Buying your first home may seem like a pretty daunting task but if you have the right support and guidance even this can become a breeze. Here is a quick round up of all the necessary steps that you need to take in order to take a wise home buying decision.

Are you emotionally ready for a home?

Is home ownership right for you, your partner and those living with you? Seriously contemplate if you are really ready to take the plunge into it as home ownership is all about responsibilities. Also, buying your own home makes for a very steep learning curve that no expert or real estate agent can ever prepare you for. There are hidden costs that may take an emotional toll. Are you ready?

Are You Financially Ready?

You don’t need a real estate expert to help you figure this one out. Many calculators are available online to assist you in determining if your financial situation is strong enough. It is important to figure this one out as this heavily impacts the maximum home price that you should consider as well as the mortgage payments to be done later.

You will need to determine the strength of your current financial situation and affordability of all the costs related to buying a home. And then you will need to find out who is going to help you with advice and guidance along the way. Find the professionals who you can trust to find you a good home.

Also figure out if you will need mortgage loan insurance. If yes, you may eligible for some CMHC programs one of which may offer up to 10% mortgage loan insurance refunds for purchasing an energy efficient home. Ask your real estate agent for more info on this one.

How will you find the perfect home?

Finding a home that’s right for you can be tough. But once you have figured out the sum that you can afford to pay for a house, things start to get easier. Now you have range within which you should look for a home.

Next consider your current and future needs from a house. Do you want a large condominium or small cottage tucked away on the out skirts of the city? Will yours be a large family or should the house be big enough for you and the dog? It is important to find a house or condo that you will want to live in. Visit open houses and do research to find place that is perfect for your needs.

Are you aware of the buying process?

Before you even contemplate looking for a home, figure out what needs to done. Who do you need to meet? Are there any forms to be filled out? Work out the process so when it’s time to buy, things go smoothly.