1. Be willing to look outside of your comfort zone

When it comes to finding your ideal home, it’s important to broaden your horizons. Step beyond familiar neighbourhoods and consider exploring lesser-known areas. By venturing outside your comfort zone, you open yourself up to a wider range of housing options, potentially discovering hidden gems.”

Remember, each neighbourhood has its own unique charm and character. Attend local events, visit parks and amenities, and immerse yourself in the culture of different neighbourhoods. Exploring unfamiliar communities gives you the opportunity to discover vibrant new environments that may surprise and delight you.

Your REALTOR® will also be able to assess trends in potential neighbourhoods, giving you the full picture of where a community stands before making a decision.

2. Plan for all expenses, not just your down payment

Your down payment is important, but it’s not the only expense to consider when saving for a home.

Don’t overlook additional expenses like closing costs, property taxes, and homeowner’s insurance, and potential maintenance fees. By considering these costs from the start, you can develop a more precise financial plan and avoid any unforeseen financial burdens in the future.

Curious about the financial responsibilities of buying a home? Here’s our guide on determining if you’re financially ready to buy a home. Oh, and don’t forget about furnishings and finishing touches; you’ll want to make your new place feel like home, and those costs should be included in your budget.

3. Understand you might have to start small

Your first purchase won’t necessarily be your last purchase. Though the idea of a starter home may mean different things to different people, it typically means starting in a smaller space before working up to your forever home.

Everyone has to start somewhere, and there’s nothing wrong with starting in a nice, more affordable condo, townhome, or semi-detached property versus a larger single-family home. Just because you can afford a higher price based on your pre-approval, sometimes it’s better to start a bit smaller. Buying real estate has stepping stones versus going straight to the end game.

Starting small can be an excellent strategy for first-time buyers. Don’t underestimate the potential of a cozy starter home that may not tick all the boxes, but can serve as a stepping stone towards your dream house. By beginning with a more affordable option, you can accumulate equity, build your financial stability, and eventually upgrade to a larger or more desirable property in the future.

4. Leverage technology

No, technology can’t replace the experience of walking into a home side-by-side with your REALTOR® and feeling it out, but it can help you get a better sense of what’s available in your area, or maybe let you explore homes that aren’t in your neighbourhood.

Technology can be your greatest ally [as a home buyer]. Use online platforms, real estate apps (like the REALTOR.ca app), and virtual tours to explore properties remotely. This allows you to cast a wider net, investigate new areas, and narrow down your options before embarking on physical visits. Embracing technology empowers you to make informed decisions and saves valuable time during the home buying process.

5. Be patient with the home buying process

While yes, some people walk into their first open house and instantly know it’s the home for them, that’s typically not the case. For some, it can take months to find the right home. Sure, it can be frustrating, but that patience will pay off.

It can be tempting to rush into a decision, especially when you’re eager to become a homeowner. Be patient, trust the process, and keep searching for the right match. Remember, a little extra time invested can lead to finding a home that truly meets your expectations and brings you long-lasting happiness.

6. Think about how much you want to spend on your home

You’ll need to give serious thought to how much you want to spend on your home itself, remembering you’ll also need to pay utility bills, insurance, mortgage, and property taxes.

It’s essential to evaluate how much you truly want to spend on your house, taking into account not only your mortgage approval, but also your long-term financial goals. While it may be tempting to stretch your budget to the maximum, remember a higher mortgage means higher monthly payments and potentially more strain on your finances. Take the time to assess your comfort level and choose a mortgage amount true to your lifestyle and future aspirations.

It’s also important not to get drawn into the “just a little bit more” mentality.

Stick to your budget and prioritize what truly matters to you. It’s easy to get caught up in comparing your home to others or engaging in bidding wars that push your limits. Stay true to your financial plan and focus on finding a home that meets your needs, provides you with comfort, and is in line with your long-term goals.

7. Find a REALTOR® early

The expertise of your REALTOR® is invaluable from the start, and can help steer you in the right direction before you head too far down a wrong path.

To navigate uncharted territory confidently, it’s crucial to seek guidance from experienced professionals. Enlist the help of a REALTOR® who specializes in the areas you’re exploring. These experts possess insider knowledge, market insights, and a deep understanding of local dynamics.

Your REALTOR® will also help with the more complex components of buying a home, from mortgage shopping to legal issues.

Buying a home is a major life event and it will never be completely stress-free, but our job as your REALTOR® is to guide you along the way and to ensure every step is completed before moving on to the next one. Between pre-approval, home shopping, possession, and beyond, a REALTOR® is there to help. There are also many other unplanned expenses and legal issues with buying a property where you need a professional to help guide you along the way.

8. Shop around for mortgage rates

Whether you’re working with a mortgage broker or going directly to lenders, you’ll want to get a few different options before locking in with one rate. Luckily, REALTOR.ca makes it super easy to rate shop.

“When it comes to getting a mortgage, resist the urge to settle for the first rate that comes your way,” Kloeble suggests. “Invest the time to explore different lenders and compare rates. Partnering with a lender who understands your financial objectives can lead to a rate tailored to your needs, resulting in significant savings throughout the loan term. By putting in a little extra effort to research and analyze rates, you can maximize long-term savings while ensuring your financial well-being.”

9. Don’t completely drain your savings

There’s nothing wrong with putting down a large down payment on your first home, but make sure you’re not using every dollar you’ve saved in order to do it.

While it’s exciting to invest in your dream home, it’s crucial to maintain a financial safety net. It’s wise to keep some savings aside for emergencies, repairs, or any unforeseen circumstances. By maintaining a financial cushion, you can navigate homeownership with greater peace of mind and financial security.

