First Time Home Buyer Checklist

Buying your first home is as exciting as it gets. But having never bought real estate before, you may not know what you can expect from the process and how to best get ready for it. That’s where we come in. 

As real estate agents who have been helping first-time home buyers for 40 years, we know everything there is to know about finding a great starter home. That’s why we’ve put together this all-in-one first-time home buyer checklist. 

Follow these steps, and you’ll have the keys to your new home in no time! 

Searching for a home in Vaughan? Explore our featured listings. 

The First Step of Buying Your First Home

One of the biggest questions many first time home buyers have is “Where do I start?”

The best place to start your buying journey is by partnering with an experienced, local real estate agent. Whether you’re ready to start house hunting today or in a few months’ time, getting connected with a trusted Realtor will make your journey a whole lot easier. 

How to Find a Great Real Estate Agent

There are close to 80,000 real estate agents in the Greater Toronto Area. That’s a lot to choose from. But as a first time buyer, you’ll want to select your agent carefully. That’s because not all agents have the same degree of experience, local knowledge, and negotiating skills. 

Instead, you’ll want to do your research. Look for an agent who has several years of experience and works in your first choice neighbourhoods. Always ask a potential agent about their approach to working with first time buyers before you sign a representation agreement. 

---

About to buy your first home? Check out these blogs next for more helpful advice!

• What’s the Average Down Payment on a House in Ontario?
• How to Negotiate House Price
• What Goes Into Buying Your First Home?

---

Making Sense of Your Budget

There’s a good chance that your first home will be the biggest purchase of your life (at least so far). Whether you already have a rough idea in mind of what your budget may be or aren’t totally sure, it’s a good idea to figure out what you can afford before you begin exploring listings. 

Know Your Costs

You can’t build a budget without having a complete understanding of what your buying costs will be. Let’s look at what you’ll actually be spending when you buy a house:

• The Deposit
• The Downpayment 
• Interest 
• Home Insurance
• Mortgage Insurance 
• Moving Costs
• Utilities 
• Property Taxes

Use Canada’s First Home Savings Account

If you’re still saving up for your first home, don’t forget to take advantage of Canada’s First Home Savings Account, aka the FHSA. The FHSA allows first time buyers (like you) to set money aside tax-free. As of 2026, you can contribute up to $8,000 a year to a total of $40,000. 

Apply For Mortgage Pre-Approval

Finally, don’t start house hunting until you’ve been pre-approved for a mortgage. The last thing you want to do is find a great home only to learn you don’t qualify for a mortgage on it. Getting pre-approved in advance gives you an accurate estimation of how much financing you qualify for, helping you buy with greater confidence.  

---

Buying a house soon? Check out these related posts next! 

• How To Buy A Home
• Do You Need to Include Conditions in Your Buying Offer?
• What Are the Costs of Buying a Home in Greater Toronto?

---

Preparing For Your Home Search

Figuring out what you can afford is a big part of house hunting. With this info in your back pocket, it’s time to consider the other aspects of buying. This means taking a close look at your needs, tastes, and preferences. 

This step is important for a few reasons. First, the more information you can provide your real estate agent about what you’re looking for in a house, the more effective their sourcing techniques will be. It can also help you make informed, objective decisions during a process that can be deeply emotional. 

Know Your Top Neighbourhoods

Make a list of your favourite neighbourhoods. Write down what you like about them and why you’d like to live there. This will give your agent key insights into your needs as a buyer, helping you find the right properties faster. 

Decide What You Need From a Home

Next, you’ll need to figure out what you actually want from your first home. This means creating a list of must haves. Here are a few questions to help you get started:

• How many bedrooms do you need?
• How many bathrooms do you need?
• Do you need a garage?
• Do you plan on growing your family?
• What are your non-negotiables?

Find Your Next Home With the Lino Arci Team

If you’re looking to buy a house, you’ll want to work with an experienced and knowledgeable real estate professional (like us)! As Vaughan’s top real estate team, we’ve been helping local buyers for close to 40 years, and know what it takes to provide a seamless buying experience. Our proven buying process helps ensure that you secure your dream home. 

Ready to buy a house? We can help! Call us at 416-571-2724 or email info@arciteam.com to get started.