Powell River First time Buyers - Home Buyers Guide

Are You Ready to Buy a Home?

Buying a home is a significant decision especially for first time buyers.  It’s important to assess your financial situation realistically and understand what you can afford. You’ll need a solid down payment and strong debt management skills.

The Cost of Buying a Home

Homeownership involves two main cost categories:

One-time costs: Down payment, legal fees, inspection fees, and taxes.

Monthly costs: Mortgage payments, utilities, maintenance, insurance, and property taxes.  Get a home buyers guide.

Getting a Mortgage

Before house hunting, get pre-approved for a mortgage. This helps determine the maximum amount you can borrow and gives you an edge in negotiations.  As a licensed Mortgage Broker I can also help you get pre-approved so you can shop for a mortgage with confidence.

Key factors influencing your mortgage:

The amount borrowed (principal).

The interest rate on the loan.

The amortization period (the time to pay off the loan).

Shop around and negotiate terms with different lenders to secure the best rates and conditions.

Finding a Home

Start by identifying your priorities: location, type of home, and budget.

Realtors use the Multiple Listings Service® (MLS®) to access comprehensive property data. They can provide tailored listings that fit your criteria, helping you shortlist potential homes.

Check out my listings here 

Other Costs to Consider

In addition to your mortgage, prepare for:

Legal fees

Realtor fees

Moving expenses

Disbursement costs

Utility setup fees

Buying a home is a big step, but with careful preparation and the right team, it can be an exciting and rewarding journey!  First time home buyer information is available for Powell River first time buyers by calling Monica Peckford at 604.483.1718