How to Buy a Home When You Have No Idea Where to Start

Buying a home is one of the biggest financial decisions you'll ever make—but if you're new to the process, it can feel completely overwhelming. Where do you even begin? Here’s a step-by-step guide to help you navigate home buying with confidence, even if you have no idea where to start.

Step 1: Figure Out What You Can Afford ??

Before you start browsing listings, you need to set a budget.

? Calculate your down payment – In Canada, the minimum down payment is:

• 5% for homes up to $500,000
• 10% for the $500,000 - $1.5M portion
• 20% for homes over $1.5M

? Factor in closing costs – Budget for property transfer tax, lawyer fees, home inspection, and insurance (usually 2-5% of the home price).

? Check your credit score – A higher score helps you get better mortgage rates.

Step 2: Get Pre-Approved for a Mortgage ??

A mortgage pre-approval tells you how much you can borrow and makes you a stronger buyer.

? Compare mortgage lenders – Banks, credit unions, and mortgage brokers offer different rates. ? Gather documents – You’ll need proof of income, tax returns, and debt statements. ? Lock in your rate – Some lenders hold rates for 90-120 days while you shop for a home.

?? Pro Tip: Don’t take on new debt (like a car loan) while house hunting—it can affect your mortgage approval.

Step 3: Make a Wish List (But Be Flexible!) ??

Think about what you need in a home vs. what you want.

? Must-haves – Number of bedrooms, location, parking, pet-friendly, etc. ? Nice-to-haves – A big backyard, updated kitchen, high ceilings, etc. ? Deal-breakers – Bad commute, high strata fees, outdated wiring, etc.

?? Pro Tip: You’ll rarely find a home that checks every box, so prioritize what matters most.

Step 4: Find a Real Estate Agent ??

A great REALTOR? will guide you through the process, negotiate for you, and spot potential issues in homes.

? Look for experience in your preferred neighbourhood ? Check reviews and ask for referrals ? Make sure they understand your needs and budget

?? Pro Tip: A buyer’s agent is free—they get paid by the seller.

Step 5: Start House Hunting ??

Now the fun begins!

? Use real estate websites (like Realtor.ca) to browse listings. ? Attend open houses or book private showings. ? Take notes and compare homes after each viewing.

?? Pro Tip: Visit homes at different times of day to check for noise, traffic, and lighting.

Step 6: Make an Offer ??

Found "the one"? Time to make an offer!

? Your REALTOR? will help set a competitive price. ? You may need to negotiate – Sellers can accept, reject, or counter your offer. ? Include conditions – e.g., financing approval, home inspection, or subject to sale of your current home.

?? Pro Tip: In a hot market, you may need to move fast and be flexible with closing dates.

Step 7: Get a Home Inspection ???

Before finalizing the deal, hire a home inspector to check for hidden issues like:

? Foundation cracks ? Roof leaks ? Plumbing or electrical problems

?? Pro Tip: If major issues arise, you can negotiate repairs or walk away.

Step 8: Finalize Your Mortgage & Close the Deal ??

Once your offer is accepted:

? Get final mortgage approval from your lender. ? Hire a lawyer to handle legal paperwork and title transfer. ? Pay closing costs and get home insurance.

?? Pro Tip: The deal officially closes on possession day, when you get your keys! ??

Step 9: Move In & Enjoy Your New Home! ???

? Set up utilities (hydro, internet, gas) before moving day. ? Change your address for mail, driver’s licence, and banking. ? Deep clean before unpacking. ? Celebrate! ??

?Reach out at (778) 840-6516 and I’ll help guide you through the process every step of the way!