• Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...
  • Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...

What First Time Buyers Should Know Before Starting Their Search

Buying a house or condo for the first time is exciting, but as with anything you do for the first time, there can be a few unknown elements along the way. It can be a complex process and there is a lot to consider.

First thing is to make sure that the time is right. Do some soul searching and make sure you want to buy a home because you genuinely want a home — not because you need an investment or simply think it’s “time” to settle down.

Homes require a great deal of time, money, and energy to purchase and maintain. You want to love your home. If the timing isn’t right, you may regret the decision. If it is the right decision, then great! You can move onto the next step.

Know What You Want 

It may sound obvious, but we often find buyers can be hindered by a lack of clarity when it comes to what they’re looking for in a search.

Before you begin, you can ask yourself a few key questions:

  • How much space do you need? This isn’t just a matter of how many rooms, do you need a large garden for pets and children? Do you need more space in the kitchen for cooking or the living room for entertaining? 

  • Would you prefer a newer modern home or an older building with more character?

  • What amenities do you need to be close to? Do you have access to a car, or will transport links be important? What grocery stores do you want to be near?

  • Would you prefer a quiet rural lifestyle or are you looking for a city location?

This can, understandably so, seem a little overwhelming, which is why it’s vitally important to talk through the process with a Realtor that has experience and knowledge of the local area.

We can help you figure out what it is you need, and guide you towards the best places to find the right property for you. 

Build Your Budget 

Most people tend to think of their budget in terms of a minimum and maximum, but we think it’s better to think a little smarter about what you want to spend. When it comes to your upper limit, try to think more in terms of an upper range than an absolute figure, and if you can, avoid the higher end, this will leave you more prepared in case circumstances change. 

When it comes to mortgages, your Realtor or lending agent will be able to talk you through what you can afford to take on, and what you should be aiming for. This will primarily be done by calculating your debt to service ratio. This will factor in not just your mortgage payments, but any other current loan payments such as car or credit card payments. 

Your next step? Get in touch with a Realtor. Here at Jack Barker we have a wealth of experience helping first time buyers find homes in Victoria. Get in touch with us today and find out more about how we can help you get on the property ladder. 

 

 
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