The first thing you need to do is start to get your financing in order as soon as possible. You’ll need to find a mortgage broker to help you establish what you can afford for your monthly payment, as well as how much you can get approved for on your mortgage loan. You’ll want to talk over with your partner or business partner what you both feel comfortable spending, and then set a benchmark for what you’ll need to save for a down payment. Until you know your budget and have your down payment saved, you won’t be able to put in any offers, so it’s important to get this process started early!
If you need help finding a mortgage broker, we are happy to connect you with one of our trusted lenders that we think would be a good fit for you! Click here (link buyers page) to get in touch with one of our agents.
While you’re getting your financing in order, start thinking about your wishlist for your new property. This is the fun part! With so many options out there, you’re going to want to start narrowing down which elements to a home are a must for you, which are deal breakers, and which you could take or leave.
When you feel you are at the point of seriously looking, it’s time to get a real estate agent! There are many reasons why it’s necessary to hire a real estate agent (check out our blog “Do I need a realtor to buy or sell a home?” for more info!). In regards to finding a home, an agent will drastically help your home searching process, and will be there to help navigate you through putting in offers, negotiating, and handling all of the necessary paperwork.
One of the most important factors to purchasing a property is where you want to buy. As they say: location, location, location! Your agent can provide helpful statistics for certain areas including the safety, property tax rate, schools, etc., but this still remains a very personal decision. If you don’t have a set location in mind, you’ll want to, again, create a bit of a wishlist to help allow your agent to best guide you. Consider things like which town features are most important to you, is public transportation a must, do you want to be on a cul-de-sac, etc.
These are all important factors to consider when purchasing your first home! If you would like to speak to a licensed agent that can help you get this process started, please click here and we will get you in touch with one of our agents!