Purchasing your first home is an exciting milestone, but it can also feel overwhelming. Between mortgage pre-approvals, property visits, and mountains of paperwork, the process can quickly become stressful if you’re not prepared. At Frederic Murray Homes, we believe that every first-time buyer deserves a smooth and confident experience from start to finish.
The good news is that with the right preparation and guidance, buying your first home doesn’t have to be complicated. This guide walks you through the essential steps so you can move forward with clarity and peace of mind.
Getting Your Finances in Order Before You Start Looking
Before you even browse listings, you need a clear picture of your financial situation. Start by reviewing your credit score, as it directly impacts the mortgage rates you’ll qualify for. In Canada, a score of 680 or higher is generally recommended for the best rates, though some lenders work with lower scores.
Next, calculate how much you can realistically afford. A common guideline is that your total housing costs, including mortgage payments, property taxes, and insurance, should not exceed 32% of your gross monthly income. Don’t forget to account for closing costs, which typically range from 1.5% to 4% of the purchase price. These include legal fees, land transfer taxes, inspection fees, and title insurance.
Getting a mortgage pre-approval is a crucial early step. It tells you exactly how much a lender is willing to offer, which narrows your search and shows sellers you’re a serious buyer. The financial experts connected with Frederic Murray Estates can point you toward trusted mortgage advisors who understand the local market.
Don’t overlook government programs designed for first-time buyers. The First Home Savings Account (FHSA), the Home Buyers’ Plan (HBP) through your RRSP, and various provincial incentives can make a significant difference in your purchasing power. Taking advantage of these programs early puts you in a much stronger position.
Defining What You Actually Need in a Home
One of the biggest mistakes first-time buyers make is searching without a clear list of priorities. It’s easy to get swept up by a beautifully staged property that doesn’t actually suit your lifestyle. Take the time to distinguish between your needs and your wants before you start visiting.
Consider the basics first. How many bedrooms and bathrooms do you need now and in the next five to ten years? Do you need a home office? Is a backyard essential, or would a balcony suffice? How important is proximity to your workplace, schools, or family?
Think about property type as well. A detached home offers more space and privacy, while a condo or townhouse typically comes with lower maintenance and shared amenities. For those interested in multi-unit properties, the advisors at Murray Immeubles and Frederic Murray Immeubles can help you explore options that combine personal living space with rental income potential.
Location is just as important as the property itself. Research neighbourhoods thoroughly. Visit at different times of day, check local crime statistics, look into future development plans, and explore the community vibe. A home you love in a neighbourhood you don’t enjoy will quickly lose its appeal.
Navigating the Search and Making an Offer
Once your finances are ready and your priorities are set, the real search begins. Working with a knowledgeable real estate professional makes this phase far more efficient. At Frederic Murray Homes, our agents filter listings based on your criteria, schedule viewings strategically, and provide insights that online listings simply can’t offer.
During property visits, look beyond the surface. Pay attention to natural light, storage space, water pressure, and signs of moisture or structural issues. Take notes and photos at each visit so you can compare properties objectively later. It’s normal to visit ten, fifteen, or even twenty homes before finding the right one, so don’t rush.
When you find the property that checks your boxes, it’s time to make an offer. Your agent will help you determine a competitive price based on comparable sales, current market conditions, and the property’s specific strengths and weaknesses. The offer should also include conditions, most commonly a financing condition, a satisfactory home inspection, and sometimes a condition on the sale of your current home. The professionals at Frederic Murray Properties have extensive experience negotiating offers that protect buyers while remaining attractive to sellers.
Be prepared for counteroffers. Negotiation is a normal part of the process, and having an experienced agent in your corner ensures you don’t overpay or miss critical details in the terms.
From Accepted Offer to Moving Day
Once your offer is accepted, the work isn’t quite over. The inspection period is your opportunity to uncover any hidden issues. Hire a certified home inspector who will examine the foundation, roof, plumbing, electrical, HVAC, and more. If significant problems are found, you can renegotiate the price, request repairs, or walk away if your conditions allow it.
Your mortgage lender will finalize the loan details during this period. Make sure all documentation is submitted promptly to avoid delays. Your notary or lawyer will handle the title search, prepare the deed of sale, and ensure everything is legally sound for the closing date.
Before closing, do a final walkthrough of the property to confirm its condition matches what was agreed upon. Check that any negotiated repairs have been completed and that all included appliances and fixtures are in place.
On closing day, you’ll sign the official documents, transfer the funds, and receive your keys. It’s the moment every first-time buyer dreams about, and with the right preparation, it feels earned rather than stressful.
As you settle into your new home, remember that your real estate journey doesn’t end at the purchase. Whether you eventually consider renting a portion of your property through Frederic Murray Rentals or Frederic Murray Location, need property management support from Frederic Murray Management, or want to explore future investment opportunities through Murray Immeuble, the Murray network is here to support you at every stage of your real estate journey.
