Buying your first home is an exhilarating time. Chances are, you’ve dreamt about it for years, sighing as you watch your money go down the “renting” drain. Purchasing a home is an excellent investment when you’re financially and mentally prepared for the responsibilities that come with it.
Some people think homeownership is just like renting, but with the privileges to do whatever you want to your place. Although it’s a smart move for your future with wonderful advantages and freedoms, owning brings added pressures like a mortgage, taxes, and home maintenance. That’s why you need to take stock of your finances and your expectations before you buy.
Fortunately, our Canadian Government recognizes the value of homeownership and offers many incentives and programs to assist First Time Home Buyers. One of the most rewarding parts of my work is helping people get the keys to their first home. It’s a moment of professional pride I’m honoured to share with my clients.
Trust Dewar Realty to get you there.
Our caring, full-service team includes a Mortgage Broker and an in-house Financial Planner. A quick chat with our Mortgage Broker can give you an idea of how much house you can afford. Our Financial Planner can show you proven strategies to pay down your debt and save for your down payment.
We’re here, ready to guide you, support you, and uncomplicate the First Time Home Buying process. I’m happy to answer any questions you may have about the program. Just come by my office, and we’ll sit down for a coffee. All of these services are offered free of charge and with no strings attached.
Contact me today, and let’s get you the keys to your first home!
The Financial Prep
Are you ready to buy a house?
It's easy to get swept up in the excitement of homeownership, but make sure you have a solid grasp on the long-term expectations involved. Now, part of your income and time will go to repairs and maintenance. You’ll need to maintain your home for years to come while managing its recurring monthly financial obligations.
How much can you afford?
It’s discouraging to discover that your salary won't stretch as far as the home you want to buy. However, using a huge part of your income just to pay the mortgage can quickly make homeownership a burden rather than a point of pride. It's better to buy a modest home now and upgrade to your "dream home" in a few years after you’ve built some equity.
What’s your debt-to-income ratio?
This is a figure that lenders take very seriously. Your overall debt should be less than 40% of your income, and you housing debt should no more than 32%. What that looks like varies based on where you want to live. For example, in rural or downtrodden areas, 32% can buy a very comfortable residence and ample acreage. However, in highly sought-after urban areas, it may not even get you a 400 square foot bachelor suite.
Seek & Find
What do you really want?
Do you cringe at the thought of cleaning your own gutters, shoveling snow, or mowing your lawn? Would you rather just pay a monthly fee and have everything taken care of for you? Would obeying rules about when and what you can do to your home bother you? The answers to these questions can help you narrow down the type of property that’s right for you.
I’m your REALTOR® ready to help.
When you partner with me to help you navigate buying your first home, we’ll merge your affordability with your wishes and lifestyle priorities. I’ll work hard for you, so you can purchase a home that makes you happy and successful in real estate ownership.
Efficiently house hunting together.
We’ll compile a list of the features that you want and need in a home, and I’ll send you potential properties for review. Then, any homes that catch your eye, I’ll schedule for us to visit in person. After each showing, we’ll go over the pros and cons of each home.
Make the offer.
Once you’ve decided you want to buy a certain home, I’ll prepare all the necessary paperwork, and we’ll make your official offer. I’ll go through the details with you every step of the way, simplifying complex terms and explaining your obligations.
I’ll fight for what you want.
Keep in mind, today’s housing market is extremely competitive. The seller may reject or counter your offer, and then we can negotiate to your level of comfort. As an act of good faith, please be prepared to write a deposit check to the seller's broker as proof of the “seriousness” of your intentions.
Hiring a good real estate lawyer.
The legalities of transferring land ownership can be complicated. An experienced lawyer is your best defense against potential future legal troubles. Fortunately, I have many in my network that I’d be happy to recommend. A reputable lawyer can charge several hundred to over a thousand dollars for their services. The money spent now is worth avoiding potential heartache and expensive legal fees later.
The Home Stretch
Completing all the necessary inspections.
Your home inspections are a crucial part of the purchase process. They’ll cost a few hundred dollars, but again, they’re absolutely worth it in the end. Not getting an inspection means that you could get stuck in a homeownership nightmare, with no recourse but to pay out of pocket for expensive fixes.
Endorsing the value of your purchase.
A home inspector ensures the house is structurally sound, and checks for signs of harmful materials like asbestos, mold, and lead paint. They'll also look for evidence of pests, leaks, and faulty wiring. There are several excellent inspectors in the area that I'm pleased to recommend.
Green light to a done deal.
Once all the inspections pass, we’re in the home stretch! I’ll come with you for one final walkthrough before closing the deal. We’ll make sure that everything we’ve agreed upon with the seller is completed prior to the final signing. Then, get out your pen and that’s it! Congratulations! Here are your keys!
Schedule your free, no obligation First Time Home Buyer Program information session. Contact me right now!