Buying your first home can be a scary, intimidating experience. For most first-time home buyers, figuring out where to start can be the most challenging part. That’s why you deserve a team of experts who can offer the guidance and support that makes you feel confident and well-informed every step of the way!

We believe that education is always the first step. You can trust that our team has the experience you need to navigate any market and will make sure you know exactly how things should go and in what order they should be done.

Here are some of our favourite first-time home buyer tips:

Obtaining a Pre-Approval is the First Step!

When starting your home search, ensuring you are aware of how much the bank will lend you is the first step. This will help you avoid looking at homes that may be out of reach and set attainable expectations. You also want to avoid falling in love with homes that are out of your budget. Having a pre-approval letter plays a key factor in securing a home. It makes Sellers confident to work with your Offer.

Our team is well-connected and always stays up to date on the latest mortgage news. We are happy to refer you to a mortgage specialist who meets your needs and whom we trust to take care of you and offer the best advice and mortgage options.

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Want to know more about how and why to buy your first home in Niagara? The posts below will help:

• What is it Really Like to Live in Niagara?
• Why People are Moving from Toronto to Niagara
• 5 Steps to Choosing a Niagara Real Estate Agent

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Monthly Affordability is Key

You might have been approved for a certain mortgage, but that doesn’t mean you will automatically be comfortable with your total costs of owning a home. There are many other monthly fees you need to consider. For example, property taxes, home insurance, utilities, and general maintenance. Also consider vacation allowances, dinners out, and extracurricular. It’s best to take the time to sit down and create a spreadsheet of all your current monthly costs and what you can comfortably afford without sacrificing your current lifestyle and creating financial stress.

Down Payment and Closing Costs

The more money you put down, the more manageable your mortgage costs are going to be. Consider how much you can afford to add to your down payment while still factoring in the costs that are associated with buying a home. You will require more money on the closing day than just the minimum 5% down. There will be lawyer fees, title insurance, possibly inspection and appraisal fees, and a portion of land transfer tax to pay on closing if your purchase price exceeds $360,000. Our team can help you figure all this out!

Differentiate Between Needs and Wants 

Your first home usually isn’t going to be your dream home. However, one of the first steps to buying a house is to sit down and make a list of the features you need or want. It’s important to differentiate between the things you can and can’t live without.

Sometimes, your budget or housing options might require a compromise. Our team of realtors is happy to ensure you see a variety of properties to determine what home styles and features you like most. We know that your needs are important, and we will help you search tirelessly until we find the home that checks all your must-have boxes.

Don’t Let Your Emotions Get in The Way

It’s easy to find a house and fall in love with it, but many new home buyers fall into the trap of letting their emotions control their actions. Sometimes, this results in paying more than necessary or overlooking important details that could cost you in the long run. We are here to advocate and educate, and we will always have your best interest in mind. Our job is to point out the good, the bad, and any negative factors that could affect re-sale down the road.

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Find even more tips for first-time buyers in the related reads below:

• What’s a Buyer’s Agent? Do I Really Need One?
• 6 Tips For First-time Buyers

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Use a Real Estate Agent 

As a first-time home buyer, you shouldn’t do this alone. Working with a real estate Team that is looking out for your best interests, has a proven track record and understands your situation is a must. We will make sure you fully understand not just the first steps to buying a house, but everything that comes next as well.

We are here for you! Give us a call at 905-717-8529 or email admin@thebarryteam.ca anytime to set up a meeting to discuss the process of buying your very first home!