Buying your first home is a huge milestone in life, so first off: Congrats!
I remember the feeling of my first home purchase–including the stressful realization of just how big of a financial investment it really is.
If you’re thinking about embarking on the home-buying journey for the first time, then I’m sure you’re looking for a few tips on how to make it as straightforward as possible. Here are a few basic guidelines to get you started:
KNOW YOUR BUDGET
Before you take a look online, establish a budget for yourself. Meet with a mortgage specialist or financial advisor to get pre-approved for a mortgage and determine what you can spend on your first home.
KNOW YOUR LOCATION
Whether you know the exact street you want to live on, want to aim for a neighbourhood, or just have an idea of the kind of community you want to be surrounded by, exploring Toronto’s neighbourhoods to find one you want to call home will make the buying process much easier.
KNOW YOUR NEEDS VS. WANTS
Yes, an indoor spa and personal Starbucks would be nice, but they aren’t ‘must-haves’. Establishing a realistic wish list that includes things like neighbourhood, proximity to TTC and work, and the number of bedrooms will set you off on the right foot.
KNOW THE MARKET
There’s a buyer’s market and a seller’s market. To get the best price for a home and have the most listings to choose from, it pays to enter the real estate race at the right time.