A home purchase is likely the largest investment you will make in a lifetime. Don’t let your emotions prevent you from making a sound financial decision.
- Get yourself pre-approved. Know what you can afford. This gives you an advantage on competitive offers and keeps your emotions in check.
- Mortgage brokers can offer more competitive rates than banks. There are alternative lenders with private mortgage funds that may be more flexible than banks in terms of qualifying lenders, but at higher rates.
- Know your budget. Calculate costs such as property tax, insurance, utilities and maintenance. Possibly postpone new furniture purchases. Leave some cash for life outside your home.
- Look at homes with or potential for a basement apartment, with separate entries and windows to meet local building codes.
- Don’t skip the building inspection or be overwhelmed by home staging taking your eyes off structural issues. Look for homes with a home warranty or consider purchasing one yourself. This helps avoid unexpected expenses after closing.
- Consider the future sale value including changes to the current neighbourhood that will impact values.
- Know the area, commute times to work, safety and the amenities that meet your lifestyle.
- Work with a purchasing real estate agent to represent you the buyer rather than working thru the selling agent who represents the seller.
- First Time Buyers research government incentives that come available when real estate markets tighten.
Start your journey by viewing available properties for sale on our CREA national MLS database – complete with neighbourhood amenities and walk scores. Be introduced to a purchasing agent from a brand name firm that knows your area and learn about cashback rewards worth thousands of dollars on your home purchase.