By Riki Unrau

Buying your first home is one of the most exciting times of your life but let’s face it, it can also be pretty intimidating if you don’t know what to expect. There is no how-to manual for the first time homebuyer but these simple tips will help guide you along the path.

Be Realistic

We all want that new, large home with the two car garage and granite counter tops that will wow our friends and family, but buying real estate should be more about need and less about want. That’s not to say what you want doesn’t matter but before you even begin to look at listings a good idea is to write down your needs. Once you know what you need versus what you want, it will make your house hunting go much smoother.

Understand Your Financing Limits

All too often we get so excited about hunting for a home that we completely forget to ask the most vital question… How will we pay for this? Meeting with a mortgage broker right off the bat will give you a better idea of what you will qualify for in terms of financing and what you can afford in mortgage payments.

Don’t Forget Your Down Payment

Gone are the days of the zero down mortgage. We all know how well that turned out anyway. Be prepared to put five per cent down minimum but keep in mind that you will have to pay CMHC/Genworth Insurance fees if you put down less than 20%.

Set Realistic Expectations

Finding the right home can take months. Do not get discouraged if you do not find your dream home after your first few showings. Unlike some larger markets, ours is not oversaturated with listings so it may take time for that diamond in the rough to come along and put the sparkle in your eye.

Beware the Fees

No one likes them but we all have to prepare for the inevitable fees that come along with purchasing a home. The seller usually pays most closing costs but that doesn’t mean you are off the hook. It’s a good practice to set aside one per cent of the purchase price to be allocated to these fees.

Prepare for Home Ownership

Now comes the fun part… possession! It’s all yours now to do with as you see fit. Whether you want to renovate or leave it as it is you should be aware of what will add value and what will take it away. For example, I would advise against painting your home bright orange (my apologies to anyone with an orange house).

Overall, the experience of purchasing your very first home should be a positive one. It won’t go smoothly, nothing does, but with the right people on your side we can make what you’ve always dreamed of a reality.

– Riki Unrau is a Mortgage Broker with CENTUM Homeward Mortgage Group Ltd.

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