Entering the real estate market for the first time is becoming more and more difficult these days with rising interest rates and home prices. Now more than ever it is crucial to carefully plan your first purchase before you even begin to look at homes.
Buying your first home is one of the most exciting events of your life, but it can also be overwhelming if you don’t know what to expect along the way. Follow these tips so you don’t find yourself unprepared.
First things first, figure out how much you can afford to spend on your first home. Take an evening to review your overall budget. What do you currently spend on housing, groceries, personal items, transportation, savings? Getting a clear perspective on what you spend today, and what is leftover at the end of the month will help you decide what wiggle room you have to work with in addition to your current housing expenses.
Get pre-approved with a reputable mortgage broker. Discuss with them your budget and make sure what you plan to spend doesn’t leave you tight on finances. The Canada Mortgage and House Corporation website is a fabulous resource with homebuying calculators, information about tax credits for first-time buyers and RRSP withdrawal allowance information. You can visit the CMHC website here: https://www.cmhc.gc.ca
Next, determine your needs versus your wants. Start with a list of everything you would need, want, and would like to have in your first home. ‘Needs’ should include the square footage and number of bedrooms and bathrooms. ‘Wants’ can include items such as a walk-in closet, ensuite bathroom, and a ravine lot. ‘Would like to have’ items could be a home freshly painted in your choice of colours, renovated kitchen, or extra bathroom in the basement – things that would be great to have when you move in, but you could do them yourself over time if it means getting your ‘needs’ and the majority of your ‘wants’ met.
Other things to think about at this point are the neighbourhood, school boundaries, room for a growing family, and travel times to work, family, and activities. Our website has some fabulous information about the cities and communities that we service. Visit www.nancyfest.com/ and scroll down to ‘Featured Communities.’
Once you have a pre-approval in hand, and you have separated what you need in a home from what you want, and what would be ‘nice to have,’ it’s time to find the perfect Real Estate Salesperson to represent you. The Nancy Festarini Team is a hands-on team of Realtors who love and actually live in the cities and communities we service. We are uncompromising in ensuring that your best interests come first. We have a long roster of past clients who chose us for our ability to monitor the market on a daily basis and alert them to new properties the minute they become available. It is a common mistake to think that you can rely on Realtor.ca or MLS.ca. We get access to properties 24 hours before they can be viewed on these websites, so our clients are not left behind on the best and most beautiful homes.
We also offer a large selection of homes to our clients weeks before they are available on MLS or Realtor.ca. As a Nancy Festarini Team client, our team of professionals offer this level of personalized and efficient service.
The Nancy Festarini Team has been helping people just like you buy and sell real estate since 2002, and have won numerous awards over the years, including the coveted National Chairman’s Club Award, Directors Platinum Award, Directors Gold Award, Diamond Award, Lifetime Award of Excellence, and most recently, in 2017, The Red Diamond Award, which places The Nancy Festarini Team in the top 2% of all Royal LePage agents across Canada.
We would love to help you get set up on a personalized home search so that you can get first access to homes that match your criteria as soon as they hit the market. We don’t want you to miss out on your dream home, so please call us directly 416-919-8521 so that we can share with you all of the benefits to having a Nancy Festarini Team Agent in your corner. Please visit our website www.nancyfest.com or send us an email anytime firstname.lastname@example.org. It would be our pleasure to service you!