Everything You Need to Know Before Making Your First Home Purchase
Buying your first home is a huge milestone and one of the most exciting (and sometimes overwhelming) experiences you'll go through. Between budgeting, mortgage approval, home tours, and closing paperwork, there’s a lot to manage. That’s why I’ve put together a First-Time Homebuyer’s Checklist to help guide you through the process step-by-step and set you up for success.
📝 1. Know Your Budget
Before you start scrolling listings or visiting open houses, understand how much home you can actually afford. A good rule of thumb is that your housing costs (mortgage, property taxes, insurance) shouldn’t exceed 30-35% of your gross monthly income.
Tip: Use an online mortgage calculator to estimate monthly payments.
Don’t forget to factor in closing costs, home insurance, and ongoing maintenance.
💳 2. Check Your Credit Score
Your credit score directly impacts the interest rate you’ll be offered. Higher scores = better rates = lower monthly payments.
Aim for a score of 650+ (though some lenders may accept lower with larger down payments).
Review your credit report for errors and pay down existing debt where possible.
💰 3. Get Pre-Approved for a Mortgage
This is a must-do before house hunting, it gives you a realistic price range and shows sellers you’re serious.
You’ll need documents like proof of income, employment, ID, and assets.
Shop around: Compare at least 2–3 lenders for the best rates and terms.
🏘️ 4. Decide What You’re Looking For
Make a list of “must-haves” vs. “nice-to-haves.” Consider:
Number of bedrooms and bathrooms
Type of property (condo, townhouse, detached home)
Commute time and neighbourhood vibe
Future resale value and development plans in the area
🔎 5. Partner with the Right Real Estate Agent
A knowledgeable agent can make or break your first home purchase. We’ll help you find homes that match your criteria, negotiate effectively, and avoid costly mistakes.
Choose someone who knows your target area well and communicates clearly.
Ask for referrals or check online reviews.
🏡 6. Start the Search!
This is where the fun begins. Your agent will set you up with listings, book private showings, and guide you through the process of identifying the right home for your needs and budget.
Don’t rush, trust your gut and compare multiple options.
Think long-term: Will this home suit your lifestyle for 5–10 years?
🖊️ 7. Make an Offer
Once you’ve found “the one,” your agent will walk you through the offer process, which includes:
Deciding on a fair offer price (based on comps)
Including key conditions (like financing or inspection)
Submitting a deposit (typically 5%)
🔍 8. Do Your Due Diligence
Before finalizing the deal, make sure everything checks out.
Home inspection: Hire a certified inspector to look for hidden issues.
Appraisal: Required by the lender to confirm the home’s value.
Review strata documents (if buying a condo or townhome)
🏦 9. Finalize Your Mortgage
With the accepted offer in hand, you’ll work with your mortgage broker or lender to finalize the loan.
Lock in your interest rate
Provide any outstanding documents
Review all terms carefully before signing
🗝️ 10. Closing Day!
Congratulations—you’re officially a homeowner!
Your lawyer or notary will handle the legal paperwork and fund transfers.
You’ll receive the keys and possession as per the contract.
Time to move in and celebrate!
Final Thoughts
Buying your first home doesn't have to be overwhelming. With a little preparation and the right support, you can move forward confidently and make a smart investment in your future. If you’re considering buying your first home, I’d be happy to help feel free to reach out! 778-792-4226 📱
