[Ep. 124] What to Do Before Buying a Home with Penelope Graham

Credit Card GeniusSupport for this episode comes from Credit Card Genius – the only tool that compares 50+ features of 150 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Now you can get rewarded faster without all the headache. Visit creditcardgenius.ca to learn more.

If you have some questions about the home buying process, my guest Penelope Graham, Managing Editor for Zoocasa has the answers!

Penelope was actually one of the panelists for my Millennial Money Meetup in May 2017, and the focus for that event was homeownership and renting vs. buying. She was one of the top voted panelists by attendees, so I knew I needed to bring her on the show to share her wisdom.

Having bought my first place just a year ago, I still remember all the stress, research and more stress that went into finally signing on the dotted line. Toronto is a hot market, so I knew I needed to be prepared and not take this home buying process lightly.

Now that that’s behind me, I want to make sure that other millennials who are thinking of buying are just as well informed and prepared for this very big purchase. And if you have any questions after this episode, contact Penelope via Twitter and she’ll be happy to guide you on the right path!

Tips If You’re Thinking of Buying Your First Place

  1. Remember that getting pre-approved for a mortgage is your first step. This will help you figure out how much mortgage you’ll be approved for, and how much you can afford and what your budget should me. Also, don’t borrow the maximum you are approved for, especially if only putting 5% down. You don’t want to be house poor after all!
  2. Interview potential realtors as if it was a job interview (because to them, it actually is!). Make sure you pick a realtor that’s the right fit for you, ask for their stats (how much homes sold/bought for clients), ask for references, and make sure they are a full-time realtor and completely invested in working with you.
  3. When given a buyer representation agreement from your realtor, negotiate a term for the contract that suits you best (ie. no longer than 3 months). This way, you can end the relationship if it’s not working and you won’t be tied to a lengthy contract.

Helpful Resources

  • Got a question about the home buying process? Tweet Penelope and she’ll get right back to you with some helpful tips!
  • Check out Penelope’s posts on the Zoocasa blog for some clear guidance on what to know and what to do.
  • To learn more about mortgages in-depth, read the resources on the Financial Commission of Ontario’s blog.

Join My Facebook Group

Want to be part of a community of empowering, positive and helping people who also want to better personal finances, improve their lives and find more balance? Then join my Facebook group of over 1,000 members today! It’s a great space to ask questions, get some support from others and it’s where I host my book club too.
Click here to join my private Facebook group

Get Access to My Resource Library

I’ve got a ton of checklist, worksheets, quizzes and more to help you get your financial life together, and I’m housing them all in one place — my resource library. It’s free, it’s amazing, get in there!
Click here to access my resource library

Disclosure: Nothing on my website or affiliated channels should be considered advice or an endorsement, and some content may include affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Start typing and press Enter to search