Part 1 – Say Hello To Braden

Follow the amazing first time home buying adventures of Braden.

This is part 1 of a 4-part case study that follows an actual first time home buyer on his home buying adventure. Next Segment.

Introduction

Every day we talk to clients about the process of buying a home – what a first time home buyer should expect, what potential pitfalls to expect, how much mortgage do they qualify for, and so on.

To answer these questions, we walk our clients through every step of the home buying process but there are limitations to that approach. It’s not easy to create an immersive experience and therefore our consultations, as in-depth as they are, can only build-up so much of a comfort level. We wanted to do better.

We wanted to find a way to create more of an experience for our customers; we always thought it would be amazing if we could walk our clients through an actual first time home buyer going through the process. Enter the creation of our First Time Home Buyer Case Study – Braden! This case study features a behind-the-scenes look at an actual first time home buyer going through the home buying process.

Say hello to Braden

Braden is a real person who has allowed us to chronicle his adventure as he looks for a new home, considers a foreclosure purchase, frets about home inspections and mortgage insurance, price negotiations, and ultimately, possession day.

We get Braden’s trepidation’s, jubilation’s, and ultimately his joy upon landing his first home.

Braden first approached us in 2014 to talk about mortgages. As with any first time home buyer, we completed a mortgage pre approval to understand what he qualified for but at that time he wasn’t ready to push forward.

As time passed by Braden changed jobs, paid off his truck, continued contributing to his RRSP as a retirement investment and therefore felt he was in a better financial position to revisit home ownership. Besides, Braden loves the outdoors and being creative in his home, so he needed a tricked-out garage to accommodate his equipment. His current accommodations were not meeting his needs so all these variables meant it was time to push forward.

We got busy and updated his mortgage pre approval so he knows his price range and sent this first time home buyer out on his mission of finding his first home!

The Scariest Part

CMP: What is the scariest part about setting out on this home buying adventure?

Braden: I think the scariest part of it all is just the fact that there is no right and wrong, really. You just have to dive in and hopefully everything falls into place.

CMP: You are absolutely correct, there is no right or wrong. As Bob will tell you, “buying a house is one of the most exciting things people do in their life.” Arm yourself with facts and a plan, and everything will fall into place. There’s a certain comfort level a potential buyer needs to reach before taking the first time home buyer step. If you know what to common mistakes to avoid, the process is far less stressful.

The Commitment

CMP: Buying a home is a large commitment, both financially but also to a particular lifestyle. How has that impacted you?

Braden: Yes, the commitment also kind of scares me. I’m only 27 years old and now I’m going to make a purchase that may take me nearly as long as I’ve been alive to pay off. So ya, that’s scary!

CMP: You are a wise young fella who seems determined to manage your debt. I recall you mentioning you paid off your truck in just 37 months, great job! A mortgage can seem like a lifelong commitment, and for many it is. However, you will have the opportunity to take advantage of prepayment options with your mortgage which is an excellent way to direct additional cash to your mortgage as the opportunity presents.

Also, a great option for paying down your mortgage early is to apply any income tax refund you may receive to your mortgage.

Some Considerations

CMP: Have there been any considerations that really jumped out at you when you got serious about buying a new home?

Braden: The thought of job loss is always there and is a bug one, but ultimately you can’t think that way. Or at least I can’t. I just have to embrace the change and push forward.

CMP: Change is the only constant these days. All it takes is a little adaptability, a solid work ethic, and a plan. Anything else?

Braden: The lifestyle change is also on my mind. Less freedom for ski trips and projects now that a mortgage payment needs to be made. But it is fun to look to the future and really making a home your own. Now I’m just really hoping to find something just right!

CMP: The lifestyle of a home owner definitely looks different but as you mentioned, it is a great opportunity to build your future and enjoy your home. Plus as long as you stay within your means then you can avoid being house poor.

In Summary

Thanks for your time Braden. You’re off to a great start with your mindset and we’re very excited to hear how the next steps of your adventure go.

We’ll check back in a few weeks to hear how the house hunting is going.