With Winnipeg poised to be Canada’s new hot housing market, many first-time home buyers are eager to purchase a home.  It is an exciting time, but it is also important to not get overwhelmed by the amount of information that is readily available. Having said that – it is important to do your research and work with professionals throughout the home buying process to ensure the outcome is successful.    

Here are a few tips to assist you in your process to own your first home:

TipWork with an Accredited Mortgage Professional (AMP) and a reputable realtor.  They will be experienced and knowledgeable and be able to help you navigate the housing waters.  An experienced realtor will be able to best represent your interests in finding a home that is suited for you.  They will also be a valuable asset during negotiations.  An AMP has access to many lenders and specialty mortgage products.  They will be able to match the right product and lender with you to ensure you get the best mortgage interest rate you qualify for.

TipSet a budget and start saving now!  It is important to know what you can and can’t afford when it comes to purchasing a house.  It is common thinking these days for people to purchase a home based on cash flow, not sticker price.  Your lender will tell you how much you can borrow, but it is up to you to create a budget that you can live with.  Know how much you are comfortable spending each month.  Keep in mind the frequency and amount of payments that you are able to make.  Start putting aside a little extra now so you will be ahead of the game when you actually start making mortgage payments. 

TipBe realistic about what you are able to purchase.  Decide what your priorities are – is the style of house or location more important?  Are your choices within your budget?  If not, you will need to make some compromises.  As a first time home buyer, you may not be able to afford everything that is on your wish list.  If you are realistic and willing to compromise, you will find a house that you can definitely call home!      

TipBe organized and do your homework.  Simple advice really, but important just the same.  By knowing what it is that you want and what you are able to afford, you will help both your AMP and your realtor as they will be better prepared to assist you.  Have all of the necessary paperwork and documentation organized and submitted in a timely matter.  Doing otherwise will only create unnecessary delays and could result in you missing out on your dream home!