Buying a home is an exciting milestone—especially your first home—but it can also feel overwhelming. With so many steps, decisions, and financial considerations, knowing where to start is crucial. That’s why I’ve put together this comprehensive guide on How to Buy a Home in New Brunswick to walk you through the process from start to finish, ensuring you feel confident every step of the way. While this guide is designed with first-time buyers in mind, it’s a valuable resource for anyone looking to navigate the home-buying journey. If you already own a home, you can check out my blog post on selling.

Buying a home is one of the largest purchases most people will ever make. It’s more than just a financial decision—it’s where memories are made, lives are built, and futures are secured. Because of this, it’s important to approach the home-buying process with careful thought and planning.

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Step-by-Step Guide to Buying A Home

Step 1: Find a REALTOR® You Trust

A good REALTOR® can make all the difference. They’ll guide you through the market, help you find properties that fit your needs, and negotiate on your behalf. Look for a REALTOR® with:

• Expertise – Knowledge of the local market, pricing trends, and available properties.
• Strong negotiation skills – To get you the best deal.
• Commitment to your interests – Someone who listens, understands your needs, and prioritizes your goals.
• Trustworthiness and Integrity – A REALTOR® with a reputation for honesty, ethical practices, and transparency will prioritize your best interests.

How Much Do Buyers Pay a REALTOR® in New Brunswick?

In most cases, buyers in New Brunswick do not pay their REALTOR® directly. The commission is typically paid by the seller to the listing agent. The listing agent then pays a cooperating comission to the agent who brings a buyer. This means that, you as a buyer, can benefit from professional guidance and expertise at no direct cost to you.

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Step 2: Prepare Your Finances and Determine Your Budget

Before you start house hunting, take the time to organize your finances and find out exactly how much you can qualify for. Here’s what you’ll need to do:

• Save for a down payment – Typically, you’ll need at least 5% of the purchase price.
• Improve your credit score – A higher score can get you better mortgage rates and increase your chances for approval.
• Get pre-approved for a mortgage – This gives you a clear idea of your budget and strengthens your offer when you find the right home.
• Prepare for closing costs – Expenses like legal fees, inspections, and land transfer tax can add up, so be ready.

Let’s look at the the costs associated with purchasing a $250,000 home.

If you want to read my blog about the cost of a home in New Brunswick, you can check it out here.

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Step 3: Start Your Search

• Research neighborhoods – Consider proximity to work, schools, and amenities.
• List your must-haves vs. nice-to-haves – Share this list with your REALTOR®, this helps them narrow down what you’re looking for.
• Start viewing homes – Touring homes in person allows you to get a better sense of what’s available within your budget. Attend showings with your REALTOR®, ask questions, and take notes to compare your options effectively.

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Step 4: Make an Offer

Once you’ve found the perfect home, it’s time to submit an offer. This includes:

• The price you’re offering – Based on market conditions and comparable sales.
• Closing date – Your REALTOR® will negotiate with the seller to find a suitable date.
• Conditions – Such as financing, home inspection, insurance approval, and any additional terms or conditions.
• A deposit – Typically due at the time of offer or within a negotiated timeframe after acceptance.
• Chattels and Fixtures – Clarify what’s included in the sale (appliances, light fixtures, etc.).

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Step 5: Fulfill Conditions

After your offer is accepted, you’ll need to work on meeting any conditions outlined in your agreement, such as:

• Finalizing mortgage approval
• Conducting a home inspection
• Confirming property insurance and water tests (if applicable)

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Step 6: Closing the Deal

• Set up utilities and services
• Review and sign mortgage documents
• Meet with your lawyer to finalize paperwork
• Pay closing costs
• Complete a final walkthrough of the home

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Step 7: Move-In Day!

Congratulations—you’re officially a homeowner! Now it’s time to:

• Get your keys – Released after funds are transferred.
• Move in!
• Explore your new home and neighborhood!

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Understanding Key Terms

• Closing Costs – Fees associated with finalizing a home purchase, including legal fees, title insurance, and land transfer tax.
• Disclosure Statement – A document provided by the seller outlining the history and condition of the property.
• Title – The legal right to use, enjoy, and sell the property, which is transferred at closing. AKA–Ownership
• Deposit – A sum of money held in trust to demonstrate commitment to the Agreement of Purchase and Sale.
• Under Contract – A stage where the seller has accepted an offer, but conditions still need to be met.
• Mortgage – A loan provided by a lender to finance the purchase of a home.
• Appraisal – An estimate of the property’s value performed by a licensed appraiser.
• Home Inspection – A professional examination of the property to identify potential issues.
• Condition – A requirement in an offer that must be met for the sale to proceed (e.g., financing approval, home inspection).
• Offer – A proposal to buy a property, including price and terms.
• Land Transfer Tax – A tax paid by the buyer at closing, typically 1% of the purchase price.

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Final Thoughts

Buying your first home is a big step, but with the right preparation and guidance, it doesn’t have to be stressful. Now that you understand the basics of How to Buy a Home in New Brunswick, let’s work together to makes your dreams come true. As your REALTOR®, I’m here to help you every step of the way, from securing financing to finding the perfect home and closing the deal. If you have any questions or are ready to start your journey, let’s chat!

📞 506-567-8541
📧 tim@timclancy.ca

Let’s unlock the door to your dream home together!