What To Expect For First Time Home Buyers

Posted May 30, 2022

A smiling couple holding the keys to their first home

It's that unforgettable moment of pure excitement and a feeling of accomplishment.

A time when everything is said and done, and you are officially handed the keys to your new home.

You slide the key into the lock, hearing each click as the key is accepted, the door is unlocked, and you enter into the place you will soon feel comfortable enough to call home. The place you may carry your wife through the threshold to, where you'll bring your newborn child to, where you'll find your new adopted dog has tugged the curtains off the window. The slideshow of events plays through your mind as you begin moving in.

It's a big step, it's the beginning of endless possibilities that create a new source of independence.

Buying your first home is also a huge investment and it all has to start somewhere ... So how do you prepare for one of the biggest investments you will ever make?


Ready to Move?

First things first, make sure you have a stable, reliable income that will support your mortgage payments without fail. Buying a home with a mortgage is at least a 5-year commitment - though most loan terms for a home last 15-30 years.

So, how do you know you can afford a home? Budgeting. Keeping track of your expenses to see where your income goes is a great way to see how much you spend on everything you buy. You can see expenses you can cut, areas where you can save, and how much you can spend in necessary areas that come with owning a home.

For example, take you monthly income and separate that lump sum into categories for your specific life expenses such as groceries, gas, medical (i.e. prescriptions), hydro, internet, gas, mortgage, insurance, car payment, etc.

Now that you've seen where your money goes, going to your bank to get pre-approved for a mortgage, with a Mortgage Specialist is your next step. This meeting will tell you the price range you can afford, while house hunting.

For example, if you are approved for a $300,000 mortgage - looking at homes outside of that range would set you up for a declined mortgage, even if your offer on a house is accepted by the sellers.


Figuring Out If The House Is Right For You

So you've figured out you're financially ready, you've been approved for a mortgage and now you and your Royal LePage Binder REALTOR® are looking at everything in your price range, in the area you are interested in living in.

Knowing if your home or new municipality is right for you is based entirely on the resources you need and what you feel is important for yourself and your family to thrive in your new home.

Things to think about regarding your new location include your work commute, atmosphere, and surrounding services that are provided in the area. Services such as grocery stores, schools, gas stations, restaurants and parks/recreational opportunities.

These factors will help you narrow available houses down for you and your agent will set up a walk-through so you will get to see the layout of the house. This is where you can make a pros and cons list of all the things you love and dislike.

Does the house have enough rooms for a potential family/the kids you already have, large enough yard, parking, storage space, etc.

One thing some buyers may not think of is the possibility of the home needing maintenance. Hiring a Certified Home Inspector is your best bet with ensuring your home is safe and up to code -- especially if your home has a fireplace and a chimney that will need upkeep. Through an inspector, you will know what may need work/to be replaced, and help you decide if this investment is worthwhile.


You've Found Your Home

The hunting is over, you've found your home - it's in your budget, the inspector said everything is up to code, and you already know where in the backyard you want to put your vegetable garden. Your REALTOR® has notified you your offer was accepted by the seller, and everything is set in motion.

Now you must hire a Real Estate Lawyer to finalize everything. To dot the "i"s and cross the "t"s and hand you the keys to your home. The sellers have moved out, and your moving day has arrived. Here you are, where we started. Holding the keys to your new start.

You slide the key into the lock, hearing each click as the key is accepted, the door is unlocked, and you enter into your new home -- your first home and the slideshow of events that could possibly happen under this roof, your roof, plays through your mind as you pick up your first box filled with your belongings out of the truck in the driveway and begin moving in.


You've Moved In! So Let's Highlight The Important Stuff

Do not miss your mortgage payments!

You may come across extra expenses, this is what your emergency fund in your budget is for! Try to anticipate the worst, before it happens to ensure you aren't stuck or miss out on your routine bills/expenses.

Live within your budget. Living like a horse who sees the gate was left wide open is fine once and a while, but it isn't worth jeopardizing your monthly expenses to live in your home.

Don't be afraid to ask your Royal LePage Real Estate Agent questions throughout the home buying process. They are there to help lead you in the right direction and help make buying your home less stressful.

Contact an REALTOR® today.

Contact a Fully-licensed REALTOR ® today!

Looking for an experienced REALTOR ® that specializes in real estate across Windsor and Essex County? At Royal LePage Binder Real Estate, we are focused on helping you unlock your future.

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