FIRST TIME HOME BUYERS

Buying a home is a big deal, its most likely the biggest financial transactions you personally make in your life. Buying you first home is a bit nerve-racking. Signing an offer to purchase for multiple hundreds of thousands of dollars, writing the big down payment cheque, committing to payment for 25 years.

In spite of these terrifying things, it’s a good idea, in my view buying and ultimately owning your home is one of the most basic ways of taking care of Yousef finically. The alternative is to pay rent for the rest of your life.

A good realtor will work with you through your due diligence and preparations until you are nervously comfortable to buy your home, and will tell you when it’s time to stress, and when its ok to not.

List of things to do and consider when buying a home, sometimes in this order:

  • Down payment
  • Find a reltor
  • Mortgage qualification and approval
  • Purchase comfort level
  • Type of investment you want to make


Choosing a home has hundreds of variables, even people with big budgets compromise somewhere, some of the features to consider are:

 

Price Range

  • Cost
  • Type of real estate investment
  • Suite
  • Airbnb potential
  • Land Value and Potential
  • Zoning

Type of Homes

  • Condo
  • Townhomes
  • Condo Apartment
  • Attached
  • Detached
  • Townhome

Location

  • Inner city
  • Suburb
  • Middle-burbia
  • Community amenities
  • Proximity to schools and ranking of schools
  • Proximity to work
  • Sound, busy road, proximity to road noise
  • Proximity to commercial
  • Proximity to friends and family
  • Flood and fringe plain

The Home

  • Features: Such as, size, bedrooms, bathrooms, garage, walk-in closet,
  • Condition: New, old, renovated, handyman
  • Construction: Vintage, foundation, plumbing, electrical, roof, furnace, insulation
  • Exterior: finish, windows, doors, landscaping, driveway, groundwater

Buying the Home

  • Contract
  • Down payment
  • Mortgage approval and mortgage insurance
  • Home inspection
  • Legal representation
  • Closing costs
  • Insurance
  • Possession date
  • Closing procedures
  • Keys
  • Moving

 

 

This is just some of the variables in selection a home, and the main steps in the process. My recommendation is to see lots of homes to know what is available and you can get better sense of what works best for you. If you use Doug as your realtor, don’t worry he will let you know what you need to consider and when, also importantly, he will let you know the right time to stress.