# First time house buyers



## artisterolles (Jan 22, 2016)

My husband and I are planning on buying a house this year, our target is actually the 1st quarter of 2016. We are first time buyers and really know so little about it. I would really appreciate it if anyone could help us with a few tips or even the first step that we need to do, any advice would be great too. Thanks a lot!


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## Mortgage u/w (Feb 6, 2014)

You've come to the right forum, however, you will need to do some research in the threads since there are endless topics about this. It is difficult to know where specifically you need advice. I guess your first step is to find out how much you can afford by meeting with a mortgage specialist. With that, you will know what area and type of home you can purchase. Second step is research MLS or work with a real estate broker in order to find what you're looking for. 

If you have specific questions, ask away and I am sure you will get plenty of advice. Other than that, research, research, research!


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## Just a Guy (Mar 27, 2012)

It would also help to know where you want to buy...certain parts of the country (Calgary for example) are in a crash right now and it may be wiser to hold off buying for a bit, other places (Vancouver, Toronto) have their own issues...


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## nwmea (Sep 10, 2015)

We preferred the below following most important things one should learned before purchasing a property:

Avoid PMI by paying at least 20% down payment
Have a great realtor working for you who knows the area and other realtors
Talk to the neighbors to learn about the neighborhood
Go to the home inspection and ask lots of questions
Think about rennovations as you are looking at the house
Ignore cosmetic flaws, and look deeply into structural issues
Get your credit ready, check it early, and get pre-approved before you even start looking
Think about location relative to friends, family, and work

Good Luck!


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## lost in space (Aug 31, 2015)

For all the talk about renting vs buying there is no question that there is an intangible to owning. After being tenants for nearly 20 years we are finally in the process of back into one of our rental properties and I can't tell you how nice it is not to be dealing with landlords any more! While it's nice being a home owner it can also be a nightmare if done wrong. Here are some good starting links

A good starting point would be learning about mortgages

Mortgage advice for a friend

Secondly as others have mentioned find a good realtor but be careful of a BRA

BRAs should only "Lift and Seperate"

More BRA talk

 Part 2

Property Disclosure Forms

As If - the only way to sell


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## birdman (Feb 12, 2013)

Interest rates are currently quite low and assists with making housing affordable. Suggest you be sure you can still afford your mortgage if interest rates go up by say 1 to 3%.


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## Just a Guy (Mar 27, 2012)

Don't buy the life/disability insurance they offer at the bank, buy a term policy from an insurance guy if you want it.
Don't trust most home inspectors, they only look at the surface (won't even move a ceiling tile) in most cases and many are just former realtors with no knowledge of engineering, construction or the trades.
Don't get sold on a place before you buy it, emotions will cost you a small fortune where it may have been better to walk away. 
Remember, everyone you are about to deal with gets paid only if you buy. Your realtor, your banker, their realtor, the home inspector, etc. Are not on your side...they won't be giving you advice that is totally in your favour. 
The best deals are the ugliest houses with good structure. Remember, the first thing most people do is renovate, no matter what the place looks like originally. 
Don't forget about all the closing costs and renovation costs which you'll probably need. Buying usually costs much more than people expect.


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## wendi1 (Oct 2, 2013)

Disagree with Just a Guy about home inspectors. Get a good one, not one recommended by your RE agent. If you have never owned a home before, you both need to go around with him (it's usually a him). Get him to show you where the shutoff valves are, the sump pit, the stack, the electrical panel, etc.

Ours was invaluable, and my cousin's noticed a crack in the furnace that was leaking CO. You pay for the home inspector yourself - don't accept a report from the buyer's.

Get your own RE lawyer, too.

But JaG is correct about the "ugly duckling" with good bones, and closing costs. There is no excuse for being surprised by closing costs.

Banks will usually offer you far more money than you will be able to pay off comfortably. That first year you will have to buy lawn care equipment, snow removal equipment, tools, paint, curtains and other decorating stuff - it will probably be tight. Remember that their preapproval is for a maximum amount of money, not the minimum.

Best of luck!


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## dougboswell (Oct 25, 2010)

You did not indicate your province. Besides your down payment ou must save enough to cover closing costs. In Ont it is recommended that you have 1 1/2% of the purchase price saved. In Toronto it is even higher as the city has its own land transfer tax. I would get a copy of your credit report and go over it carefully to make sure that you do not have items on it that are wrong or should not be on it. Visit open houses and ask questions. Do not get into a bidding war. The buyer loses and the seller wins. There is always another home out there waiting for you. Do not use a listing agent. Their first duty is to the seller not the buyer. Get yourself a different one and better yet from a different brokerage


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## wendi1 (Oct 2, 2013)

The first step: find out how much you have for a down payment and how much you can borrow. I used a mortgage broker - but Tangerine or your bank should be helpful.

Second: My husband and I spent quite a few months touring open houses to see what was available in the areas that we preferred. From this, we made a list of needs, nice-to-haves, and stuff we certainly didn't want (like a pool). While you are doing this, you will meet lots of RE agents (but getting references from smart folks you know and trust is best). The list prevents you from being seduced by staging... or it did us.


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## Just a Guy (Mar 27, 2012)

Remember also that, despite what you may think, this isn't going to be you last home. Statistics say Canadians move every 7 years on average.

Once you live in a place a while, you learn what works and what doesn't. That's why it's useful to live in a few places before "building your dream home" as it were, since you don't really know what you want until you've experienced it.


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## AlMansur (Jan 25, 2016)

*First Time Home Buyer*

There's lot of information available on the internet, but it would help to know if it's in GTA or not?


First Time Buyer Advice

1. Pre-Qualification

Meet with a mortgage lender and see if you can get pre-qualified for a loan. You can also see how much you will be able to afford to pay for a home. Sellers will be much more responsive to serious buyers who are pre-qualified.

2. Know What you Want

Make a list of what you need and want in a home. This takes some careful thinking and planning. Once you know exactly what you are looking for in a home, your real estate agent will be able to begin searching for your dream home.

3. Get Professional Representation

Hiring a real estate professional will ensure that each step in the home buying process is as stress-free as possible. Your representative will be able to provide you with essential market information and recommendations on ideal properties that fit your criteria.

4. Be Objective

Often enough, first time buyers get emotional when purchasing their first home. It is important to keep an objective state of mind and think with your head, rather than your heart. Does this home really meet your requirements? With so many homes on the market, there is no need to make a hurried decision that you will regret in the future.

5. Home Inspection

Acquiring the services of a professional home inspector can save you thousands of dollars in the long-run. A home inspector will evaluate the home and reveal any repairs or damages that need to be fixed. Being aware of any structural damage to the home before closing will prevent you from being liable for any repairs in the future.




http://www.almansur.ca/First-time-buyer-advice


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## Durise (May 16, 2016)

It's not so hard to buy a house. Simply contact with an agent or broker. They are expert in real estate business and I hope they will manage attractive houses for you. Thanks.


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