February 26, 2012

Sign the contract
You’ve mulled it over, listed out the pros and the cons, and have finally decided that you’re ready to stop renting and become a home owner.

Let me be the first to say congratulations.

The road to home ownership can be exciting and nerve wracking all at the same time. Mostly because buying a home could be the biggest purchase most of us will ever make in our lives.

Now I’m assuming you have already saved or are saving your down payment, which is great. But there are a few other things to consider before buying your first home.

Get pre-approved

If you haven’t done so already, make sure you meet with a mortgage broker or mortgage specialist at your bank to find out what you can afford and get a pre-approved for a mortgage. (Contact me if you need to be referred)

Getting pre-approved is essential because once you know what you can afford, you can then zero in on the property type and the neighbourhood in your prices range.

Save for closing costs

In addition to understanding what you can afford, I also recommend you save for closing costs. This is often overlooked by first-time homebuyers and the costs can be shocking if you’re not prepared.

Moving costs

Moving costs vary widely based on how much stuff you have, how far you’ll be moving, and whether you’ll hire a professional mover or rent a truck and move yourself.

 

Questions? Leave a comment below and I’ll get right back to you. And for more information about the home buying process, please contact me. My goal is to turn your real estate dreams into reality.

About the author 

Lorie Brodie

Hi! My name is Lorie Brodie and I'm looking forward to helping you find your next home. I work in Toronto and the GTA, and I'm always available to answer any of your real estate questions.

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