Buying Your First Home in the St. John's Area?

Questions for Prospective Homeowners | Tips for Real Estate Buying Success l Additional Resources
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Home ownership is wonderful. Preparing to buy your first home means taking stock of your financial situation and your expectations of owning a home in the St. John's area.

Owning your own home in St. John's or one of the surrounding communities  could be your dream come true. And with your finances in order, and an understanding of the responsibilities that come with home ownership, finding and buying your first home will be a satisfying, exciting experience.

Being prepared and buying a home that suits your budget will make relaxing on your own deck all the more sweeter.

Buy your next home in complete confidence with the Hann Group. Contact us today if you have any questions or would like more information about our home buyers services.

Complete the form below if you would like to start looking for your new home immediately.

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Questions for Prospective Homeowners

1. Are you ready for home ownership? You will need to be prepared to maintain your home through the years, understanding a portion of your income and time will go on maintenance. It's about taking the risks of home ownership, with a realistic expectation of rewards.

2. How much can you afford to spend on a home? Keep in mind giving up too big a portion of your income to pay a mortgage can turn home ownership into a burden quickly. It's a better idea to buy a smaller home now, then look into buying your dream home a few years down the road.

3. What is your ratio of debt-to-income? This is something that lenders always take quite seriously. Overall debt shouldn't be above 40% of your income, and your housing debt shouldn't be above 32%.

4. What type of property do you want? Does the thought of cleaning your own gutters not bother you? Would you like to putter in a garden? Would you rather pay a monthly fee to have everything done for you? Would you like to live in rural or urban setting? Questions like these can narrow your search for the right type of property. Ask yourself what you really want.

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Tips for Real Estate Buying Success

You need a good real estate agent who will work hard for you. Our team is dedicated to helping you find just the right home, at the best price. Talk to us about what you want, and your budget. We know the market well and we'll find a way to merge these two priorities to find the place you'll always love owning.

  • Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.
  • Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.
  • Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. You'll probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.
  • Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.
  • Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!

Additional Resources

The Hann Group: St. John's Home Services Community Directory

Guide for First time Home Buyers Canadian Mortgage and Housing Corporation (CMHC)

Buy your next home in complete confidence with the Hann Group. Contact us today if you have any questions or would like more information about our home buyers services.

back to buying your first home