The first question is bound to be, "How much home can I afford?" That depends on a number of factors:
Your selected location. Are you set on a specific area? Downtown? The suburbs? A rural setting?
Your preferred type of home. Detached? Semi? Duplex? High-rise? Link? Townhouse? New or Resale? There are a variety of home styles you will want to explore.
Your income. After all, it's not just the mortgage you have to take into account. There are property taxes, utilities, and in some cases condo or strata fees. As a general rule of thumb, your monthly home-carrying cost should not exceed 30-35% of your income.
Market conditions. Is it a buyer's, sellers or balanced market?
There are also additional costs to keep in mind. It's a good idea to work out exactly what you want and what you can afford before you begin the search. Be specific! After all, you don't want to suddenly come to the realization that your dream house has come with a nightmare of bills and expenses. Stick to looking at houses in your price range. The more you've thought it out, the better your sales representative can meet your needs.
A part of deciding just what you can afford can be accomplished by meeting with your bank or a mortgage broker and negotiating a pre-approved mortgage. There are many types of mortgages and many different terms. Research all of your options. This ensures that there are no surprises once you're ready to make an offer.
Once you've figured out your monthly expenses and what you can afford, you can start your search. It could happen that the first home you see is the one you want; or you might look at home after home with none of them catching your interest. Rest assured, the home you're looking for is out there, and when you find it, you're ready to make an offer. If your offer is accepted, the next steps are closing and moving into your new home.
Purchasing a home is easy once you put your plans into action.
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When it came to buying my first home, Diane Salman was a great choice for a realtor. She guided me through the entire process, warning me of common pitfalls first-time home buyers often make. Through her patience and industry knowledge I was able to learn about the market and ultimately come to making a decision I felt good about.
-Alex S, Client
In December 2014, our son, Kenny bought his very own first home in the very hot property market, Mississauga. We couldn't have asked for a better realtor than Diane Salman, whom we stumbled upon while searching online for listed properties in the said area. Diane is truly a hands-on, down-to-earth and very patient realtor. Being a mother herself, she has helped our young …
-Joyce H, Client
As a Mortgage Broker, I have worked with many Real Estate Agents and Diane is by far the best I have worked with. She listens to what her client needs are. She always looks after her client's best interest. She communicates everything that is needed to know when dealing with purchasing and selling a home to her clients. I have worked with Diane for the past 6 years and we …
-Domenic Reda , Colleague
Diane, our family was introduced to you through our mortgage broker that raved about your professionalism and success rate. Since our introduction, you were able to sell our house within 3 days of it posting, you negotiated a $15k drop in the asking price of our current home and now you are supporting our family again with the selling of my parents home. Diane, the …
-The Gibbs Family, Client
It is with pleasure and gratitude that we share comments on our experience with Diane Salman with the purchase of our first home. Diane possesses all the attributes necessary to be an excellent broker: she knows her market extremely well; she is diligent, responsive, and yet very patient with her clients. Diane is both very professional and personable. She clearly …
-Paula C, Client