To-Do List for First Time Home Buyers

Updated: Jun 21

Buying a new home can be stressful and overwhelming, especially if it’s your first time. In this blog I breakdown the exact to-do list of what you need to plan and prepare for before AND as you start looking for your new home. If you’re a first-time buyer, keep reading.

TO-DO LIST:


1. SAVE

- Down payment

- Closing costs

- Insurance and taxes


2. IMPROVE CREDIT SCORE

- Stay current on bills

- No major purchases

- Don’t cancel any credit cards

- Higher credit score = lower interest rate

3. CALCULATE WHAT YOU CAN AFFORD

- Use this helpful calculator: www.bankrate.com/calculators/mortgages/new-house-calculator.aspx


4. GET MORTGAGE PREAPPROVAL

- Shop for the best deal

- Choose primary and backup lenders

- Mortgage advice: www.hud.gov/buying/booklet.pdf


5. DECIDE WHAT YOU WANT IN A HOME

- Here’s a helpful checklist to help you get clear: www.hud.gov/buying/wishlist.pdf


6. CHOOSE A REALTOR

- Make sure you connect and feel comfortable with them. To know how to make the right choice for you, I recommend reading my other blog: 7 Ways to Know You’ve Hired the Right Real Estate Representative


7. VISIT HOMES

- Take photos and make notes of all your likes and dislikes

- Bring your home shopping checklist


8. NARROW CHOICES

- Visit the neighbourhoods during the day and at night to gauge traffic, noise, etc.

- Test your commute

- Consider resale value


9. MAKE AN OFFER

Common contingency opt-outs:

- if the home appraises for less than the mortgage

- if the inspection reveals flaws owners won’t fix

- if you lost your job before the deal closes


10. SCHEDULE HOME INSPECTION

- Your realtor can recommend an inspector if you don’t know one


11. FINAL WALK-THROUGH

- Test light switches, sockets, etc

- Check that windows and doors work

- Test all faucets, drains, and toilets


12. CLOSE AND MOVE IN!

- The best part is getting the keys handed to you!


I hope this to-do list breakdown helped you to better understand the process of buying your first home. Need any help with number six? Send me an email, ejungas@royallepage.ca or Phone 1-905-229-9500


Elsie Jungas,

Realtor


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