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Mo' Money Podcast | Personal Finance with Jessica Moorhouse

Award-winning blogger and podcast host Jessica Moorhouse interviews top personal finance & business experts like John Lee Dumas, Chris Guillebeau, Bruce Sellery, Preet Banerjee and Rob Carrick, as well as inspirational entrepreneurs, authors, bloggers, friends and family to help you learn how to manage your money better, make smarter choices, earn more money, become debt-free and live a more fulfilled and balanced life. New episodes air every Wednesday. For helpful resources, blog posts and podcast episode show notes, visit jessicamoorhouse.com. To enquire about being a guest on a future episode, visit jessicamoorhouse.com/podcastsubmissions.
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Oct 26, 2017

Thinking of jumping into the housing market? There's a lot to know and even more pressure to make a good decision (it is the biggest purchase of your life after all). I talk with Penelope Graham, Managing Editor of Zoocasa to find out what potential home buyers should know before buying their first place.

Long description:

If you have some questions about the home buying process, my guest Penelope Graham, Managing Editor for Zoocasa, has the answers!

Penelope was actually one of the panelists for my Millennial Money Meetup #2 in May 2017, and the focus for that event was homeownership and renting vs. buying. She was one of the top voted panelists by attendees, so I knew I needed to bring her on the show to share her wisdom.

Having bought my first place just a year ago, I still remember all the stress, research and more stress that went into finally signing on the dotted line. Toronto is a hot market, so I knew I needed to be prepared and not take this home buying process lightly.

Now that that’s behind me, I want to make sure that other millennials who are thinking of buying are just as well informed and prepared for this very big purchase. And if you have any questions after this episode, contact Penelope and she’ll be happy to guide you on the right path!

Tips If You’re Thinking of Buying Your First Place

  1. Remember that getting pre-approved for a mortgage is your first step. This will help you figure out how much mortgage you’ll be approved for, and how much you can afford and what your budget should me. Also, don’t borrow the maximum you are approved for, especially if only putting 5% down. You don’t want to be house poor after all!
  2. Interview potential realtors as if it was a job interview (because to them, it actually is!). Make sure you pick a realtor that’s the right fit for you, ask for their stats (how much homes sold/bought for clients), ask for references, and make sure they are a full-time realtor and completely invested in working with you.
  3. When given a buyer representation agreement from your realtor, negotiate a term for the contract that suits you best (ie. no longer than 3 months). This way, you can end the relationship if it’s not working and you won’t be tied to a lengthy contract.
For full podcast show notes, visit: https://jessicamoorhouse.com/124 
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