Buying your first home is loaded with a range of feelings – excitement, overwhelm, enjoyment, fear, anticipation and maybe even some uncertainty. After all, purchasing a home is the largest investment you will ever make. 

To help ease you into this next chapter, here are four tips for first-time home buyers:

1. Be Prepared

Before looking for your dream home, assess your long-term goals to see how homeownership fits your plans. Depending on where you see yourself in 5, 10, 15 or 20 years from now will affect your home buying decision. And, everyone’s goals may be different too. Some buyers may want to convert their rent into mortgage payments to generate equity. Others may desire to become a landlord of an income property. Either way, this is vital information to know, as your goals will determine your path.

2. Be Realistic

Once you understand your homeownership goals, it’s time to assess your wants and needs, but as realistically as possible. Consider the location, number of bedrooms, property type, yard space, square footage, lifestyle and so on. If you have to make some compromises, this list will keep your priorities in check.

3. Be Pre-Approved

Next is knowing how much you can afford for your first home. Do some math beforehand to get a better sense of what your monthly payments will be. Don’t forget to factor in closing costs, legal fees, movers and other expenses associated with buying a home. It is also important to be pre-approved by a mortgage lender before you submit an offer for a new home, which can save you a lot of heartaches and financial upset down the road.

4. Be Well Represented

Once you understand your financial situation and homeownership goals, seek advice from a trusted real estate professional. Your realtor will act as your representative, consultant and guide throughout the entire buying process. They will answer questions about your desired neighbourhood, explain market conditions, be well-versed with local schools and more. 

Your Mississauga Real Estate Sales Representative

If you are thinking of buying a Mississauga home, I’d love to hear from you! I help first-time home buyers through every step of the real estate process – from deciding whether or not to buy a house to submitting a winning offer on their next dream home!

To learn more about my real estate buyer services, please feel free to contact me, Deborah Clerk, at Keller Williams Real Estate Associates, Brokerage, in Mississauga, Ontario.