Planning a vacation is a great metaphor for buying a home. Thoughtful planning, goal-setting, and preparation will let you step into the homebuying process with confidence – in the same way that a well-planned vacation lets you truly relax. There’s nothing quite as good as a little advice from someone who’s been where you’re going. That’s why Houseful is here to help make your first-time homebuying experience positive and successful in every way. With these tips for first-time homebuyers, you can know where you’re going and what you’re looking for, prepare financially, and do your research so you can enjoy the destination — without worrying about unwanted surprises.
Whether you’re starting a family, looking for a bachelor pad to launch the next chapter, or helping your parents find a peaceful spot for retirement, buying a home is an important decision. Let these tips inform your decisions so you can find a home that fits you.
Establish your goals before you begin your search. It’s fun to start exploring and scrolling through homes, but pause to get focused and you’ll give yourself a much better chance at finding the right fit for you. Begin by sitting down and making a list of your non-negotiables, cost plans, and specifics like location, square footage, and outside space. Take some time to consider which of these are deal breakers, and which you could live without. Knowing your nice-to-haves and must-haves can help simplify decisions down the road.
When it comes to your home, you want to have a clear goal in mind. Create space for everyone involved in the initial planning process to share thoughts. If you have a partner or kids, consider allowing everyone to make their own lists and compare notes in a family meeting. This gives everyone a chance to contribute to the game plan.
Here are some tips for first-time homebuyers to consider in your initial planning:
When the excitement of bidding or seeing properties ramps up, having a list with your original vision will help you stay grounded and focused on what you really want. Come back to it when you’re making big decisions.
Before you find a potential home, be clear on the absolute maximum you’re willing to spend. Sticking to your budget can be hard when you’ve formed an emotional attachment or envisioned your future after seeing a property you love. Use your list from step one and prioritize features so you know what you’re willing to trade off, and think about where you might be able to cut corners.
For example, maybe you don’t need a big yard if your new home is near a park. Or perhaps you’re willing to pay a bit more to live near the local subway station because you’ll save on transit. Once you’ve set your budget, commit to it with everyone involved for a clear financial boundary you can keep.
Once you’ve set your budget, commit to it with everyone involved for a clear financial boundary you can keep.
First-time homebuyers usually want to be careful and cover all their bases, but it’s easy to end up underprepared for surprise costs. Use our homebuying checklist to plan ahead, and feel confident in asking your agent or the Houseful team any questions that you have. Each question brings you one step closer to the right home for you.
If you’re here, we’re guessing that you’re the kind of homebuyer who does their research, so you’re already on the right path. Here are some ways to start out well prepared:
Get to know the basics and nuances of applying for a mortgage and establishing the best financial plan for your needs. Here are some essential elements to consider:
Houseful provides personalized guidance for your real estate journey. If you’re a first-time homebuyer, our dedicated team of experts offer support from initial planning through to moving day. Work with top-rated, local real estate agents and gain access to financial insights and advice from RBC Home Advisors.
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
Rising construction costs and higher interest rates have led to a slowdown in the pre-const...
Are you ready to buy a home? Answer a few quick questions to instantly find out your next step ...
Living a more sustainable lifestyle begins at home, which is why you may be considering how to ...
OJOHome Canada Ltd. (“Houseful”) is a wholly-owned subsidiary of Royal Bank of Canada
20 King Street West, 8th Floor
Toronto, ON, Canada, M5H 1C4
833-709-1946
IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Listing information updated daily.
Houseful is committed to ensuring accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone. We welcome feedback and accommodation requests, please submit them here.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
Please use the following address to send referral payments:
Lockbox: OJOHome Canada Ltd. PO Box 9479, Stn A, Toronto, ON M5W 4E1
Lockbox Number: T09479C
® / ™ Trademark(s) of Royal Bank of Canada. Used under licence.