 2: Arrange Your Finances
One of the things you will need to buy your first home is a down payment. Under the newest guidelines, this could amount to 5% to 20% based on the purchase price of your home.
You will also want to arrange for a mortgage pre-approval, either through your bank or a mortgage broker. Having your finances prepared ahead of time will lead to more straightforward offers and negotiations. It also allows you to act quickly in a competitive market.
Step 3: Signing the Buyer Agency Agreement
A face-to-face meeting allows us to create a home profile specific to your needs and wants. This includes a location near your preferred schools, parking requirements, number of bedrooms and bathrooms, desired amenities, proximity to transit, and more. We’ll discuss the appropriate buying strategy, pricing, and confirm financing.
Once everything is in order, you’ll sign a Buyer Representation Agreement. The hunt for your new home is officially underway!
How do you know a real estate agent is right for your situation? Here’s How to Interview Your Agent Before Buying a Home.
Step 4: Narrow Down Your Search
We can begin the MLS® research to find available homes that fit your profile. Your options are not limited to what you see online, however. Our extensive network means we can call through our current database.
If other agents in the area have potential properties available, we will find out. Whenever possible, we’ll also visit the agent open house before showing it to you to make sure it’s a good fit.
Step 5: Tour Potential Properties
Finally, the moment you’ve been waiting for, the chance to see potential listings. This is the part where people tend to get emotional, especially those who are buying a house for the first time. Fortunately, you’ve done all of your homework beforehand, and now you are an educated and savvy buyer.
Your real estate agent will be there with you during showings to advocate for you and help you stay objective. Nevertheless, it’s okay to get excited. One of these beautiful properties might just be your new home!
Step 6: Make an Offer
When you have found the house you want, we’ll guide you through offers and negotiations. Sometimes, there are ways to make your offer more compelling without necessarily paying more. Your pre-approval will help. So will creating a clean, well-written offer.
Throughout the process, we will personally negotiate for you – we know the best pricing for the neighbourhood and are determined to get you the right house at the best value.
Step 7: Understand the Closing Process
If a seller accepts your offer, it’s time to bring your transaction to a close. By now, your real estate agent will have prepared you for what closing costs to expect, so there will be no last-minute surprises.
Your lawyer will conduct a title search, and we recommend a quality title insurance policy to protect your investment. We will look over lawyer fees, land transfer taxes, closing costs, moving expenses, and any other charges.
The plan is taking shape! It won’t be long until you get your keys, and you go from a first-time home buyer to a proud Toronto homeowner!
Our West Toronto real estate agents love helping first-time home buyers! To learn more about our services, reach out today at 416-769-3437, email info@sidorovainwood.com, or fill out the form below.
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