You should also look into different first-time buyer savings accounts to help maximize your dollar.

10. Consider alternative housing options

Just as you might be stepping out of your comfort zone for neighbourhoods and features, you should also be looking at different types of housing and homeownership.

Explore different types of properties such as townhouses, condos, or even older homes. These alternatives may offer compelling advantages like lower maintenance, enhanced amenities, or larger properties. By embracing diversity in housing options, you expand your chances of finding the perfect home that suits your unique lifestyle.

11. Don’t get discouraged if your offer isn’t accepted

It’s bound to happen. You find what you think is the only home you’ll ever love, put in an offer, and it ends up getting rejected. Don’t let this halt your journey! Instead, use it as motivation to find something even better.

While it’s normal to feel disheartened, don’t let it dampen your spirits. Keep a positive mindset and remain dedicated to finding your perfect home that aligns with your needs and preferences. Working with an experienced REALTOR® can make a significant difference.

By taking these tips from the pros into account—and reaching out to your own REALTOR® for support—you can move through the home buying process with less stress and more time to enjoy the ride.

Buying a home is a major milestone, but beyond choosing the right neighbourhood, securing financing, and signing on closing day, there’s another important decision that often doesn’t get as much attention: how you legally own a home.

If you’re buying with a spouse, partner, family member, or even a friend, you’ll likely encounter two common ownership structures in Canada: joint tenancy and tenants in common.

They may sound similar, but the difference between them can shape everything from inheritance to what happens if one owner wants to sell. Here’s a simple breakdown of what they mean and when each might make sense.

What does ‘how you hold title’ mean?

When you buy a property, your name is registered on title. If you’re purchasing with someone else, you must decide how the ownership is structured.

The way you hold title determines what happens if one owner passes away, wants to sell their share, or if the relationship between owners changes. It may seem like a small detail during the home buying process, but it can have significant legal and financial implications down the road.

The two most common forms of co-ownership are joint tenancy and tenants in common.

What is joint tenancy?

Joint tenancy means two or more people own the property together, with equal ownership shares.

The defining feature of joint tenancy is something called the right of survivorship. This means that if one owner dies, their share automatically transfers to the surviving owner or owners.

This structure is most used by:

• married couples;

• common-law partners; or

• long-term partners purchasing a primary residence together.

With joint tenancy, ownership of the property is shared equally between all parties. One of the defining features of this structure is the right of survivorship, which means that if one owner passes away, their share of the property automatically transfers to the surviving owner or owners.

Because of this, the deceased owner’s portion does not become part of their estate and typically cannot be left to someone else in a will.

For many couples, this structure simplifies estate planning and avoids probate on the property.

However, joint tenancy may not be suitable in all situations. If one owner wants their share to go to someone other than the co-owner, joint tenancy may not align with that intention.

What are tenants in common?

A tenants-in-common co-ownership allows two or more people to own a property together, but not necessarily in equal shares.

For example, one owner could hold 70% of the property while the other holds 30%, depending on how the buyers choose to structure the arrangement.

Ownership percentages are typically determined based on contribution, agreement, or legal advice.

Unlike joint tenancy, tenants in common does not include the right of survivorship. If one owner passes away, their share becomes part of their estate and is distributed according to their will or provincial succession laws.

This structure is often used by:

• friends purchasing together;

• siblings inheriting property;

• investment partners; or

• buyers contributing different amounts to the purchase.

Tenants in common offers more flexibility, but it also requires clear planning and legal documentation.

Why this decision matters

Choosing between joint tenancy and tenants in common can affect several important aspects of homeownership, including estate planning, potential tax implications, and how financial risk is shared. It can also influence what happens if circumstances change in the relationship between owners, as well as how things are handled if one owner decides they want to sell their share of the property.

For example, in a tenants-in-common arrangement, one owner can sell or transfer their share independently. In a joint tenancy, ownership is more tightly connected.

Your REALTOR® can help flag these considerations early in the process and recommend when to involve a real estate lawyer.

What if you’re buying with a friend or family member?

Buying a home with someone other than a spouse is becoming more common across Canada, and for good reason. Teaming up with a friend, sibling, or family member can be a smart strategy to make the path to homeownership feel a lot more achievable.

However, it’s especially important to do the following:

• clearly outline ownership percentages;

• discuss what happens if one party wants to sell;

• understand how expenses and maintenance will be handled; and

• put agreements in writing.

A formal co-ownership agreement drafted by a lawyer can help prevent misunderstandings down the road.

Can you change ownership structure later?

In many cases, yes, but it requires legal documentation and potential fees.

For example, joint tenants can “sever” a joint tenancy to become tenants in common. However, this process varies by province and situation.

Because ownership affects long-term rights and obligations, it’s important to choose carefully from the beginning and check the rules and regulations in your area.

Why you should consult a REALTOR® and lawyer

The legal side of buying a home can feel overwhelming, but that’s why you surround yourself with professionals.

Your REALTOR® (among many other things) can:

• explain common ownership structures;

• help you think through practical scenarios; and

• connect you with trusted legal professionals.

A real estate lawyer can ensure:

• your ownership aligns with your intentions;

• the proper documentation is filed; and

• you understand your rights and responsibilities.

Buying a home is not just about where you live. It’s also about how you legally hold your asset.

Whether joint tenancy or tenants in common makes sense for you depends on your relationship, financial goals, and long-term plans.

Before you finalize your purchase, make sure you understand your options and have the right professionals guiding you every step of the way.

If you’re preparing to buy, connect with me today to help navigate not just the home search, but the important decisions behind the scenes.