Are you a First Time Home Buyer? Are You Ready For Home Ownership?

To most people owning a home is what they have been planning for and have been working towards after successfully completing post secondary eduation and saving for a few years.   Our team here is prepared to alleviate the stress and confusion that goes along with making a big investment decision and ensuring you get the proper advice when preparing for the responsibilities that come with home ownership like a mortgage, taxes, home maintenance, ideal neighbourhoods, renovation costs, home inspections, and anything else that will help you make the purchasing decision that much easier.

Here are some key points that will help you:

  1. Each owner can withdrawal up to $25,000 in RRSP for Downpayment, but must repay it back over 15 years at equal payments. 

  2. Receive a credit for $3725 on land transfer tax (In GTA it's about 2% and in surrounding areas it is about 1%) 

  3. Deposit: When purchasing a property you will need to put a 5% deposit with your offer, which is forwarded to your downpayment once the offer is firm. 

  4. Lawyer fees: on closing range from $1,000-$1,500. 

  5. Title Insurance: $200-300 

  6. Land Transfer Tax: In GTA is about 2% and in surrounding areas it is about 1%. Click below for calculator
    http://www.torontorealestateboard.com/buying/LTT_calculator/ltt_calculator.htm 

  7. Home Inspection: Costs around $300-500 depending on the size of the house.

  8. Mortgage Appraisal: Costs around $300-400. The banks may require an appraisal before they lend you the money to ensure the value of the house is accurate.

  9. Disclosure Forms: Each owner must provide Government issued ID for proof of Identity. 

  10. Buyer Representation: Each owner must sign the Buyer Representation form to clarify which Agent is representing them in the buying process. 

Search now for homes in the area.

We Can Help

You need a good agent who will work hard for you. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.

When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.

Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.

Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.

Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. You'll probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.

Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.

Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!

Contact us for more information about first time home purchasing.