Buying your first home? Exciting times! Sure, it might be nerve-racking – but with these 5 tips on how to prepare for the big jump, you’ll be more than prepared.

 

Did you know that the majority of first-time homebuyers are Millennials?

That’s right; Canadians born between 1980 and 1995 now represent a full 77 percent of first-time homebuyers.

If you fit that mold, then it’s even more important you are prepared as a first-time home buyer! The market has never been more interesting; on the other hand, many millennials are making the shift towards home buying, which makes the competition higher.

The same logic applies to those outside the Millennial group on either end of the spectrum: the stakes are high.

As a real estate agent who’s clients range in age, family size, and occupations, I’ve been able to grasp a full scope of the market and the tips needed to find the home that suits particular needs – including being a first-time home buyer in Guelph.

Here are 4 tips for successfully navigating the waters of being a first-time homebuyer that will make the process much easier and efficient.

Tip 1 Get Pre-Approved FIRST


Before anything on this list, pre-approval is the most important to achieve in order to understand your price range and the subsequent homes within the market that match it.

Getting pre-approved for a mortgage is crucial towards being able to get the jump on new listings that arise and be considered a serious home buyer opposed to losing time applying without a pre-approval.

Additionally, having a price-range established before house hunting is a good thing; this empowers you to cast a more narrow net on the houses that suit your needs best, saving you time and hassle in the long-run.

Tip 2 Be Patient: Be Open-Minded


Much like job hunting, finding a home can be a longer process than expected to find what makes sense for your particular needs and budget; however, this is a home and not a pair of socks, so taking your time to find the perfect one is crucial (though I advocate for finding those perfect pair of socks, too).

If your needs are flexible, consider expanding your search radius outside of specific neighbourhoods to include the outskirts of a city or town. Since this is a first-time home, things might not be perfect (like many first-time things). Finding the perfect home, for many, is an ongoing process!

Be patient in the process and do have a checklist of what your home needs are – just be flexible in the areas that you can bend a little.

Tip 3 Be Specific With Your Agent


You wouldn’t go to a cardiologist with a broken foot, right?

Think about choosing your real estate agent the same way: each agent has their specialty, from first-time home buyers, to families, to price ranges, and more.

After making a checklist of your first-home needs, be sure to check real estate sites, Google Reviews, social media, and more to explore different real estate agents; pairing their varying experience and history with your unique home needs can help narrow the search for not just an agent, but the perfect home.

Tip 4 Think Beyond Real Estate Websites


Now more than ever, it’s crucial to expand your search beyond the usual real estate websites. Is your real estate agent on social media? You might be a listing on an Instagram – like mine – before it’s even up on Realtor sites.

Much like in business, referrals are everything; if you can get the inside-track through social media on a friend, colleague, or acquaintance who might be selling their home, then it gives you the upper hand of time before the homeowner is flooded with inquiries.

In addition to blogs, be sure to browse Kijiji, Padmapper, and real estate blogs (like this one!), and other resources to help inform you of potential home options early on.

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