After what may be years of careful consideration, the moment has finally arrived. You are officially ready to begin the search for your first home! It’s exhilarating and a little nerve-wracking, but usually, the excitement prevails.
What you need now is a realistic plan that works in the market today. That’s what today’s post is all about: the steps to finding and securing your first home that you may not expect.
Are you searching for a knowledgeable professional to support you through your first purchase? Here’s Why You Should Buy a House With Caldwell & Co.
Step One: Choose a Real Estate Agent
Navigating an already challenging market that is always changing is a tall order for anyone, even if they’ve bought homes multiple times before. If it’s your first purchase, expert guidance at every turn is invaluable.
A local real estate agent isn’t just there to encourage you and to answer your many questions, although we are happy to do whatever it takes to get you into your first home.
Even more importantly, we are here to represent you and give you your best chance of securing an ideal home at favourable terms and at the lowest price possible in the market today. When working with a Realtor® with construction expertise, you’re in an even better position to ensure the home you choose is suitable and structurally sound.
We have too many tips for first-time buyers to fit into a single blog post! For even more advice, check out the posts below:
- The Complete Home Buying Checklist
- Should You Buy a Resale Home or a New Build in Kingston?
- How Can a First-Time Home Buyer Use Their RRSP?
Equally Important: Connect With a Mortgage Broker
Partnering with a good real estate agent might not the most revolutionary advice you’ll receive as a first-time buyer. However, many people who are new to the market underestimate the value of also choosing a skilled mortgage broker.
It’s critical to find someone you can trust and who will be in your corner during your transition. This is not the time for someone who refuses to work outside of banker’s hours.
Real estate is not a Monday to Friday, 9 am to 5 pm industry. Transactions happen at all hours, including late on weeknights and early on Sunday morning. You need your mortgage broker to be available when it matters most.
A friendly voice greeting and a promise to return your call within two business days doesn’t cut it if you’ve submitted an offer and need to waive your conditions at 10:30 on a Saturday morning.
In most cases, a mortgage broker will be more flexible than someone at the bank, but there are also exceptions. We have worked with bank employees who went way above and beyond to help our buyer client cement their offer. We’ve also dealt with the occasional mortgage broker who went offline at 4 p.m.
Your financial provider is just as essential to your purchase as your real estate agent. Be sure you partner with someone who is motivated to help you and is on top of the current market. Few things are more heartbreaking than making an offer on a house you love that the seller would have accepted, but the deal fell through because the mortgage broker didn’t answer their phone.
Wondering if that beautiful dream home is actually in the budget? Our Buyer’s Calculator can help you run the numbers.
Red Flag or Green Flag: How to Spot a Good Mortgage Agent
Given their importance, how do you recognize a good mortgage broker and weed out anyone who is a bad fit? Think of how you would select a real estate agent.
As a first-time buyer, you’ll have many questions about what is and isn’t possible or advisable. You’ll need someone who can anticipate and problem-solve these concerns, often before they even come up. Most of all, you should choose someone who is responsive and makes you feel confident in your decisions.
Your initial connection will provide clues. Does the agent seem professional and patient and willing to work with you, or are they annoyed and you feel as though your questions are an inconvenience?
Send an email, a text, or leave a voicemail and see whether or not they respond and how quickly. Now that you have an indication of their availability, imagine you are facing a tight deadline, and your dream home hangs in the balance.
You need someone you’re going to be able to get in touch with because it really can mean the difference between getting the house or not. If they won’t give you their cell phone number or tell you straight up that they only work certain days, they are likely not the right fit.
The market works quickly, and first-time buyers especially need an expert to provide consistent support and guidance. This is true of your real estate agent; it’s equally true for your mortgage broker.
Is Kingston a good place to put down roots in a home of your own? The posts below might help you decide:
- Where Is Kingston, Ontario?
- Check Out Kingston’s Fabulous Entertainment Scene!
- Experiencing Kingston’s Best Coffee Shops
Consider Your Needs and Wants. Now Question Everything.
Creating a list of what you want and need in your first home is one of the first steps in making it happen, but this is just the beginning.
What may surprise you is how much you need to constantly reevaluate those priorities. If you’ve never owned a house before, you’ll venture into the market with a clear idea of what you think you will like. However, you don’t actually know until you experience different structures and styles in person.
We have worked with first-time buyers with a detailed vision of the detached, two-bedroom house with multiple levels. After spending two weeks attending showings and visiting open houses, we find ourselves searching for something completely different.
This happens frequently, for a variety of reasons. Perhaps it’s the reality of how expensive and time-consuming it is going to be to maintain that large property. Suddenly, we’re searching for a condo instead. Budget constraints could also limit the types of homes or neighbourhoods available to you.
Many buyers began their search insisting that only a modern, open-floor plan would do, flat-out refusing to even book a showing for an older home with separate rooms. When we finally convince them to give it a chance, they fall in love with the 80’s vibe and the privacy a closed layout provides.
You just never know until you begin to explore the possibilities and consider all of the “what ifs” in greater detail. By keeping an open yet discerning mind and working with an experienced expert, you have the best chance of finding the hidden gem that meets the needs you didn’t think about, fits within your budget and that you absolutely love.
Are you ready to explore your options for your first home? Our Kingston real estate agents are happy to help and guide you through each step. Reach out to us at caldwellco@royallepage.ca or call 613.449.6588 today.
Meet Your Market Guides
Caldwell & co. is your all-in-one resource for everything real estate related in Kingston, from community highlights to market-shifting trends and hands-on transaction guidance.
