As a first-time homebuyer, shopping for a home can be overwhelming if you don’t know where to start!
But, as I like to say, it’s all about making mortgages (and the home buying process!) simple. Over my 18 years of experience in the Edmonton real estate market, these are my Top 5 Tips for first-time homebuyers.
#1 Build Your Team
While I love finance and making the numbers work helped me when it came time to get my first home, I also had help from a lot of others to navigate the market.
I think that when it comes to buying a home, like all things in life, it is important to have a team of amazing people around you to help balance out your strengths and weaknesses. One of the best decisions you can make in the early stages of preparing to buy a home is to start building a team of trusted professionals.
First, contact a mortgage broker (like me!) who can help you with your long-term financial goals. When you work with a broker, ask for their recommendations for a realtor, a real estate lawyer, and a home inspector.
#2 Determine What You Can Afford
Why do I recommend talking to a mortgage broker before going to a real estate agent? Because you need to let the realtor know how much you can comfortably afford!
Most realtors will want to know you have been through the pre-approval process with a mortgage broker or specialist before they start showing you homes. Because the market can move quickly, your financing needs to be in order if you find the right home and you need to make an offer. Always know your budget before seeing homes!
#3 Start Saving
If you haven’t started saving for your first home, now is the time to do so! You will need to have money set aside for your down payment, which is a portion of the mortgage you will pay upfront.
I’ll help figure out your down payment options during our budgeting process. I’ll also help hold you accountable so you can reach your financial goals faster.
#4 Get Realistic
I know that looking at homes online is lots of fun, but you have to be realistic about what you can afford, beyond a monthly mortgage payment.
One of the benefits (of there are many!) working with me is we’ll go through the headache of all those expenses that go beyond your monthly mortgage payment together. I want to build you a clear picture of what you will actually be spending each month so we’re not stretching your budget.
#5 Don’t Forget About Closing Costs
Similar to the tip above, you want to ensure that you have extra funds set aside to account for the cost of closing the deal. While my services are free to use, you’ll still need to pay the real estate lawyer, the home inspector, the movers or moving truck, any immediate home repairs, etc.
We’ll talk about this as we get closer to finalizing your home purchase, but it’s always a good idea to keep money set aside for these costs.
Your first time buying a home can be an overwhelming process, but don’t stress! It can be an incredibly fun experience if you keep these five tips for first-time homebuyers in mind.
If you are looking for an amazing team member, I am here to help and you can reach out to me anytime!