This influx represents one of the highest rates per population of any country in the world.

These newcomers will be looking to navigate the dream of owning a home in Canada. According to REALTOR.ca insights, approximately 40% of individuals currently searching for homes are first-time buyers.

This article lays out the three significant steps to help you become prepared about the purchasing a home in 2024, including:

• Planning out your needs and what you can afford;
• Arranging your finances and mortgage; and
• Selecting a real estate agent

Plan the Requirements of Your First Home and What You Can Afford in 2024

What do you need in a first home?

Homes come in all shapes and sizes, in different neighbourhoods, and with various amenities. Before you even look at potential homes, you need to decide what’s important to you. This is especially true if you’re buying a home with a partner. It’s better to understand each other’s needs and wants now rather than later on in the process. For example, the neighbourhood and school district may be vital if you want or already have children and want to live in a neighbourhood with great schools.

What kind of first home can you reasonably afford?

You should also consider what you can afford when contemplating your needs and wants. You may want 3,000 square feet of space. But such a large home is out of reach for most first-time homebuyers. Areas with high-ranking school districts are also expensive.

Even if you can get an enormous mortgage to purchase the most expensive house available to you, it doesn’t mean you should. A sizeable monthly mortgage payment can hurt your financial and mental well-being in the long term. The Canada Mortgage and Housing Corporation recommends keeping your total housing payment (this includes taxes, maintenance, and mortgage) under 35% of your gross household income.

Arrange Your Finances and Mortgage for Your First Home

Are you financially ready to purchase your first home in 2024?

Buying your first home requires financial readiness. At this point, you’ve likely saved for a downpayment. But are you ready for closing costs such as legal fees and home inspection costs? These costs can amount to 2 – 4% of your purchase price. Further, once you purchase the home, are you ready for property taxes and maintenance expenses on top of your monthly mortgage payments?

It’s also important to understand what tools the Canadian government provides to first-time homebuyers. These tools generally make it easier for first-time homebuyers to make their purchase.

What is your credit score?

The next step is to review your credit score, which determines whether you’re qualified mortgage. It’s handy to find services that can help track your credit score. Many banks offer free credit score estimates without impacting it.

If your credit is on the low side, it’s essential to bring it up. This isn’t something you can do overnight. Raising your score may even delay your first home purchase. But a better credit score can provide you with better mortgage rates and more financial flexibility. If you’re purchasing your first home with a partner, note that lenders consider both of your scores.

How to find a mortgage for your first home

Your mortgage is commonly the largest loan you’ll take out in your lifetime. Therefore, it’s essential to shop for the best one. You’ll likely speak with two types of people in this process: a mortgage lender and/or a mortgage broker.

• Mortgage lenders are most commonly your large banks or credit unions. They lend money directly to you.
• Mortgage brokers don’t directly lend to you but arrange a transaction to help you find a lender. Brokers have access to many lenders beyond the big banks and credit unions — generally referred to as “A Lenders”. They can introduce you to B and C lenders who may be more lenient if you have a less-than-pristine credit score.

Previously this process involved visiting numerous banks and mortgage broker offices. But post COVID-19, this process is more commonly done over video conferencing. When the deal is settled, some lenders or brokers may still require you to visit in person to sign the paperwork.

The interest rate on your mortgage is the most crucial characteristic, but also consider aspects such as:

• Do I need to purchase mortgage insurance?
• What fees do I need to pay if I break the mortgage?
• Are there any penalties if I refinance my home?

Getting your mortgage pre-approved before you begin to look at properties is essential but optional. A pre-approved mortgage can provide certainty in how much you can bid on a house when you find the one.

Find a Real Estate Agent

Buying a home isn’t easy. It’s a lengthy process with complicated steps and procedures. Luckily, real estate agents are here to help. A realtor can match your needs and wants with what you can afford. They can also advise what to look out for in a first home — things you’ve never anticipated. They can address your concerns about the current market conditions, how certain neighbourhoods are, and what red flags to look out for and provide referrals to real estate lawyers, home inspectors, and other professionals part of the home buying process.

A REALTOR® can also do a lot of the in-person work for you during this COVID-era. Suppose you’re afraid of attending a home showing. In that case, many agents may be happy to visit the property on your behalf and show it to you via ZOOM, Facetime, or similar applications.

Once you’re ready to close on your deal, a real estate advisor can help prepare your offer package. This includes your offer price, pre-approval letter, proof of funds for the down payment, and terms and conditions.

It’s also important that you meet with several real estate agents before selecting the one you want to work with. Hiring an agent is similar to hiring an employee. You’ll want to meet with multiple agents and ask questions to understand their credentials. Online reviews are also a great way to differentiate between agents as reviews are written by real clients that have had a full experience working with the prospective agent you are interviewing.

Buying your first home is a complicated and exciting process — especially in 2024. It’s important to plan out what you can afford and what amenities and features that you and your partner need in a home. Arranging your finances and mortgage and finding an excellent real estate agent are also critical to making this process as smooth as possible and turning your homeownership dream into reality.

The post Three Steps to Purchasing Your First Home in 2024 first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

With spring just around the corner — she says, hopefully, in -27 C weather — we are quickly approaching moving season. Hard to believe that time is going by so quickly, she says, again, adjusting her toque and scarf.

June through September tend to be the most popular months to move, according to the Canadian Association of Movers, but we all know there are some eager beavers who may score some potential savings by moving during the unpredictable months leading up to peak season.

