Tips for First-Time Homebuyers

Friday Nov 03rd, 2017

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Did you know that spring is the hottest real estate season? The MLS is on fire and first-time home buyer’s everywhere are looking to buy. According to studies, Most of the Canadian and first-time home buyers are millennials. If you’re looking to buy your first home this spring, here are a few tips to beat competition.

Tip #1: Prioritize 

April is the busiest month for real estate transactions. You hear from your real estate agent non-stop; you seem to run into potential first-time home buyers more often. In this scenario, taking a few personal leave days to house hunt is a safe bet, as other prospective buyers will be out in full force.

Make time with your partner to go through options and prioritize, so you’re on the same page when it comes to your house hunt. Then, once you both agree on ‘the one’, be ready to act fast.

Tip #2: Look for new locations

A car-free lifestyle is more in line with millennials than the average Canadian. Accordingly, many condo developers have planned communities with proximity to public transit, supermarkets, well-lit bike and running paths, dog-friendly green spaces and amenities such as bike lockers. Be sure to check out high-density condo communities to see what they have to offer for you.

Tip #3: Search out of town

Great deals on detached houses can be found in smaller cities on the brink of urban renewal. First-time homebuyers have everything to gain from these emerging markets; from better square footage to more housing options. More often than not, these markets offer extensive public transit and for city-dwellers, it means less culture shock versus heading to the ‘burbs.

Tip #4: Get mortgage pre-approval

We live in the times of multiple offers for a single property. Anything that marks you as a serious buyer now, gives you an edge over other prospective home buyers. Nothing spells serious buyer like pre-approved mortgage.

Launching your house hunt after obtaining pre-approval for mortgage lets you seize a property you are keen on with losing any time. Mortgage pre-approval also helps narrow your search as you have your price range established, making easier for you to choose the right property.

Tip #5: Use social media

Last but not the least, get creative while house hunting. Don’t limit your house hunt to the MLS or real estate agent websites. Googling “real estate” and your city, or your particular neighbourhood, will yield a variety of options.

Don’t limit your house hunt to the MLS or real estate agent websites. The real estate market is a fascinating subject – as any HGTV junkie will attest! – and a number of bloggers are probably busy covering the very neighbourhoods in which you are house hunting. Googling “real estate blog” and your city, or specifically your dream neighbourhood, will yield a variety of options. It’s a great way to get a look at what’s on offer and get a feel for your dream neighbourhood.

Share your tips for first-time homebuyers on the comments section below.

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