Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.

Our goal is to provide you with the most personalized service that is designed to help you buy your dream home

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

Testimonials

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ELAYNE T.

ELAYNE T.

Excellent Realtor® and most reliable, knowledge of everything one needs to know when purchasing your home.
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JOEY K.

JOEY K.

Thanks Justin! You made this whole process really painless and we’ve been continually impressed by your hardwork and knowledge.
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LYDIA V.

LYDIA V.

Thanks Justin! You made this whole process really painless and we’ve been continually impressed by your hardwork and knowledge.
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FRANK M.

FRANK M.

Thank you so much for helping me find my dream home! It’s been a pleasure working with Justin and I look forward to working together again.
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ROSE R.

ROSE R.

Justin has been extremely helpful with the real estate process. Thank you for all of your hard work. We really appreciate everything you have done for us.
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JUSTIN R.

JUSTIN R.

Customer Service - #1 in Toronto. If you want someone who works hard, and won't give up until you get exactly what you want, then you've found the right Agent!
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BRANDON & LISA

BRANDON & LISA

We cannot thank Justin Bregman enough for helping us purchase our new home. He is an excellent negotiator and getting this amazing house for us just proves that. Thank you!
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OLIVER C.

OLIVER C.

On behalf of me and my family, it was great to meet you. There’s no doubt in my mind that I found the right Realtor®. We were really impressed with your professionalism, tenacity, dedication and knowledge of the field. Thank yo...
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MARK & DANIELLE

MARK & DANIELLE

Justin took all the stress out of selling my home and assured me that with his expertise in the market, he would get me the best price for my home. He delivered just that. I received multiple offers over the asking price and go...
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JONATHAN F.

JONATHAN F.

You’re the best Justin! I’m so happy with our purchase! I know we already mentioned this to you before, but your knowledge of the market and negotiating strategies were amazing. You are awesome to work with! We can’t thank you ...
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MARILYN S.

MARILYN S.

Justin did an exceptional job for us! He is extraordinarily responsive, professional, honest, easy to work with, knowledgeable and no one will work harder for you! He anticipates every move, supports without pressuring and help...
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PETER & DIANE

PETER & DIANE

I’ll be honest, when I gave Justin our list of requests for what we want in our new home, I didn’t think he would be able to find anything. Now we are living in our dream home! I seriously can’t recommend Justin enough to anyon...
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SARAH L.

SARAH L.

The service Justin provided us since the day we started has been incredible! He listened to all of our requests and was so patient with us. Not only did Justin find exactly what we wanted, he also got it for us with every term ...
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NICOLE D.

NICOLE D.

I was a first time home buyer, so I had a lot of questions when it came to looking for a home. I needed someone that I could trust and guide me through the entire process. Justin was always available whenever I had a question, ...
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BRENDAN P.

BRENDAN P.

Justin was the Realtor® for myself and my two friends. After needing to find a new condo to live in, we had about 1.5 months to find a 3 bedroom condo, which is rare in downtown Toronto. Justin suggested listings daily that mat...
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