Speak with a mortgage broker to see if you are financially able to purchase a property. The best listings sell quickly so it’s good to know that you can act immediately if you find something you really like.
Call our office for a personal consultation and let’s see if this is the right time for you to buy into the local real estate market.
What sort of home do you see yourself living in? Visualize the neighbourhood, amenities, and the home styles that you like. Do you need a secondary suite or garden cottage for extra income?
You may want to use a house-hunting app to keep track of homes you’ve seen. These types of apps allow you first time home buyers to record features on a checklist and include some photos as helpful reminders of things you liked or were concerned about.
Don’t judge a house by its MLS photos as some may have poor curb appeal but are actually beautiful inside. You really need to have a look at the interior before making a decision. Landscaping and exterior paint are easy equity-builders for DIY owners.
Are you looking for a property with a morgage helper such as a suite or garden cottage? The additional income can be very helpful when you’re starting out.
Older condos are generally larger and may an aspect ratio that allows plenty of natural light.
Newer condos tend to have deeper layouts, are usually smaller, but will have modern kitchens and baths.
A townhouse is a good compromise between an apartment condo and a house if you need a garage or a yard for pets. A corner unit is the most desireable layout.
Condo association fees are payable in addition to property taxes and mortgage payments. Fees for a townhouse are usually less than for an apartment of the same floor area because utilities are the responsiblity of the homeowner.
Owners are generally responsible for the interior space of their unit while common-area expenses are shared among all the condo lots.
Ask your mortgage broker to pre-qualify your application before house-hunting so that you can act decisively when we find the perfect home for your family.
Brokers work for many banks and have the ability to search for the best rate and terms. Some may have special terms for first time home buyers.
Generally, the lender will approve a purchase price that is approximately 3x your annual income(s), less any debt you have.
If you have less than a 20% down payment, the lender will add mortgage insurance to the total loan. It can be paid in installments with the mortgage payment.
Closing costs add another 1.5-2% to the purchase price.
New construction requires stepped payments, usually a set amount every few months until completion. Ask us for more information on finding the perfect building lot for your dream home.
Making an offer
First time home buyers shouldn’t worry about ‘going it alone’ once you find the perfect home. At Blue Mountain Property, we’ll take care of the details and be available to help with any questions.
We will guide you through the offer process, from price to contract clauses for your exclusive protection.
We are legally bound by fiduciary duty to act with the greatest care and attention to your transaction.
The value of a house is determined by the market, not by the price you want to pay. A few thousand dollars between offer and ask may be insignificant when you consider the enjoyment your family will get from living there and the future appreciation in value.
The key to success when buying a home is to trust the experts.