First Time Home Buyers
Buying Your First Home
Buying a home comes with many responsibilities and obligations. Are you ready? If you’re a first time home buyer in Ottawa we can help you prepare by offering advice about the process of buying a home and the responsibilities of homeownership.
Before moving forward, here are some questions you should consider.
- Do you have the necessary financial management skills?
- Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
- Are you able to devote the necessary time for home maintenance?
- Are you are financially ready to become a homeowner? There are budget worksheets available online to help you better understand your financial position. CMHC’s household budget and worksheet is tailored for first time home buyers and will help you figure out your current financial situation and the maximum home price that you should consider.
- Choosing a neighbourhood: At The Hooper Home Team we are Ottawa neighbourhood experts. We can help you focus your search on the right neighbourhood for your lifestyle and budget. While you may have a great idea of what you need inside your home, where your dream home is located can make a major difference. If you have children, you will want to ensure you’re close to parks and schools. If you’re single, walking to work or to other activities may be a priority. We can help you determine the areas within Ottawa to focus your home search.
- Which home is right for you? Once you have a good idea about your finances, you’ll need to think clearly about the home you’d like to buy. You need to think about your current and future housing needs and what characteristics are important to you in a home.
- After the purchase – what’s next? We can offer you practical advice on financial responsibilities as well as the importance of home maintenance and renovations.
- Know the lingo. Visit our Homebuyers Glossary of Terms for an extensive list of terms you will encounter when buying (or selling) a home.
Sourced in part from Canada Mortgage and Housing Corporation (CMHC), Homebuying Step by Step. Some of this information is reproduced and distributed on an “as is” basis with the permission of CMHC.
Once you have answered these critical questions, it may be time to begin your search. This can be an exciting journey, and we’d like to make finding your first home a positive experience. Call us today for a no-obligation consultation.