3 Tips for First-Time Home Buyers
Our Expert Tips when Buying Your First Home
With the right preparation and these tips for first-time home buyers, you’ll be well on your way to buying your very first home. Buying your first home is an exciting real estate journey filled with anticipation and dreams of building your future. While the process can seem daunting at first, the benefits of owning your own home far outweigh the challenges.
To help make your journey smooth and enjoyable, here are three essential tips for first-time home buyers. Keep these in mind as you step into the real estate market. From getting your finances in check to working with one of our expert REALTORs®, these tips will set you up for success.
Tip #1: Save for Your Down Payment (and more!)
One of the most important steps in buying your first home is to make sure you have a solid down payment. In Canada, the amount you need will vary depending on the price of the home, but it typically ranges from 5% to 20% of the purchase price.
However, it’s not just the down payment you need to save for. There are also closing costs. Those can include legal fees, title insurance, and administrative expenses. These usually add an extra 1.5% to 4% of the home’s purchase price.
Pro Tip: Use a mortgage calculator to help you figure out how much you’ll need for both the down payment and closing costs. This will help you have a clearer picture of how much you need to save.
Tip #2: Get Pre-Approved for a Mortgage
One of the best ways to set yourself up for success is to get pre-approved for a mortgage. This step gives you a clear idea of what you can afford, making the home search process much more focused and less stressful. And less stress is essential!
During the pre-approval process, your bank or credit union will review your finances, including income, debts, and credit score, to determine how much they are willing to lend. With this knowledge in hand, you can confidently explore homes within your budget and move quickly when you find the one that’s right for you.
Pro Tip: Having a pre-approval in place also strengthens your offer when you’re ready to make a bid on your dream home. Sellers are more likely to take you seriously when they know you have the financial backing in place.
Tip #3: Partner with an Experienced Realtor®
Partnering with an experienced Realtor® is one of the smartest moves you can make as a first-time home buyer. A Realtor® is your guide through the entire process, offering expert advice, market insights, and negotiating the best deal on your behalf. They will also provide insights on neighbourhood trends, pricing, and the overall condition of the homes you’re considering.
Whether you’re looking for the perfect neighbourhood or seeking advice on property values, a Realtor® ensures you make informed decisions and find a home that aligns with your lifestyle, future, and budget.
Pro Tip: At Coldwell Banker Battle River Realty, our mission is to help clients turn their real estate dreams into reality. Our team of experienced Realtors® uses cutting-edge technology, market expertise, and local insights to match you with a home that’s a true fit.
Unlock Extra Value with Our Exclusive Home Program
At Coldwell Banker Battle River Realty, we go the extra mile to support first-time home buyers through our Home Program, designed specifically to guide you step by step through the home-buying process. Our program offers valuable insights, tips, and resources that simplify the journey to homeownership. Then, on your possession day, as a special thank you for trusting us with your home purchase, we offer an incredible $1,000 cash back! It’s our way of ensuring you feel confident, supported, and celebrated as you embark on this exciting new chapter. Contact us to learn more about how our Home Program can make your home-buying experience extra rewarding!
Take the Next Step Toward Owning Your Dream Home
At Coldwell Banker Battle River Realty, we’re committed to turning your dreams into reality. Your home is more than a place—it’s the foundation for your future. Our dedicated Realtors® work with you to find a house that perfectly matches your lifestyle, vision, and budget. With industry-leading expertise and access to the latest technology and market insights, we offer an exceptional selection of homes across Alberta. Ready to take the next step toward your dream home? Contact us today at (780) 672-7761 or email [email protected]—we’re here to help!
