What You Should Know About Buying Your First Home

13 August 2015

I don’t need to tell you that buying your first home is a big step – it’s one of the biggest and most important ones that you’ll ever make. Even though purchasing your first home can seem intimidating, it can actually be a pretty fun experience if you feel confident in your understanding of the process.

I’ve put together a list of the first steps that you should take when buying your first home, so that you’re fully prepared to make your next move (pun fully intended):

Know Your Lifestyle

Before you start shopping around, it’s important to figure out exactly what you’re looking for in a home. To do that, you need to start thinking about how you live your life and how you plan on living it. After all, a home is a space within which you build your future – so what is that future for you?

You need to start thinking about what you value – whether it’s living near cool restaurants, cafés, and museums; having easy access to parks and good schools; being a quick commute from your work – all of these things should come into play when you’re considering which neighbourhood and area of the city you want to live in.

Once you figure out where you want to live, you need to consider how you want to live. Will a two-bedroom condo be large enough? Are you looking for a detached home? Think about how much space you need for you and your family and what kind of living situation would work best.

Know Your Budget – Get Pre-Approved with a Mortgage Broker

There’s a lot more to purchasing a home than your down payment. Research and understand all the different costs that will come along with buying your first home, both up front and down the line. Whether its property taxes, monthly mortgage payments, maintenance, or anything else – be aware of all the different things that you’ll have to work into your budget and make sure that you can accommodate them.

Even think about little things like whether you’ll need a car to get to work from your new home or if local amenities like groceries are affordable and within your price range. You should also think about future costs like if you’re planning on growing your family or if your kids will be heading off to university, try to consider every variable that might affect your family’s budget.