Buying a home for the first time is exciting, but it’s also bound to produce some anxiety. You’re about to make one of the biggest purchases of your life. The stakes are high, and (if you haven’t been through it before) the process is unfamiliar.
From financing to closing, there are many potentially confusing moments on the journey to home ownership. While feeling nervous is natural, worries that spiral out of control can become major obstacles to a successful home purchase.
If you’re feeling stressed, here’s how you can overcome anxiety as a first-time home buyer.
Work With the Right Real Estate Agent
You may never have bought or sold a house before, but an experienced real estate agent has been through the process time and time again. The key is to find someone with the skills to get you the best value possible who will also be there for you to answer your questions and calm your nerves.
Access to credible advice means you can be confident in your decisions without second-guessing every step you take. A good agent will guide you from start to finish, from calculating your budget and identifying the best listings for you to choose from right through to closing your transaction. With this critical choice behind you, everything else will be logical and straightforward.
When you’re interviewing a real estate agent, ask about their credentials, their experience, and their approach to the home-buying process. If you need more information, you can ask to speak with some of their previous clients. You might also want to shop around for a mortgage lender. Your agent may be able to connect you with other professionals you will need during the buying process.
How do you choose a real estate agent to represent you during your purchase? The related reading below can help:
- Real Estate Concierge Service: Is It Right For You?
- 5 Reasons Your Agent Should Be A Neighbourhood Expert
- Should You Choose Someone You Know as Your Real Estate Agent?
Make the Most of Every Digital Tool
For many homebuyers, anxiety is a common response to feeling uninformed. Knowledge is power when it comes to how you can overcome anxiety as a first-time home buyer. Try familiarizing yourself with the home-buying landscape. There are a number of digital tools that can help with this process—from online mortgage affordability calculators to websites that feature local listings. These hands-on resources can help you get a jump on your home search and give you an idea of what to expect as you take steps toward your purchase. These resources are particularly helpful in the beginning stages. When you don’t know where to start or what to do next, accurate information will always help!
Just remember: while performing research on your own can be empowering, nothing can replace one-on-one real estate and financial advice from the experts. Be sure to verify all online information and weigh your options with professionals you trust.
Know What Resources Are Available
Did you know that first-time buyers have access to numerous provincial, municipal, and government programs to make your purchase more accessible? For example, if you have money in an RRSP, you can pull from it, tax-free, to make your down payment. Or you can start investing now specifically for your purchase a few years later. When the time comes, you can withdraw the principal along with any earnings your account has generated to fund your new home.
The City of Toronto and the Province of Ontario both offer a land transfer tax rebate, saving you up to $8,475 on your closing costs. In addition, you can apply for an income tax credit the following year.
To learn more about these programs, check out our post, What Resources Are Available For First-Time Buyers In Toronto?
Remember: You’re the Decision Maker
There are often many parties involved in a home sale, including a buyer and seller, a mortgage lender, real estate representatives, legal experts, and home inspectors (among others). Given how complex the process can be, it’s little wonder that first-time homebuyers often feel overwhelmed. You can simplify your purchase by reminding yourself of the aspects you have control over.
Consider creating a detailed budget based on your current and future expenses. Work with your real estate agent to come up with a price range you’re comfortable with. As the process moves along, you can stay in the know by reading seller’s disclosures, attending home inspections, and (in general) ensuring that you’re informed at each step.
How do you know a house is the right fit for you? The posts below will help you know what to watch for:
- Should You Buy a House Close to a School?
- 7 Signs You’ve Found The Right Home
- What Etobicoke Home Is Right for Your Growing Family?
Voice Your Concerns
Even when you’re fully prepared for a transaction, points of confusion are bound to arise. It’s not uncommon for a homebuyer to be unsure about an item in an inspection report or a sentence in a purchase agreement. In these situations, it’s always best to speak up.
The right professionals will answer any questions you have, no matter how small. Your mortgage lender, real estate agent, and lawyer have extensive knowledge related to their areas of expertise. Their insight can be your greatest resource when you need clarification. Also: don’t forget that you can negotiate the terms of your purchase up until the deal is finalized.
Buying a home for the first time can be an anxiety-provoking experience, but it doesn’t have to be. With a bit of preparation and the right advice, you’ll be well on your way to a successful home purchase.
Are you ready to take that exciting first step to buying your first home? Our experienced real estate team is here for you every step of the way. Reach out to ana@asantos.ca or call 647.232.7317 to learn more.