Being a first-time home buyer in Mississauga is as exciting as it is overwhelming. Things get pretty stressful when you realize that homes are being purchased at a medium price of $900,000. Additionally, the average time they spend on the market is no longer than three weeks. So, all the tips for Mississauga first time buyers will be more than welcome if you want to get a good deal.
And that's why we're here. In this article, you will find how to do everything the right way. You'll also learn what costly mistakes homebuyers make and how to avoid them. So, without further ado, here are the things you need to focus on.
Get your mortgage pre-qualification
Before you even start looking at houses on the market in Mississauga, you need to find out how much money your bank is willing to lend you. A mortgage broker will run your pre-qualification, and on this occasion, they will check the following.
- Down payment
- Credit history
Make sure your broker has your full credit history and that they verify your employment status. Only this way will you have a firm pre-approval, and can you be sure that there won't be any unpleasant surprises when you buy a property.
Getting a pre-approval gives you an exact amount of the mortgage you can qualify for, and therefore, you will know what price range of properties you can look at. After that, you won't need long to find a perfect home, determine what crew from the area can be of help, and relocate to your new home.
The first thing you need to do is get your mortgage pre-qualification, as this will enable you to move further into the process.
Write down a list of must-haves and nice-to-haves
When you're shopping for a home in such a popular and hot area like Mississauga, you must know the difference between what you need and what you want in your new home. Take some time and figure out what are your must-haves, nice-to-haves, and not-a-chances.
Think about things like how many bedrooms you need and if you need outdoor space if you have a dog. Are the finishes of wooden surfaces in the home important to you? Perhaps you're a handy person that loves challenges like these. You must know what you're looking for to be able to find it.
On the other hand, make sure to learn about warning signs that could mean expensive repairs if you decide to fix things by yourself later on. Some things are worth dealing with, but some aren't. And if you know how to spot the difference between the two, it can save you a lot of time, money, and nerves.
Choose your Mississauga real estate team
Buying a house here could easily be one of the largest purchases that you'll ever make. And that's why one of the most important tips for Mississauga first time buyers is to gather a team of professionals to help you along the way. Your team should include:
- A real estate agent. This is the person that will work exclusively for your best interest. It's the captain of your team.
- A lender. Obviously, we're talking about a bank or mortgage broker that will help you figure out the best financing options you can go for.
- A real estate lawyer. The final member of the team is there to fine-tune all the legal aspects of your home purchase and help you close the deal.
The big thing here is to choose an agent with experience and expertise in the Mississauga market. The situation isn't the same as buying in downtown Toronto, so it's essential to work with someone that actually understands how everything works.
Surrounding yourself with professionals you can rely on is one of the most important tips for Mississauga first time buyers.
House hunting time
After you're done with all the previous steps, it's finally time to get out and look at some houses. There's a lot of ways you can inform yourself about what's on the market at the moment. Your agent will send you custom listings that match your criteria for the most part. However, you can also search for Mississauga homes for sale on your own if you want.
The best path to follow here is simple. Firstly, review listings electronically. Preview the selected homes online, and then get out to see the specific examples that procured your interests. This is also the best time to understand better how exactly each of the Mississauga neighborhoods feels.
Feel free to refine your list of must-haves and ask as many questions as you can during the process. Although you'll consult the mentioned list many times, the truth is that most people feel that a particular home is the one when they walk into it. So, never underestimate the power of just knowing.
Putting in an offer
Putting in an offer is both the most exciting and nerve-wracking part of the process. At this point, all of your efforts have probably paid off. Your house is in the price range, feels right, and it fulfills your needs and wants. The Ontario laws require the offer to be in writing and will form the Agreement of Purchase and Sale.
Your real estate agent will submit your offer, and the seller can accept it, reject it, or send back a counter offer. During these negotiations, you can expect some small things to pop out here and there, and you might need to find a compromise. However, if you gather a good team around you, there won't be any problems with getting what you want.
Putting in your written offer is always the most exciting part of buying a home.
Closing the deal
And the most fun thing is left for the end. The final one of the tips for Mississauga first time buyers is not to waste any time when it comes to transferring the ownership and possession of the property from the seller to the buyer. This last push also is a team effort, and both your lawyer and your lender will be involved in closing the deal. All that is left for us to say is congratulations on purchasing your first home in Mississauga!