Buying your first home can be a stressful experience. Here are a few of my recommendations to anyone thinking about moving into the real estate market for the first time.

1. Be definitive about buying. (you have decided you are going to buy, and are committed to buy a home).

2. Get qualified or pre-qualified for a mortgage. It is extremely vital that you know exactly what you can qualify to buy and what you are comfortable borrowing. Many agents will not work with buyers who are not pre-qualified for a mortgage.

3. Get educated. This is difficult and time consuming. Spend the time it takes to be an expert by engaging a capable agent. Real Estate agents can offer you a crash course in your preferred real estate criteria in a few hours. The best part is that it is free. Buyers don't typically have to pay an agent a fee, the seller does. Be prepared to look at many other properties in your preferred area in order to get a current sense of value.

4. Hire a Real Estate agent who is an experienced, qualified, educated sales expert. Since you've already found Adam's website you don't need to look any further.

5. Know all the hidden and exposed extra costs. When buying a resale or existing property, you need to be aware of many closing costs.

Below is a list of many of the possible costs:
a. land transfer tax
b. bank appraisal fee
c. mortgage broker or application fee
d. legal fees
e. high ratio mortgage insurance fee
f. prepaid tax reimbursement
g. prepaid condo fee reimbursement
h. your first mortgage payment is due one month after your transaction closes.
i. condo fees are always due on the first of every month.
j. property taxes are due in installments (usually 4 per year) or can be paid for you by your bank on a monthly basis.

6. Do not rush into anything, but do not drag your feet either. Currently, and for the past eight years the local real estate market has been very strong. Rushing into buying before you have seen four to eight properties, or until you have been very well educated by a knowledgeable real estate agent is foolhardy. Be decisive when the time comes and make your offer.

7. What to offer? There is no rule book on what to offer.
Our best advice is for you to look at past sale comparables before making an offer and listen to your Real Estate agent's advice. Consider this advice as important input. If you have selected your agent wisely they will know exactly what to do.

8. Make an offer - just do it! You have to start somewhere !

9. Cold feet. Everyone second guesses themselves. Many couples are afraid they can't afford it. It's expected and it's ok. If you've followed steps 1-7 you will be ok. Proceed with confidence.

10. Do not be afraid of the commitment you have made. Thousands of properties are bought and sold each in year in Toronto.

11. Multiple Offers. Multiple offers mean that the seller has their pick of more than one offer on their property, but that doesn't necessarily mean a disadvantage for you as a buyer. You just have to determine what is important to the seller and to yourself. Price, closing date, ability to finance the property all play a part in the process. If you compete in a multiple offer situation you will need to work very closely with your Realtor.

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More information for buyers from

Canadian Real Estate Association (CREA)