If you’re about to buy a house for the first time, you may not know exactly what you can expect from the home buying process – and that’s okay! As Realtors with over five decades of experience, we’ll be the first to tell you that there’s a lot that goes into a successful home purchase. But that doesn’t mean the process has to be scary or overwhelming either. In this blog, we’ll go over all the important steps of buying a house for the first time.

With this first time home buyer’s guide in your back pocket, you’ll have just about everything you need to land the perfect home.

Know What You Can Afford

Your first home will probably be the biggest purchase you’ve ever made. So, your first steps to buying a house will be to figure out what your budget is. You may already have an idea of what you can afford, but it’s a good idea to get confirmation from a bank or lender about what size mortgage you qualify for.

To do this, you’ll want to get pre-approved for a mortgage. In simple terms, this is when your bank or lender looks at your income, savings, credit, and existing debt to decide how much they’re willing to lend you.

Once you’ve been pre-approved, you’ll have a pretty solid idea of what your budget should be.

Buying a house in Ontario for the first time? Check out these blogs for real estate advice for buyers!

• Where to Find Affordable Homes in Ontario
• How to Maximize Your First Home by Moving Outside of Toronto
• Can I Hire a Toronto Realtor® in Durham Region?

Take Advantage of the FHSA

One important tip for buying a house as a first-time home buyer, is to take advantage of the handful of great government programs that you can use to help save up for your new place. Canada’s First Home Savings Account (aka the FHSA) is a special program that allows you to put some money aside for your first home in a tax-deductible way.

With an annual contribution limit of $8,000 and a total limit of $40,000, the FHSA offers significant advantages. Plus, you won’t be taxed when it’s time to withdraw (as long as the funds are used appropriately).

Make a List of What You Need

With all the financial details in order, it’s time to think about what you’re looking for in a home. In our neck of the woods, every property (and every community) is unique. Before you start your house-hunting journey, it’s a good idea to sit down and list out your “must-haves”. This will make it much easier to narrow down your search as you start exploring the market.

Keep in mind that your first home may not come with all the bells and whistles – and that’s okay! Your first home probably won’t be your forever home, but it can be a stepping stone to get you there in the future.

Get the Right Help

With your budget and wish list in hand, your next step as a home buyer is to find someone who can help you navigate the buying process. Specifically, a local real estate agent. However, you won’t want to just call the first person you find on Google or see on a billboard.

As a buyer, the Realtor you choose to work with can make a big difference, especially in a market as dynamic as Durham Region and Kawartha Lakes. Do your research and look for someone who has years (ideally decades) of professional experience in your area, and can confidently guide you through the steps to purchasing a home.

Finding the One & Making an Offer

Next, it’s time to start house hunting. This is the fun part! While you do your own searching, your Realtor will match you with a variety of homes that align with your needs and budget. As you tour homes for sale, your agent will help you make heads or tails of each property to help you decide if it’s a good fit.

When you’ve found a place you truly love, your agent will help you place an offer. This step is all about thinking strategically. Depending on your budget, the state of the market, and the home itself, you’ll want to craft an offer that both appeals to the seller and protects your interests. Once again, this is where choosing a great agent can make all the difference.

We’ve got plenty more advice and tips for buying a house. Read these related blogs next!

• How to Make the Perfect Home Offer
• Buying a Fixer-Upper: How Much Work is Too Much?
• 5 Things to Know Before You Buy a Home in the Country

Find Your First Home With Puckrin & Latreille

Thinking of taking your first steps to buying a house? Whatever your home-buying budget may be, the best way to find the right home for you is to partner with an experienced local real estate agent who can help you effectively navigate the market.

Across more than 175 years of combined team experience, Puckrin & Latreille have bought virtually every type of home in Durham Region and Kawartha Lakes. Using this knowledge to your advantage, we’ll help you find the right home based on your needs and budget.

On the hunt for your first home? We’ll help you find a great match. Call 905-985-7300 or send an email to hello@liveplayinvest.com.

Book a Meeting

Whether buying or selling a home in Port Perry and the surrounding area, our team has you covered. Book a call with us today to get started.