The thrill of buying your first home

After dreaming about it for a while, have you finally decided to take the plunge? Congratulations! You’re finally going to have a place of your own that you’ll be able to arrange just as you like to suit your own lifestyle. Buying your first home can be a lot of fun, and you’re sure to find the whole process an exciting one. It is also a project which requires some long-term planning. You need to be familiar with the different stages of purchasing a home so that you keep on track and approach each step confidently. Follow our guide!
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Deciding to become a homeowner
Assessing your financial capacity
Choosing a house
Looking for and visiting properties
Inspection and appraisal
Making an offer
Taking out a mortgage loan
The final steps

Deciding to become a homeowner

Buying a first home is a decision which affects our lives in many ways, both emotionally and financially. You might be looking for greater stability or long-term financial security, or maybe you simply want the freedom to set up a home the way you want it – all of these are perfectly valid reasons for deciding to buy. Your decision will therefore be based on different criteria, such as your lifestyle, how much time you want to devote to the maintenance of your property, your plans for your future family and professional life, and, of course, your budget.

Assessing your financial capacity

Whether you like it or not, budget remains one of the main criteria when making the decision to buy and it also affects the choice of property. To get an accurate idea of your financial means, calculate your net value by subtracting your total liabilities from your total assets. This calculation should give you a general idea of the size of mortgage you can afford; it will also make it easier for you to obtain a pre-authorized mortgage and help you work out your ability to pay other expenses.
Remember that you need to allow for various other fees related to the house purchase – insurance costs, appraisal fees, down payment, deposit, notary fees, land transfer tax, etc. – in addition to the cost of any work that needs to be carried out. The Canada Mortgage and Housing Corporation (CMHC) website gives detailed information on the various costs that buying a property involves.

You’ll also need to give yourself some leeway to buy furniture, appliances, tools, and equipment for indoor and outdoor maintenance and snow removal. In addition there will be the cost of any decorating, painting or renovation work.

Choosing a house

Of course, you can choose a house just because you’ve fallen in love with it, but it’s always better to give some serious thought to what you need before starting to house hunt. Determine your current needs and anticipate how these may change in the future before you begin to look at properties.
  • The size of the house
    The number of rooms you are looking for and their respective sizes will obviously depend on how many people will live there, your plans to start a family, your profession, how much time you want to spend on housework, etc. How many bathrooms do you think you need to accommodate your family’s lifestyle and daily activities? Will you need to put in a new one? If you are looking after elderly relatives or if your children have special needs, do you need any custom-made facilities installed? You should take note of the layout of the houses you visit so that you can better assess their possibilities.

  • Special features
    For many house hunters, a garage, pool, fireplace, or decking are definite bonus features. If you want to build any of these in your new home, make sure that the property you choose gives you the necessary scope to do so. Plus, you will need to find out about the availability of labour and know what the costs of all these add-ins are likely to be.

  • Current and future lifestyles
    What stage of your life have you reached? How do you see your future? Try to imagine what kind of services you might require near your home. For example, your needs will vary according to whether you are planning to start a family or whether you have grown-up children who will soon be leaving home.

    Remember to take account of where you work and how you will travel to your workplace, as well as your family’s transport needs.
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