First Time Home Buyers: How to Tell If You Are Ready

Monday Apr 16th, 2018

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You've made a decision.. Its time.. You have a great job.. Making decent money.. renting a condo or maybe living at home with mom and dad saving everything you can so you can finally get in the game and purchase your FIRST HOME.   You start looking on Realtor.ca.  Thinking of what you would ilke in terms of style.  Do you want the Condo Life?  Can you see yourself in a larger property like a townhome, detached or Semi-Detached?  Once you figure that out,  you start looking at the list prices and your heart starts beating and so many emotions come to the surface.  Can you REALLY afford to move out and buy your own place?  Well the answer is maybe.  Yes i know, not the answer you wanted to hear.  But there are many factors to consider before heading out house hunting with your favourite realtor (hopefully that's me) smiley

House hunting is a lot of fun.  You get to know alot about neighbourhoods, streets, schools, types of homes.. and you also get to learn a lot about yourself of what you can live with and what you can't.   But before you head out, you need to ask yourself some serious questions:

1. Are you financially ready to own a home? How much are you spending now compared to what you would be spending if you were to own a home?  

2. Are you wiling to make some lifestyle changes if you need too?

3.  How much can you really afford?

Going to speak to a mortgage professional is the first step.  Knowing your financial health is crutial.   How much of a mortgage can you get pre-approved for and how much should you be spending on a home?   Sometimes the line between what you are comfortable with spending to your wants in a property is a fine one.  Purchasing something over budget is easy.  Staying on Budget is the hard part.  Once you figure that part out.. That is where I come in.   Helping you find the right home.   

What to consider depends on your needs.   Location, Location , Location!  Enough said :) Another consideration is size of home.  What are your needs short term and possibly long term?  What is your current lifestyle and what special features are a must have when looking at property?    What type of home are you looking for?  Do you prefer brand new or a previously loved home?   

An agent can help you find a home, tell you about the community, make an offer for you and negotiate the best deal. They can also help you find qualified professionals to fill the other positions on your team. When looking for an agent, don’t be afraid to ask questions.  Normally, the seller pays a commission to the agent, but some agents also charge buyers for their services.    

I have attached a link from the Canadian Mortgage and Housing Corporation (CMHC) which has a ton of informaton in depth.   

If you have any questions.. Please leave a comment or reach me and I'll be happy to provide you with more information.  

 

https://www.cmhc-schl.gc.ca/odpub/pdf/60946.pdf

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