First Time Home-Buyer Guide
Step-By-Step First Time Home Buyer Guide
In this step-by-step guide, you’ll learn what it takes for buying a house for the first time, from beginning to end. Whether it’s your first time in the real estate market or you’re an experienced homeowner who wants to brush up on your skills, this is everything you need to know about how to buy a house.
Step 1 - Start saving a down payment.
One of the most important steps to buying a house for the first time? Figure out your finances. Buying a new home (particularly for the first time) requires a mortgage, where a lender fronts you the money and you pay it back over time. However, to get a mortgage, you’ll need some sort of down payment. So how much do you need? Ideally a down payment on a mortgage should be 20% of the home’s price to avoid added fees, but if you don’t have that much of a down payment, don’t worry. A mortgage down payment can be as low as 10% or 5%
Step 2 - Get pre-approved for a mortgage.
Another one of the most important first-time home buyer steps? Seeking pre-approval from a lender for a mortgage. This is where you meet with a mortgage officer. The mortgage lender will scrutinize your financial background—such as your debt-to-income ratio and assets—and use this info to determine whether to loan you money, and what size monthly payment you can realistically afford. This will help you target homes in your price range. And that’s good, because a purchase price that’s beyond your financial reach will make you sweat your mortgage payment and puts you at risk of defaulting on your loan.
Step 3 - Contact Realtor Bhavika Chauhan
Want a trusty home-buying realtor by your side? Most first-timers will want a great real estate agent—specifically a buyer’s agent, who will help them find the right houses, negotiate a great real estate deal and explain all of the nuances of home buying along the way. With my 10+ years of experience I am committed to providing professional and dedicated service from start to end which comes with understanding the current market, expert negotiation skills, and ensuring my clients have a seamless and smooth experience from start to end.
Step 4: Go shop for a home!
This is the fun part! As a home buyer, you can peruse thousands of real estate listings on sites such as realtor.ca, then ask your agent to set up appointments to see your favorites in person. Since the sheer number of homes can become overwhelming, it’s best to separate your must-haves from those features you’d like, but don’t really need. Do you really want a new home or do you prefer a fixer-upper? Make a list of your wants and needs to get started, and whittle down your options.
Step 5: Make an offer.
Found your dream home? Then it’s time to make an offer to the seller. Be prepared to write a cheque to the seller’s brokerage—it’s called “deposit”.
Step 6: Get a home inspection.
A home inspection is where you hire a home inspector to check out the house from top to bottom to determine if there are any problems with the home. Think: termites, faulty foundation, mold, asbestos, etc. Sure, a lot can go wrong, but rest assured that most problems are fixable.
Step 7: Head to closing.
Closing is the day you officially get the keys to your new home.
Step 8: Move in!
Done with closing? Got your mortgage? Congratulations, you’ve officially graduated from a home buyer to a homeowner! See, the long-term process of buying a first home wasn’t so scary after all, right? Now it’s time to kick back and enjoy the many benefits of becoming a homeowner.
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Email: bhavika.chauhan@yahoo.ca
Direct: +1 647-401-4854
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