If you’re thinking of buying a home, you’ve come to the right place. But before we jump right in, you have to make sure three things are ready: you, your bank account, and the real estate market.

Are you ready? Be sure.

Few joys can match the pride of owning the roof over your head, but you will have to make some sacrifices. There’s the obvious financial responsibility, but your home will also require constant care. That’s what real pride of ownership is all about.

Is your bank account ready? Check it twice.

Your first home will be the biggest financial obligation you’ve ever faced. You should ideally have saved up some money for a down payment and are managing any debts like student loans or credit cards. In a couple steps you can determine how much you can afford.

Is right now a good time to buy?

Markets go up, markets go down and even the smartest experts can’t accurately predict when a market will peak or bottom out. If you’re buying a home as a long-term investment (and for long-term enjoyment), you should be protected from short-term changes in the market. Pick a home that meets the needs of you and your family. Then you’ll enjoy living in your investment as it grows in value.

When it comes to starting your house hunt, you need to determine what neighbourhood is right for you. Follow along with the interactive video series (below) to find your perfect neighbourhood.

Next, decide what type of home you want.

By now, you probably have a good idea of what type of home is right for you. To familiarize yourself with the terminology, here is a quick overview:

Single-family detached: As the name implies, the home is not attached to the home next door. Styles range from a single-story suburban bungalow, to a three-story Victorian.

Semi-detached or linked: Two houses that share a common wall. Usually less money than a fully detached home.

Duplex: A building zoned for two families.

Town house: Also known as terrace or row housing. Several homes with a common style and joined in a row. They usually share walls on both sides.

The condo alternative.

How condos are owned: You’ll own 100% of your unit, and a share of the common areas. Common areas include the necessary plumbing, electrical systems, hallways and elevators. They may also include lots of fun stuff like a private gym or party room.

Condo fees: On top of your mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas. Be sure to look into condo fees, and how well they’re managed, before signing anything.

New or resale?

Resale: Nothing can match the charm and character of an older home. As a bonus, the previous owner may have made improvements and upgrades and you get them with the house, usually for less than the cost of putting them in yourself. However, some may have a little too much ‘character’, like a leaky roof. Know what you’re getting into.

New: If you’re having a new home built from the bottom up, carefully examine the property, the blueprints, and visit other homes built by the same company. Have your REALTOR® and/or lawyer review everything before you sign. While your home is being built, stay on top of the process. And remember, you have a legal right to make a full inspection of the house before you accept it as complete.

What’s most important to you?

Are you getting out of a two-bedroom apartment because it’s too small? Then your new home should have at least three bedrooms, and probably a second bathroom. REALTORS® call these must-have features ‘needs’. Features you’d like to have are called ‘wants’. Your strategy should be to find a home within your price range that fulfills all or most of your ‘needs’, and as many of your ‘wants’ as possible.

Open houses.

A great way to explore your home ‘wants’ and ‘needs’ is to visit an open house. An open house allows visitors to walk through a listed property while exploring what the home has to offer. Sometimes, the best way to determine what you truly want in a home is to see those desires up close. To find an open house in your area, visit www.openhouses.ca.

(Source: howrealtorshelp.ca)

First time homebuyer?

Your home will undoubtedly be the biggest financial obligation you have ever faced. In order to fulfill your financial responsibility, you need to be prepared – this is where the New Homebuyers’ Guide in. This Guide provides answers to all of the questions and/or concerns you may have about purchasing your first home – from choosing your team of experts to closing day considerations. The explanations are communicated in SIMPLE TERMS, making it as user-friendly as possible. The Canada Mortgage and Housing Corporation (CMHC) was used as a starting point and reference for all of the information contained within (www.cmhc.ca). Request your free copy, today!

As an important consideration, I recommend seeking mortgage pre-approval. When putting an offer in on a home, a pre-approved buyer has an advantage over a buyer who is not pre-approved. Sellers value the assurance of pre-approval as it suggests that the potential buyer has his or her finances in order.

Let’s not forget about mortgages!

The following links will help you to better understand what is required of you as a buyer or seller. A buyer who is familiar with the pre-approval process is one step closer to finding the home of their dreams.

CANADA MORTGAGE AND HOUSING CORPORATION (CMHC)

The Canada Mortgage and Housing Corporation website provides valuable insight into the current housing climate. Recognized as one of Canada’s leading housing agencies, CMHC provides mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. Take advantage of what the CMHC site has to offer.

MORTGAGES 101: BUYING YOUR FIRST HOME

As a new home buyer, it is important for you to understand your mortgage. Follow the appropriate steps to ensure that you are getting the mortgage that best fits your needs.

INVESTING IN A HOME: PROGRAMS AVAILABLE TO HELP YOU

Buying a home is one of the biggest investments that you will make in your lifetime. Become aware of what programs will benefit you in the buying process.