Buying Your
First Home?

Buying your first home is a thrilling milestone, filled with a mix of excitement and nervous anticipation. Navigating through real estate listings, attending open houses, and negotiating terms are all part of the process, and these can be overwhelming. Let our team help guide you through the process and make it one to remember.

BUYING YOUR
FIRST HOME

STEP 1 - OBTAINING MORTGAGE PRE-QUALIFICATION

The initial phase in the journey to acquire a house or condominium involves ascertaining the amount your bank is prepared to lend you. By obtaining pre-qualification for a mortgage, your lender will evaluate your:

  • Income

  • Debts

  • Down payment

  • Credit history

The pre-approval should be officially recorded and will involve a locked-in interest rate, typically remaining valid for 90 days. This pre-qualification procedure establishes the exact mortgage amount you’re eligible for, allowing you to identify the price range of homes that match your search criteria. It streamlines your efforts in searching for a house and eradicates any uncertainty and financial ambiguity when you encounter your ideal home.

STEP 2 - CREATING YOUR FIRST-TIME HOME BUYER WISH LIST

Recognizing your home needs and desires holds great significance. It’s essential to outline your non-negotiable must-haves, your nice-to-have preferences, and your absolute deal-breakers. How many bedrooms are indispensable for you? What kind of outdoor area do you envision having? Think about aspects like countertops, appliances, and flooring. Keep in mind that if you’re unsure about your preferences, it may be challenging to achieve your desired outcome.

Furthermore, your choice of location is a significant decision.

STEP 3 - SELECTING YOUR HOME BUYING TEAM

Purchasing a house or condominium is likely to be the most substantial investment you’ll ever undertake, but rest assured, you don’t have to navigate it alone. Your support network will consist of:

  • One of our agents who works exclusively in your best interests.

  • A lender – a bank or mortgage broker to take you through your financing options.

  • A real estate lawyer to help with the legal aspects of the purchase

Take a moment to browse through our testimonials and gain insight into what others are expressing about their experiences with us.

STEP 4 - HOME SEARCHING FOR FIRST-TIME HOME BUYERS

The process of searching for a house will encompass sorting through digital listings, virtually previewing properties, and ultimately, physically visiting homes. This phase allows you to immerse yourself in the various neighbourhoods, fine-tune your preferences, and ask pertinent questions.

While a wish list may seem somewhat analytical and serves as a valuable tool for determining which properties to explore, the reality is that most individuals walk into their dream home and sense that it’s the one. Certainly, it’s crucial for it to align with your requirements and desires, but don’t underestimate the instinctive power of simply “knowing”.

Search for Your Beautiful Homes

STEP 5 - SUBMITTING AN OFFER AS A FIRST-TIME HOME BUYER

Your house-hunting efforts have paid off, you’ve found the right home for you: it satisfies your wants/needs, it’s in your price range, and it feels right. The offer process is both exciting and nerve-wracking. In Ontario, your offer must be in writing and will form the Agreement of Purchase and Sale (APS). The APS is a legally binding document which contains:

  • The price you are prepared to pay

  • The amount of your deposit

  • Closing date (the date you take possession)

  • Inclusions you want (eg. washer / dryer, big screen TV)

  • Conditions that need to be met for the deal to go through

Once your agent has submitted the offer, the Seller can accept it, reject it or sign back a counteroffer. During these back-and-forth negotiations, you may need to compromise on small things, but our realtors will work hard to get you what you want.

STEP 6 - MEETING CONDITIONS AND SUBMITTING THE DEPOSIT

Conditions are prerequisites outlined in the APS that must be satisfied for the sale to proceed. If you’re a first-time buyer, you might have included conditions such as a financing clause, a status certificate review condition (for condos), and/or a home inspection condition. Additionally, you’ll be required to submit a deposit, which will be held in trust until the closing. Once all the conditions are met, the APS becomes “firm” and it’s simply a matter of patiently awaiting your closing date. And, of course, packing!

STEP 7 - COMPLETING THE TRANSACTION

You’re just about to become a homeowner! The closing marks the moment when property ownership and possession shift from the seller to you. This transition occurs once all the legal and financial commitments have been fulfilled. Closing the purchase is a collaborative effort, with not only yourself but also your lawyer and lender actively participating in bringing the deal to a successful conclusion. 

Looking for an agent experienced in working with first-time home Buyers? Get in touch with us!

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