Tips When Buying a House for the First Time

Here is a list of 5 Tips When Buying a House for the First Time.  They are good suggestions to follow and will create a sense of confidence throughout the buying process!

Prioritize!

Prioritize your house (or condo) hunt, April is the busiest month for real estate transactions. The MLS is on fire; your real estate agent will be texting you non-stop, and other prospective buyers will be out in full force. If you’re looking to buy this spring, now’s the time to take a few personal leave days to house hunt.

Sit down with your partner to hammer out pros and cons to buying a home so you’re on the same page when it comes to your house hunt. Then, once you see a strong candidate, be ready to act fast.

 Get Pre-Approved When Buying a House for the first time

New home buyer tip number 2, make certain to get pre-approved for a mortgage.  It’s important to launch your house hunt having already obtained pre-approval for a mortgage. This marks you as a serious buyer, and lets you jump on a property you are interested in without losing time applying after the fact. Mortgage pre-approval also helps narrow your search as you have your price range established.

Search the hot new neighborhoods

Millennial’s are more committed to car-free lifestyles than the average Canadian. Accordingly, many condo developers have planned communities geared at die hard urbanites, with proximity to public transit, supermarkets, well-lit bike and running paths, dog-friendly green spaces and amenities such as bike lockers. Be sure to check out high-density condo communities to see what they have to offer for you.

Consider moving out of town

Buying a house for the first time? Consider moving out of town.  Many first-time home buyers are trading big metropolises for smaller cities that are in the early waves of urban renewal. These emerging markets offer great deals, particularly on detached houses. For born-and-raised urbanites, these emerging cities can mean less culture shock versus heading to the ’burbs. Often these locations offer extensive public transit, a thriving cultural and retail scene, and easy access to the larger urban hub (which can be handy if you still work there).

Use social media

Use social media to help find a home.  Finally, don’t limit your house hunt to the MLS or real estate agent websites. The real estate market is a fascinating subject – as any HGTV junkie will attest! – and a number of bloggers are probably busy covering the very neighborhoods in which you are house hunting. Googling “real estate blog” and your city, or specifically your dream neighborhood, will yield a variety of options. They’re a great way to get sneak peek of exclusive listings and private sales, and to survey comparables and get a feel for your desired community.