
If you’re a first-time home buyer, there are some additional things you may need to prepare. For instance, some first-time buyers aren’t aware of how long the home buying process can take.
“The home buying process length can differ from buyer to buyer,” Halabi explains. “I’ve had clients who are very open to one or two neighbourhoods who found a home in a couple weeks. But others who have more specifics on their must-have list could take longer.
“Most sellers ask for a 30 or 60-day close,” he adds. Meaning, the final transfer of ownership would take place either 30 or 60 days after the agreement is signed.
Depending on your budget, you may need to start with a smaller or more modest home for your first property. This can allow you to build both your equity and your experience, while still getting your foot on the first step in the property ladder.
Plus, don’t put yourself in a situation where you buy more home than you can realistically afford or maintain. While you may be tempted to stretch your budget to get a home that seems perfect, being “house rich, but cash poor,” can be a very stressful—and risky—way to live.
“For people who are currently renting, the mortgage payment may be close to what you pay in rent,” MacDonald says. “But there are all kinds of other expenses associated with homeownership, like taxes, insurance and upkeep. If you don’t have exact numbers, use 2% or 3% of the purchase price to estimate your added monthly ancillary costs. Then try living for six months as though you already own the home, to see if you can do it before you make the leap.”
-Credits: Realtor.ca (01/06/2025) David Elver Hoping To Buy A Home In 2025? Here's What You Need To Know!
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