Are you getting ready to buy your very first home? What an exciting time! And stressful, too! More than likely you have a ton of questions, so here’s some advice to get you started.

Do focus on a few neighbourhoods
You’ve probably already spent some time looking online at what’s on the market and have an idea of what type of dwelling you’d like. Give some thought also to what neighbourhoods you’d prefer. Do you want to live close to where you work or, at least, within an easy commute? Are you looking for a family-friendly neighbourhood with good schools and recreation facilities nearby?

Don’t skip checking your credit rating
Being pre-approved for a mortgage is always a great idea. But before you apply, check your credit score. It’s helpful to know this beforehand since it will have an impact on what interest rate you’ll be offered. A higher credit score can mean big savings over the term of your mortgage!

Do decide on a price range
Have you put aside enough of a down payment and think you know how much house you’re able to afford? An online mortgage calculator can be fun to use to give a rough idea of what your payments might be at current interest rates. Of course, your lender will tell you what mortgage amount you qualify for and this will help you narrow down a price range. Remember that you can receive 5% to 10% of the purchase price through the new federal First-Time Home Buyer Incentive.

Don’t forget to think long-term
Long-term thinking is important for several reasons. Have you thought about how long you might want to live in your new house? As your first dwelling, it’s likely to be a smaller property and family needs generally change over time. Also, give enough consideration to mortgage interest changes over the long-term. You want to be well prepared for a possible interest rate hike when you renew your mortgage.

Do choose a Realtor carefully
Find someone who has a solid reputation in the business. And, ask enough preliminary questions so that you feel comfortable they understand what’s important to you in buying your first home. In addition to a Realtor who can answer all your questions satisfactorily, you’ll want to work with someone you’re comfortable with.

Don’t rush your decision
Take your time to see as many properties as you feel you need to. Then, carefully weigh the pros and cons of each. If you’re purchasing a dwelling with a spouse, you may have a lot of discussions before deciding on a property that you both love. If you’re single, perhaps you have a friend or family member that you want to take along. Viewing houses with a person who knows you well can help you feel less overwhelmed. After all, this is one of the biggest decisions you’ll probably ever make!