First Time Home Buyers

Home Buying Basics with Michael Newton Real Estate

Your path to homeownership

Welcome to the exciting journey of buying your first home! We know that taking this step can feel overwhelming, but don’t worry—we’re here to guide you every step of the way. At Michael Newton Real Estate, our goal is to make the home buying process as smooth and enjoyable as possible for you. Whether you’re just starting to explore your options or ready to jump in, we’re here to provide the knowledge and support you need to make confident decisions.

Understanding the Home Buying Process

What to expect when buying

Buying a home is one of the most significant financial decisions you’ll ever make, and understanding the process is key to making it a success. From getting pre-approved for a mortgage to closing the deal, there are many steps involved. But don’t worry, we’ll walk you through each one so you know exactly what to expect. We believe that the more you understand, the more empowered you’ll feel as you move forward on this journey.

Buying resources

Steps to Buying a Home

Guiding you the whole way!

Let’s break down the home buying process into manageable steps. We’ll be with you from start to finish, ensuring that you’re well-informed and confident at each stage

1. Get Pre-Approved for a Mortgage

This is the first step in determining how much home you can afford. We can connect you with trusted mortgage professionals who will help you get pre-approved, giving you a clear idea of your budget.

2. Choose an Exclusive Agent

 Selecting a trusted Real Estate Advisor is a crucial step in the home buying process. This commitment to us ensures that we are fully focused on finding the best property for you, while we also work with keeping your best interest in mind at every decision.

3. Start Your Home Search

With your budget in mind, we’ll work closely with you to identify your must-haves and nice-to-haves. We’ll help you find homes that fit your criteria and schedule viewings at your convenience.

4. Market Analysis

Once we have narrowed down your search to your top choices, we perform a full market analysis on each property. This step allows us to be fully equipped with all of the relevant information required to make the most informed decisions moving forward.

5. Make an Offer

Once you’ve found the right home, we’ll guide you through making a competitive offer. We help with writing the offer and we’ll handle the negotiations for you to ensure you get the best possible deal. We stay in contact with you throughout the entire process so you always know exactly what is happening.

6. Conditional Period

After your offer is accepted, you’ll enter the conditional period. During this time, there may be several conditions that will need to be met by a deadline to ensure the transaction will close. Some of the conditions which may be included are; Financing, Property Inspection, Condo Documents Review, or Sale of Current Property.

7. Meeting with Lawyer

Before the deal can come to a close, you will need to meet with your selected lawyer to review all documents, discuss any legal concerns, and ensure everything is in order for a smooth transaction. If you don’t have a lawyer, no worries! We can refer you to an amazing team of real estate lawyers who will be happy to help you.

8. Closing the Deal

On closing day, we’ll be there to help walk you through the final steps. Once the funds have been transferred from your lender to your lawyer, and then to the seller’s lawyer, you will receive the keys to your new home! Congratulations—you’re now a homeowner!

Common Mistakes to Avoid

As exciting as buying your first home can be, it’s important to avoid some common pitfalls. Here are a few mistakes we’ll help you steer clear of

  • Skipping the Pre-Approval Process: Without pre-approval, you may fall in love with a home that’s out of your budget. Getting pre-approved helps set realistic expectations from the start.
  • Not Budgeting for All Costs: Remember, your budget should include more than just the mortgage. We’ll help you account for closing costs, property taxes, home insurance, and any necessary repairs or upgrades.
  • Rushing the Decision: It’s easy to feel pressured to make a quick decision, especially in a competitive market. We encourage you to take your time, ask questions, and make sure you’re comfortable before moving forward.
  • Overlooking the Importance of Location: The right home in the wrong location can lead to regret. We’ll help you evaluate neighborhoods to find one that suits your lifestyle and long-term needs.
Buying resources

Helpful Buying Resources

Tips and Things To Watch For

8 Mistakes to avoid when buying a home

8 Mistakes to avoid when buying a home

The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

Buy or sell first?

Buy or sell first?

Use the following as a guide to explore what might be the best move for you.

Buying a home: What expenses to expect

Buying a home: What expenses to expect

Dont' get caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

Hire the right agent: 8 Questions to ask

Hire the right agent: 8 Questions to ask

Use the following as a guide to finding the agent that is right for you.

Home Inspections: Top 10 Problems

Home Inspections: Top 10 Problems

This guide will help you to identify areas for repair or improvement before they grow into costly problems.

How To Set An Offer Price

How To Set An Offer Price

This guide will give tips on determining a fair price range and, from there, establish the price you’re willing to offer.

Ready to make a move?

WE look forward to hearing from you!

Buying a home can be an exciting and challenging process, but with the right team and preparation, it can also be a smooth and successful experience. Contact us today to learn more about how we can help you find your dream home!

Buying Form

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.