You’re hoping to buy your very first house. While you’re excited to enter the world of homeownership, you’re completely unsure about how to start. What should your first steps be?

Read these three essential tips for first-time homebuyers. These will help you get started.

1. Leverage First-Time Buyer Programs

Did you know that there are programs for first-time homebuyers in Canada? These programs are specifically designed to make the process of purchasing a first home easier and more affordable. Take advantage of these support systems!

In the past, you could use the First-Time Home Buyer Incentive, which could reduce monthly mortgage payments by sharing equity with the government. This program was discontinued in March 2024. While the First-Time Home Buyer Incentive is no longer available, you could still look into the following programs:

  • The Home Buyer’s Plan (HBP). With this government plan, you could make a significant tax-free withdrawal from your retirement saving plan (RRSP) to go toward purchasing or building a first home. The current withdrawal limit is $60,000.
  • First Home Savings Account (FHSA). A FHSA is a specialized savings account designed to let you accrue savings to build or purchase a first home. These savings are tax-free (up to a limit). You can sign up for a FHSA through a bank or credit union.

2. Work with a Top Real Estate Agency

Navigating the real estate market is difficult, especially when it’s your first time doing so. Before you even start looking at properties, look for a top real estate agency.

An experienced real estate agency will guide you through every single step of the house-purchasing process. Your agent will help you browse listings and identify properties that match your criteria. They will direct you toward open houses and accompany you on private tours. They will negotiate the terms of your real estate purchase agreement so that you leave the table with the best deal possible.

If you’re searching for homes in Ontario’s Durham Region, The Shawn Lepp Group is the real estate agency that you need. This agency has a proven track record of helping first-time buyers find their ideal home in this growing region of the GTA. Contact them before you go house hunting.

3. Never Skip a Home Inspection

Buyers have the option to skip a home inspection. Some first-time home buyers do this because waiving an inspection can make the purchasing process faster. Some do this because it can make their bid look more appealing to sellers. While these may seem like smart strategies in the moment, you could really come to regret skipping a home inspection.

A home inspection can reveal problems in a house that you could’ve missed on a private tour or open house. These problems could be inconvenient and very expensive to fix, like plumbing leaks or electrical wiring that’s not up to code. If you purchase the home “as is”, without an inspection, you will be surprised by the problems and you will be responsible for the repairs and renovations once you get the keys.

If a home inspector discovers problems, your real estate agent could negotiate better contract terms for you. They might negotiate that the seller has to fix certain household problems before the sale is finalized, or they might negotiate a lower payment to compensate for the repairs you will need to make.

Buying your first home isn’t easy. You’ll need all the help you can get. So, be sure to get help from first-home buyer programs, real estate agents and home inspectors.