Regardless of when you decide to make the grand transition, there is a lot of stress that comes with it. There are a lot of moving parts and it’s all happening at once and the whole experience can feel pretty chaotic. But, there is a secret. Well, it’s not really a secret, we all know it, it’s just sometimes hard to practice than to preach it. The secret is — drumroll, please — PREPARATION!

Here are a few tips to help you break this gargantuan task into smaller, attainable tasks.

First things first: congratulations on your move! This is an exciting time — despite all the craziness — and I hope you take a moment to really appreciate it all. Take it all in. Next, it’s time to map out a plan. Grab that notebook and let’s draw the blueprints for plan “Moving Possible”. 

PLAN AHEAD, GIVE YOURSELF TIME

Remax suggests planning a move at least six weeks in advance is best. By giving yourself plenty of time, Remax says, you can give yourself the time necessary to “edit” your belongings. This way, you are only moving the things you actually want to keep and use in your new home.

DECLUTTER AS YOU GO

Create a designated bin, box or bag for donations, trash and keep, and start in your most un-used space. For me, this would be the garage, basement and closets — AKA impromptu storage units. I know I won’t be needing to access the things I do wind up keeping from these spaces straight away, so they are safe to be packed up earlier on in the grand scheme of things. Plus, I’ll probably be throwing away or donating the most from these areas, anyway.

COLLECT FREE BOXES

It is in these first few weeks that you can start collecting boxes from local shops. A lot of establishments are more than thrilled to give you free pickings of their seemingly endless supply of boxes. I suggest picking boxes up from liquor stores — especially Superstore or Loblaws, as they seem to have more available. Wine boxes are the perfect size to move heavy items, such as books because you can’t overpack them. And they won’t destroy your back, or your mover’s back, on the big day.

With that being said, it’s time to start looking for a moving company — if that’s the route you intend on taking.

FINDING THE RIGHT MOVING COMPANY

Ask friends and family who have recently moved if they have any good recommendations and read reviews online. Online reviews from reputable sources can seriously be a lifesaver. Checking the Better Business Bureau is another way to ensure you are getting the best company to handle your belongings. It’s OK to shop around and ask for quotes and estimates. Be sure to ask questions about hidden fees, contracts and insurance that will cover your stuff in case of losses and damage.

PREVENTING LOSS

As for loss prevention tricks, Updater.com’s Most Epic Moving Checklist suggests compiling all of your important documents on a cloud-based service in case anything goes missing or is temporarily buried in the bottom of that last-to-be-opened box. They also encourage people to keep all important personal records such as birth certificates and government-issued ID in a portable folder that you can carry with you in your vehicle on the big day.

Also be sure to keep an ongoing document on Google Docs, or a similar platform, to compile all of your moving-related costs and expenses. This could come in handy come tax season for deductions.

PACKING UP

As the moving day approaches and it’s time to start packing the more high-traffic areas of your home, Remax suggests packing items you will need first in clear totes. That way they are easily located once you get to your new home.

Packing up kitchens always seems to be the most daunting task because of all of the fragile items. Be sure to use newspapers, hand towels or t-shirts in between dishes to prevent breakage. I’d recommend socks and t-shirts because it’s essentially a 2-in-1. You’ll be packing up your dishes and your clothes and everything will be nice, snug and secure during travel.

While putting your kitchen away, be sure to donate all unwanted and unopened food to help lighten the load. The same can be said for those unused toiletries we all seem to have stashed around the bathroom and linen closets.

Be sure to meal prep some food to sustain you during those days leading up to moving day that doesn’t require any utensils that are already stashed away. This will help you save some money while skipping out on the fast food and take out.

The key tip I can offer you for packing is to do a little bit every day. No one wants to have to do it all the night before. That’s how things get misplaced, lost or even broken.

THE DAY BEFORE

Time’s running out. It’s time to finish that deep clean and ensure everything is ready for your home’s new occupants.

Take some photographs of the space so you have evidence that your place was, indeed, move-out ready. This is an important tip for renters as well. You want to make sure that you have proof your home was in fantastic condition before the new tenants moved in.

Unplug your freezer and fridge to allow it to defrost. Lay towels on the floor for any potential spillage. Give this a wipe down in the morning and it will be as good as new.

Make sure your essentials are packed away in an easy-to-grab container. These include any medications, clothes, documents, toiletries and snacks and food you’ll need within the next 24-hours.

The Most Epic Moving Checklist also suggests to pull out cash to tip your movers. Or for those who are using a self-moving service like U-Haul, make sure you have access to funds for that pizza and beer you promised your friends.

Be sure to get a lot of sleep because tomorrow is going to be a long one.

THE DAY OF

Rise and shine! It’s time to move! If you have movers scheduled to come, be sure to be there to greet them and show them where all of the agreed-upon items are to be moved. Lay blankets, moving pads or towels to protect your floors and walls. And don’t forget to use these on big items of furniture in the truck to prevent scratches and dings.

If you’ve hired movers, many companies will come in and take all the preventive measures for you, however, there’s no harm in having some extra, just in case.

When you get to your new address, set up the bed and hang the shower curtain because chances are a nap and shower will be desperately needed as the journey of unpacking begins.

Now it’s time to settle into your new home. Congratulations, you made it! Welcome home.

The post Get a Move on Moving: A how-to guide on making the move painless first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.