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6 Useful Tips From Oakville Realtors for First-Time Home Buyers

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Owning a home is a keystone of wealth – both financial affluence and emotional security.

- Suze Orman, Author

The above-mentioned quote briefly, but clearly explains the importance of owning a home. Apart from being an asset, a home can make a huge difference for your financial future. It can help increase your credit score, financial stability and offer tax benefits.But, buying a home can be both

6 useful tips from oakville realtors for first time home buyers

The real estate world is complex and confusing and can land you in trouble if you’re not well aware of where to start and what to do. Fear not! Our experienced Oakville realtors have come up with six tips to help first-time home buyers.

1) Get the Pre-Approval

When you start your house hunting, the most important thing is to get the pre-approval for your mortgage. The process involves approaching a lender who will check your credit history and verify your income to determine whether you’ll be able to get a mortgage loan required to buy a home or not. It is the stage before the approval of the loan, hence the name ‘pre-approval’. It helps in making your home-buying experience easier and less stressful as it narrows down your search by establishing a budget or price range.

2) Don’t Consider Pre-Approval as a Blank Cheque

Getting the pre-approval letter is a big step towards purchasing your dream home. But, don’t consider it as a blank cheque as it only shows the maximum amount the bank feels you can afford to pay for your home on the basis of your income. Try to spend within this range because there are other expenses you have to pay beyond this specified amount for owning the property.


‘We come across many first-time buyers who think of spending the entire loan amount on the house without considering the additional expenses,’ says Marilyn-Henderson Briehl, a real estate agent in Oakville. ‘We suggest that home buyers should use the loan amount wisely while sticking to a budget’, she adds.

6 useful tips from oakville realtors for first time home buyers

3) Pick a Good Neighbourhood

Location and neighbourhood of your home make a significant impact on your home owning experience. Don’t just settle down for a property that is spacious and looks good, but is situated at a remote location with no one living near your house.Make sure you shortlist neighbourhoods with planned communities at urban locations. Proximity to public transit, well-lit paths, supermarkets, green spaces, local safety, crime statistics and other amenities you’ll use are important factors to consider when choosing a neighbourhood.

4) Go for a Home Inspection

Whenever you shortlist a property, make sure that you go for a home inspection before closing the deal. This extra step might cost you money and delay your purchase, but it is necessary for a long-term gain. A home inspection can help you analyze the condition of the property from inside and find out about unforeseen repairs that the current homeowner might be hiding. Apart from giving you a peace of mind, it can possibly save you money. 

6 useful tips from oakville realtors for first time home buyers

5) Hire a Real Estate Agent

Buying a home for the first time without professional help can make your house hunting process more challenging. The best bet is to hire a real estate agent in Oakville or at least seek their advice. The agent can assist you at many levels of home buying such as market research, property inspection and price negotiation. However, don’t opt for just another agent. Contact a professional realtor in Oakville with a good track record who is the right fit for you.

6)Ask Questions

Buying a property is a big investment so make it count by gathering important details and clearing all your doubts to avoid regretting the decision later. Many first-time buyers hesitateto ask questions about the property to the current homeowners. It can lead to confusion and sometimes loss of a good property as well. To avoid the confusion, feel free to ask questions and be certain of the house you’re planning to buy. Whenever something is unclear, take help of your realtor who can even explain the real estate jargon to you.

Purchasing a home can be nerve-racking, especially if you’re a newbie in the real estate world. Use the above-mentioned tips to avoid costly mistakes and make the most of your first-time home buying experience. 

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