First Time Home Buying
You may have already checked out our mortgage calculator and found out an estimated budget for yourself, but before you start seriously looking houses for sale, it is highly recommended to talk with a lender and get pre-approved, that way you know exactly what kind of homes you can pursue. Our in-house lender can help you figure out what you can afford to the dollar, helping you on your first step towards that home you’ve been dreaming of. This major first step will help move things along a lot faster when you do find your home, plus the Seller’s will be more at ease that the deal will go to the end. This can give you an edge if there are multiple offers on the table.
Be open minded
Your first home will likely not be your last. They’re called “starter homes” for a reason! It can be easy to see a house in a negative light when the yard is overgrown, or the living room is covered in blue shag carpet, but all these things can be easily changed in time. Make sure to look at the “bones” of the house; are the living room and kitchen too close to the kid’s bedrooms? Maybe the bathroom is too far from the office. Is there enough room for that large deck you’ve been hoping for? Make sure to pay attention to these things as they are not so easily changed!
Assess your priorities
Grab that note pad from the counter and sit down with a hot beverage. It’s time to decide what is truly important to you in your first home, especially if you're just beginning your real estate journey. Maybe you want to be close to a bus stop for the kids, or a room for your gym equipment. Do you need a large yard for your dog? A garage to keep your snowmobile? Write down what is absolutely necessary, and what would be considered a perk. Make sure you're critical in your analysis, as not everyone can land the perfect home the first time around.
Choose the right agent
When you’re ready to get serious about buying your first home, it’s time to call a REALTOR®. A REALTOR® will help you every step of the way, not only will you get to tap into their knowledge, but they will have several contacts for when you need a building inspector, a contractor, and even house cleaners if you require it. Navigating the waves of Princeton real estate can be tough, and mistakes are easy to make. Your REALTOR® will take care of all the paperwork and make sure everything runs without difficulty. This is a huge financial commitment, you don’t want to go through it alone.
Find out if you qualify for any grants
There are several grants you may be eligible for, including the First-Time Home Buyers' Tax Credit and the Home Buyers’ Plan. Talk with your REALTOR® about these grants for more information.
Budget for closing costs
While it’s important to think about things such as property taxes, renovations and moving fees, it’s important to not forget the closing fees involved when buying a new home. Lawyer fees, GST, property transfer taxes, home inspections, and insurance. These can add up quickly and it’s important to budget for these to keep any surprises at bay, especially when that deal is almost done. Your REALTOR® will help keep you in the loop but it’s good to be prepared from the very beginning.