It’s great that you are looking to buy your first home. The process can be daunting.
My first experience wasn’t great. There were a lot of things I didn’t know. So, I’ve put
together this 5-step guide so your first time goes a LOT better than mine.
Step 1: Knowing if you are ready for a home?
I know you are already picturing yourself lounging in your new living room, but you first need to take a good look at your finances. Evaluate your income, expenses, and savings. And most importantly, get preapproved.
Mortgage preapproval:
Gives you a clear understanding of your current financial standing
Tells you how much you can borrow
May give you access to better savings over the long term through better interest rates
Shows your seriousness to sellers so you get an edge in bidding
Uncovers opportunities for mortgage refinancing
Get preapproved first. It makes the whole house hunting process easier.
Step 2: Understanding Winnipeg's Real Estate Market
Winnipeg's housing market has its unique quirks and trends, so it's essential to do your homework. Take a look at what neighbourhoods are hot right now. Also, which ones might be up and coming? Trust me, you don't want to overlook a hidden gem just because it's not in the trendiest part of town.
Let’s talk about neighbourhoods a bit. There are 236 neighbourhoods across the city. That’s right 236. Too much to discuss here.
So, let’s look at just a few arranged from budget-friendly to the more opulent ones.
Osborne Village
Osborne Village is great for young people. It’s affordable, trendy and boasts many spots if you
just want to grab a coffee or even do some fine dining. They’re also bookstores, boutique
clothing stores, pubs, gaming and live entertainment spots.
Homes in Osborne Village generally range from $150,000 – $300,000.
Norwood Flats
Norwood Flats is just south of downtown, Norwood flats is also popular with young professionals
due to its proximity to work and entertainment areas. It’s also a top choice for families as
there are many school options and hospitals in the area. It also offers parks and walking trails.
Homes here generally range from $250,000 - $360,000.
Riverview
Riverview is rich with character homes, green space and amenities such as convenience, health centre and school.
Home prices range from $360,000 – 650,000. A less budget-friendly option.
Crescentwod
If you like trees and green spaces this is for you. It has a variety of houses condos and apartments. But it’s rich with history and has a suburban vibe.
Homes in Crescentwood range from 400,000 – 1M+ it’s not cheap.
Step 3: Deciding on what you need in a hom
This is the fun part! Start by making a list of your must-haves and nice-to-haves. Consider things
like location, size, layout, and amenities. And don't forget to think about the little details that
can make a big difference:
Are there any schools nearby
Are amenities within walking distance?
How long is the drive to places you visit frequently?
Is there a lot of traffic in peak times
How safe is the neighbourhood
Do you want to be in the suburbs or an urban neighbourhood
Suburbs often boast spacious homes, yards, and a more tranquil atmosphere, ideal for families seeking a quieter environment and access to good schools. They provide a sense of community and safety, with ample parks and recreational spaces.
On the other hand, urban communities thrive with cultural diversity, vibrant nightlife, and endless entertainment options. They offer convenience with easy access to public transportation, trendy restaurants, and bustling city life. Urban living is preferred by many young professionals seeking excitement and career opportunities.
Now go look at some listings. Find the home that’s right for you!
Step 4: Finding your new home
So you've found a few homes that check all your boxes. It's time to dive into the buying process.
This is where having a good real estate agent comes in handy. Realtors help you navigate the ins and outs of making an offer, negotiating, and closing the deal.
Realtors bring expertise, guidance, and make the whole home-buying process easier. They save time and reduce stress.
Realtors help by:
- Scheduling viewings
- Managing paperwork & legal matters
- Leverage their network to get you better home options
- Negotiate more favourable deals
You don’t have to use a Realtor but they could save you a lot of headaches and heartaches.
Step 5: Making an offer on a new home
After you’ve found your desired home, now you have to make an offer. You'll need a real estate lawyer to help you prepare the documentation and walk the process through.
If you have a Realtor, they already know a few lawyers you can use.
Here's a general outline of the steps to making an offer on a home in Winnipeg:
Draft the Offer: Your agent will help you draft a written offer to purchase, outlining details such as the offer price, deposit amount, financing conditions, and any other terms or conditions you want to include.
Submit the Offer: Once the offer is drafted and reviewed by both you and your agent, it will be submitted to the seller's agent. The seller will then have the opportunity to accept, reject, or counter the offer.
Negotiate Terms: Negotiations may ensue as the seller responds to your initial offer. Your agent will represent your interests and negotiate on your behalf to reach a mutually acceptable agreement.
Finalize Terms: Once both parties agree on the terms of the offer, the purchase agreement will be finalized, and all parties will sign the contract.
Provide Deposit: You'll need to provide a deposit, typically held in trust by your real estate agent or lawyer, as a sign of good faith and commitment to the purchase.
Complete Conditions: If your offer includes any conditions (such as a home inspection or financing approval), you'll need to fulfill these conditions within the specified timeline.
Close the Deal: Once all conditions are met and any necessary paperwork is completed, the sale can proceed to closing. This typically involves transferring funds, completing legal paperwork, and officially taking possession of the property.
Celebrate: Congratulations, you're now a homeowner! Enjoy your new home in Winnipeg!
Buying your first home in Winnipeg is a wonderful journey. It’s sometimes filled with ups and downs, but with the right guidance and…a little bit of luck, it can also be one of the most rewarding experiences of your life.
Your new Winnipeg home awaits!
Looking to get into real estate? Contact John Frank at (204) 330-0676 or email john@johnfrank.ca
Want more info? See my article “Are home prices dropping in Winnipeg”
