10 Tips for First Time Homebuyers in 2024

Purchasing a home is a big decision, especially if you’re first-time homebuyers. Whether you’re a young professional looking to buy your first condo or a family searching for the perfect single-family home, there are a few key things to keep in mind when you’re ready to take the plunge into the Fredericton real estate market.

Here are 10 tips for first-time homebuyers in Fredericton:

1. Determine Your Budget
2. Get Pre-Approved
3. Choose a Neighbourhood
4. Decide on a Type of Property
5. Work with a Real Estate Agent
6. Make a List of Must-Haves
7. Consider the Long-Term Potential of the Home
8. Don’t Rush Your Decision
9. Don’t Be Afraid to Negotiate
10. Get a Home Inspection

Determine your budget

Before you start looking at properties, it’s important to determine your budget. This will help you narrow down your search and focus on properties that are within your price range. Keep in mind that your budget should include not just the purchase price of the property, but also closing costs, legal fees, and any other associated expenses. If you’re not sure what those additional costs are, reach out to us and we can help with that!

Get pre-approved for a mortgage

Getting pre-approved for a mortgage will give you a good idea of how much you can borrow and what your monthly payments will be. It will also make you a more attractive buyer to sellers, as they will know that you have the financing in place to complete the purchase. This can be as easy as a call to your bank to set up a meeting, or a call to a mortgage broker. If you aren’t sure who to reach out to, we would be happy to share our recommendations.

Choose a neighbourhood that suits your needs

Fredericton has a range of neighbourhoods to choose from, each with its own unique character and amenities. Consider your lifestyle and what you’re looking for in a neighbourhood when you’re deciding where to buy. Do you want to be close to the downtown area or do you prefer a more suburban setting? Are you looking for a neighbourhood with a strong sense of community or are you more interested in proximity to amenities and schools? Driving around neighbourhoods can be a great way to get a feel for an area that you may not be as familiar with.

Decide on the type of property that’s right for you

Fredericton has a range of property types to choose from, including single-family homes, condos, and townhomes. Consider your needs and lifestyle when deciding on the type of property that’s right for you. Are you looking for a low-maintenance option like a condo, or do you prefer the space and privacy of a single-family home?

Work with a real estate agent

A real estate agent is a valuable resource when it comes to finding the right property. They have access to a range of listings and can help you navigate the complex process of purchasing a home. Look for an agent with experience in the Fredericton market and a track record of helping first-time homebuyers.

Make a list of must-haves and nice-to-haves

When you’re looking at properties, it’s easy to get caught up in the excitement and lose sight of what you’re really looking for. To help keep your search on track, make a list of your must-haves (such as a certain number of bedrooms or a specific location) and your nice-to-haves (like a fireplace or a finished basement). This will help you stay focused and make sure you’re finding a property that meets your needs and fits your budget.

Consider the long-term potential of the property

When you’re purchasing a home, it’s important to think about the long-term potential of the property. Is it located in a neighbourhood that is likely to appreciate in value over time? Does it have features that will make it attractive to future buyers, such as a finished basement or a large yard? We have the experience from watching the market over many years to help provide the answers to these questions!

Don’t rush into a decision

Purchasing a home is a big decision and it’s important to take the time to make sure you’re making the right choice. Don’t feel pressure to make a decision quickly – take the time to thoroughly research properties and neighbourhoods, and consider all of your options before making a commitment.

Don’t be afraid to negotiate

It’s important to remember that the asking price of a property is just that – a starting point for negotiations. Don’t be afraid to negotiate with the seller to try to get the best deal possible. A real estate agent can help you navigate the negotiation process and provide guidance on what is a fair price for the property.

Get a home inspection

Before you complete the purchase of a property, it’s important to have it inspected by a professional. A home inspection will identify any issues with the property and give you an idea of any repairs or renovations that may be needed. This will help you make an informed decision about whether the property is a good fit for you and help you negotiate any necessary repairs or credits with the seller.

Purchasing a home in Fredericton can be a rewarding and exciting experience. By following these tips and working with a knowledgeable real estate agent, you can find the perfect property to call home.

At The Right Choice Realty, we’re a team of passionate real estate agents in Fredericton, New Brunswick, with a focus on personalized service and local expertise. We’re here to help you achieve your buying or selling goals, whether you’re looking for a commercial or residential property. Our team is highly familiar with the different neighbourhoods in the area and can offer personalized recommendations you can trust.

We have a Client Care Manager to help with administrative tasks and an in-house photographer to capture high-quality images of properties. Our marketing specialist helps us understand and plan how to best market listings and make informed decisions for buyers, and we use innovative multimedia marketing tools such as Matterport 360 and a drone to showcase properties to their full potential.

If you’re looking to buy or sell a home in Fredericton, don’t go it alone. Call The Right Choice Realty and see how we can help you reach your real estate goals. Contact us today to learn more.