Buying your first home is exciting, but it can also feel overwhelming. The good news is that the process follows the same steps for almost everyone. Here they are, in order.
1. Work out your budget
Add up your savings, look at your monthly spending and use our mortgage calculator to see what you could afford. Remember to leave room for closing costs and moving.
2. Get an agreement in principle
A lender will confirm how much they might lend you. It takes minutes and shows sellers you're serious.
“Buyers with an agreement in principle are far more likely to have their offer accepted.”
3. Start viewing homes
Make a list of must-haves and nice-to-haves. View at different times of day, and always check the neighbourhood.
4. Make an offer
Your agent will help you decide on a fair offer based on recent sales nearby.
Before you offer, check
- Recent sale prices on the street
- How long the home has been listed
- Any major repairs needed
5. Survey, legal work and completion
Once your offer is accepted, a surveyor checks the property and your lawyer handles the paperwork. Then it's time to collect your keys.