Getting Ready To Buy Your First Home

Preparing to buy a new home can be an exciting time, but it can also be extremely nerve racking – especially if it’s your first purchase. There are lots of things you should keep in mind. We’ve taken the liberty of compiling some great tips for you here.

Know where you stand

Before you begin this journey, it’s important to know where you stand financially. There are numerous affordability calculators available online that will help you to calculate monthly payments that you can comfortably handle and determine your appropriate down payment. You’ll want to talk to your bank or mortgage specialist, who help you choose the right mortgage for you, and get pre-approval; this will ensure that you can confidently look at homes that fit your budget.

If you’re a first-time buyer, you’ll want explore the various financial options available to you, such as: TheFirst Time Home Buyers Tax CreditsRRSP Home Buyers Plan, and Transfer Tax Rebates. These can all help to ease (or reimburse) costs associated with the purchase of a home, such as legal fees, disbursements, etc.

Know what you’re looking for

What is important to you now? What do you think may be important to you in the future? A home is a long-term commitment so you’ll want to ensure that you consider things like amenities, number of bedrooms and bathrooms, how you’ll live in the space, etc.

Research your builder

It’s a good idea to do some research on your builder. You’ll want to look at some of their past communities, and if possible, hear from homebuyers who can give you first hand accounts of their experience during the purchase and development process of their homes. For example, if you’re wondering why Brookfield is one of the most respected builders in the market, you can learn more here. It’s also a great idea to register to receive updates on your desired community. That way you’ll be first in line for any pertinent information, and special offers. You’ll also have priority access to preview openings, and opportunities to tour model homes.

Finding the right home can be an emotional – and amazing – experience. If you’re buying your first home, you’ll want to take a look at some of the wonderful benefits and credits you’re entitled to. For more tips and guides, be sure to visit the Canada Mortgage and Housing Corporation’s website.