Tips for Buying Your First Home in Canada
Congratulations on finally planning out the biggest purchase of your life up to this point. Buying a home is a significant milestone that is both very scary and unbelievably exciting. After all is said and done, you will never get to buy a first home ever again. Here are a few tips to make that process seem just a bit more manageable for you:
Make Sure You Are Financially Ready
There is a significant difference between wanting to buy a home and being mentally prepared for the purchase and wanting to buy a home and being financially prepared for it. While being mentally prepared and financially prepared do not have to be mutually exclusive, for first time buyers they definitely can be. Make sure that you have a steady job that you can rely on, a source of income that will support your lifestyle in a home, and the support you need from your loved ones to make this a possibility. If you aren’t financially ready for your first home, the sale may end in a repossession- this would be a very tragic end to your self-esteem, confidence, and financial stability.
Talk To As Many People As You Know That Have Already Purchased Homes
You have parents that have likely purchased a home, friends that have purchased a home, coworkers that have purchased a home, and family members that would be more than willing to speak to you about how they bought their first home. You have nothing to lose by learning from each of their stories if they are willing to share them with you.
Make Sure To Hire the Best Sales Representative for You
You are a buyer just like any other buyer on the market. The only difference between you and other buyers may be that you have less experience in buying and selling homes and less experience in hiring the sales representative that is best for you. Make sure to set up meetings and get to know your new sales representative before you hire them.
Set Aside a Decent Amount of Money for Emergencies
You never want to be caught in a situation in which you do not have the money to bail yourself out. Buying a first home isn’t just about having the money for the down payment. Buying a first home means that you have saved up the down payment, the utilities, and still managed to save money for an emergency. This emergency could consist of a natural disaster, a broken car, a lost job, or a medical complication for example.
Make Sure To Have a Team of People That Are Willing To Help You with the Move
First time buyers are always overwhelmed with the number of things that have to be completed before they can finally move into the new home that they have purchased. Not only do many papers have to be signed, but boxes have to be packed and moved. If you haven’t already thought of assembling a team that will help you with this incredibly big task, then you may wish to consider contacting your closest friends and relatives.
Take Home Advice
The tips above were designed to help you navigate the new world of buying your first home in Canada. Nobody knows exactly what the process will be like for you, but hopefully these tips have helped you start to mentally prepare for the big move you have waited your entire life for.