House hunting is exciting! Finally, you are seriously ready to start looking for a home. But before you open a Realtor.ca tab, there are a few things you need to think about. 
 
#1 Financial Qualification 
 
Getting financially qualified is your first step before starting to house hunt. For example, there may be something affecting your credit score. Something you might not even be aware of until your bank takes you through the pre-approval process. You should know that online pre-qualifications are typically not 100% accurate. And, if you recently bought a vehicle or changed jobs, the qualification process may be longer than you expected. 
 
#2 Hire A Professional
 
Hiring a realtor is an essential step in the home buying process. Review your agent options carefully. Reading reviews or asking friends/family who they used and how the experience was can be very helpful. This is likely the biggest purchase of your life, and you deserve to have a team of professionals working for you! 
 
#3 Don’t Get Your Hopes Up 
 
You may not secure the first house you want, or even the second, third or fourth. Try your best not to get too excited for each house, as impossible as that is. Telling all of your friends that you have written an offer on the perfect house makes the blow that much harder if you are competing to get it. We suggest keeping all details on a need-to-know basis until the final paperwork is completed. 
 
#4 Set Your Budget 
 
You do NOT have to spend your maximum pre-approval amount. It is best to stay slightly under if at all possible. While getting the right house is great, there is nothing fun about being “house poor” and diminishing your quality of life. Ensure when creating a budget to remember:
Mortgage payments
Home insurance
Mortgage insurance
Car payments
Heat, electricity, and water bills
Internet, TV, and phone bills 
Property maintenance
Previous debt payments
Groceries
 
Spreadsheets are a great way to organize each estimated cost and establish a financial strategy and maximum purchase price that you are comfortable with. 
 
#5 Discuss Your Motivations 
 
Talk about why you are buying a home with your realtor and your mortgage advisor to help them help you. For example, if you need to be in a school zone for your kids, or if you want to be in a particular school zone for your future children. This type of information helps your agent tremendously.
 
#6 Must-Haves
 
Try not to make your “must-have” list too long right off the bat. If you have a search set up with a minimum of 3 bedrooms and 4 bathrooms, you could miss out on a house that has roughed-in plumbing in the basement or converted attic space that would work as a bedroom. If the price is right and there is potential for you to add what you want down the road, you might miss out on something great. Stick to absolute must-haves for your initial search and narrow it down once you start to see properties. It would be a shame to miss out on anything that could work!    
 
Now that you have thought about these six crucial things, open up that Realtor.ca page and happy hunting! 
 
At Knowledge Broker, our goal is to create an open-source of information for all our clients. At the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services, please give them our details using the contact information below.
  

JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
joshua@knowledgebroker.ca
249 Avenue Road • Newmarket, ON L3Y 1N8
289.210.6007