Buying your first family home is a big decision! This is the home you are going to be raising your growing family in! Here are some tips on how to make the process go as smoothly as possible.

Tip 1: Always get pre-approval before you start looking!

You don’t want to be that buyer that finds the house of their dreams & then realize there is no way you could ever afford it. Once you have looked at homes out of your budget it is hard to lower your expectations. Click here to read our blog on the importance of pre-approvals.

Tip 2: Avoid becoming house poor!

(Meaning: Most of your income is going towards your mortgage, property taxes & utilities) Many people are tempted to go to the very max of their budget (or over) to get the fanciest home possible! In doing so, you end up having to drastically change your lifestyle & adding lots of unwanted stress. It is recommended that your home expenses cost between 25-40% of your take-home income. Here are some tips on how to avoid becoming house poor!

Tip 3: Be Logical!

Make a list of needs/wants and bring them with you to the showings. It all happens so fast & it is easy to get caught up in the moment. Many people fall in love with a house that checks off all their “wants” then later realize that it didn’t check off any of their “needs.”

Tip 5: Things to look for when buying a first family home:

Neighbourhood

• Pick an up & coming neighbourhood for a good return on investment!
• Is it in a desirable school zone?
• Are there parks & family rec centers nearby?

Size

• Does this floor plan work for your family? Do you prefer your privacy or do you like to congregate in a common area?
• Is there enough storage space for all your children’s toys? Is there enough closet space?
• If you have another child will this home still be big enough for you?
• Does the garage/driveway fit all our cars or is there street parking?
• Are there enough bathrooms?

Condition

• Has the furnace, A/C, roof, windows been replaced recently? Realizing the mechanic need to be replaced after closing can be a costly surprise. So make sure you do your research!
• Is the plumbing, wiring, etc up to code?

Yard

• Is it large enough for your children to play?
• If you have a dog, is there a grass area? Or are there trails nearby?
• Is there space to entertain family & friends?

Tip 6: Add Conditions!

If you are in a buyer’s market it is a good idea to add conditions such as financing, home inspection & insurance! A financing clause gives you a certain amount of days to ensure you can get a mortgage. A home inspection clause allows you a certain amount of days to have a professional inspector take a look at the home. If there are extensive unforeseen problems with the home you can renegotiate, ask them to fix it or walk from the deal. An insurance clause allows you to ensure you are able to get the home insured. This is particularly important in older homes with outdated wiring or plumbing. There are other clauses you may want to add depending on the property. Ask your realtor before putting in an offer!

Tip 7: Review the real estate contract (Twice!)

Make sure you fully understand what you are agreeing to. This is a legally binding contract & once it’s firm you can not back out of it if you get cold feet.  If you have any questions or concerns make sure you ask your real estate agent or a real estate lawyer. View the chattels section in the offer to ensure all the appliances you want are included. It would be unfortunate to be really excited for the hot tub in the backyard only to realize that it wasn’t including in the contract. Need help buying a first family home? Let one of our experienced buyer representatives guide you through the process!

Hope these tips for buying a first family home helped you! Comment below if you have any to add.