{"id":295620,"date":"2023-11-10T20:00:05","date_gmt":"2023-11-10T20:00:05","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=295620"},"modified":"2024-03-20T17:04:23","modified_gmt":"2024-03-20T17:04:23","slug":"wahis-homebuyers-playbook","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/homebuyer-playbook\/","title":{"rendered":"Wahi’s Homebuyer’s Playbook"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Buy” _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjE2MzIifX0=@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” global_colors_info=”{}”][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”16px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” header_font_size_tablet=”42px” header_font_size_phone=”2rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”4.5rem” header_line_height_phone=”2.75rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||1px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”15px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|desktop” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n

If you\u2019re looking to buy your first home, follow these 7 steps to homebuying for a smooth and stress-free experience.<\/span><\/p>\n

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By Kristin Doucet<\/a> | 6 minute read<\/p>\n

[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||17px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||39px|||” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”16px||16px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Welcome to the world of homebuying! This step-by-step playbook is designed to ease some of the stress that comes with trying to find the perfect home for the right price. Buying a home is one of the most important and biggest financial decisions you\u2019ll ever make. Wahi wants to help you get so in the know on all things homebuying, which is why we\u2019ve created this guide to get you started.<\/span><\/span><\/p>\n

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Step 1: Set Your Budget\u00a0<\/b><\/h2>\n

There are <\/span>many factors <\/span><\/a>that impact how much you can afford to spend on a home, from your household income to your debt-to-income ratio. A recent study by BMO found that the majority of first-time buyers (60%) have a fixed budget of how much they are willing to spend on a home but one-third is willing to surpass it if it means landing their dream home.<\/span><\/p>\n

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Generally speaking, financial advisors recommend that first-time homebuyers follow the 28\/36% rule, which means spending no more than 28% of your gross monthly income on mortgage payments and no more than 36% on total debt.\u00a0<\/span><\/p>\n

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Wahi\u2019s <\/span>financial and mortgage calculator <\/span><\/a>can help you calculate your total monthly expenses for a property to help you establish a realistic homebuying budget. It\u2019s also important to familiarize yourself with <\/span>typical closing costs<\/span><\/a> once you do find your dream home, and factor those costs into your budget.\u00a0<\/span><\/p>\n

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Step 2: Get Pre-Approved for a Mortgage\u00a0<\/b><\/h2>\n

Once you\u2019ve set your homebuying budget, it\u2019s time to find out how much your bank or other mortgage lender is willing to lend you. When you <\/span>pre-qualify for a mortgage<\/span><\/a>, your lender will look at your income, debts, down payment, and credit history.\u00a0<\/span><\/p>\n

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The pre-approval should be in writing and will include a guaranteed interest rate (usually valid for 90 days). Pre-qualifying will ensure you know how much mortgage you can get, which will help you understand what price range of homes you should be targeting. If you\u2019re a qualified buyer, this will also increase your chances of a successful offer once you find a home you love. <\/span>Wahi is here to help you through the pre-approval process to find the <\/span>best option<\/span><\/a> for you.<\/span><\/p>\n

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Step 3: House Hunting\u00a0\u00a0<\/b><\/h2>\n

Wahi also provides homebuyers with access to real-time market data and agent-level insights on the latest listings \u2014 including historical sold prices \u2014\u00a0 to make home hunting as stress-free and efficient as possible.<\/span><\/p>\n

The Wahi app, available\u00a0 on the <\/span>App Store <\/span><\/a>or <\/span>Google Play <\/span>\u00a0offers <\/span><\/a>the best personalized search experience. The app includes: recommended listings, including the ability to draw on the map to create a customized geozone, instant alerts of new listings and sold transactions; the most accurate home value estimate tool on the market; instant requests to book a showing; and the ability to keep track of all your showings in one place.\u00a0<\/span><\/p>\n

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The search for the right home is probably the longest part of the homebuying journey. Knowing what you need, want and don\u2019t want in a home will help you narrow your search. Think about your must-haves, nice-to-haves and those things you absolutely don\u2019t want. This can\u00a0 include <\/span>type of dwelling<\/span><\/a>, number of bedrooms and bathrooms, outdoor space, layout, location and more.<\/span><\/p>\n

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On average, the time it takes to purchase a home in Canada is about four months, and the average homebuyer looks at 10 homes before making an offer according to the Canadian Real Estate Association (CREA).\u00a0<\/span><\/p>\n

The time it takes to buy a home<\/a> includes finding a home, negotiating, and closing the deal. However, the timeline to buy a home and the number of homes you look at can vary significantly based on the housing market and location. Depending on market conditions, it\u2019s not uncommon for homebuyers to lose out on a bid or two, or more\u00a0 \u2014\u00a0 particularly if you\u2019re committed to sticking to your price ceiling when it comes to an offer price. <\/span><\/span><\/p>\n

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We put the real<\/em> back in real estate.<\/span><\/h2>\n

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Join Wahi today and find out how easy it is to get real estate in Canada.<\/span><\/p>\n

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