Getting into the market comes with a mix of emotions. Yay, you're excited. Now what? To help put your mind at ease, here are a couple critical things to know before kicking off your home search.
Mortgage Pre-ApprovalThe first step when beginning your home search is getting pre-approved for a mortgage – this will tell you how much you can or cannot afford and is guaranteed for 90 days while you search for your home. Knowing what you can afford frames the rest of your search and helps you avoid wasting time looking at something that is over your budget.
Consider Your Options - Presale vs. ResaleWant to be in the market, but don't necessarily want to move quite yet. If so presale might be right for you. Buying presale means that the home is not built yet and you will not be able to move in right away. Which also means that you have more time to save up for your mortgage and the added expenses that homeownership brings. To know more about presale developments and what they entail please
click here.
Be Cognisant of Future You
Be sure that your first home will meet the needs of your lifestyle for at least five years. If you are considering a small space, think about where you will be in in the future – are you almost ready to move in with a partner? Or thinking about starting a family? If so, you will want to make sure there is ample space when a shift in your life happens.
First-Time Homebuyers’ Program
The First-Time Homebuyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. For more details on if you qualify please
click here.
The Federal Government has a new program that they launched in September of 2019. The First-Time Home Buyer Incentive helps qualified first-time homebuyers to reduce their monthly mortgage carrying costs without adding to their financial burdens. For more details on if you qualify please head over to my blog
here. If you are ready to apply or to see if you qualify for the program
click here
Hidden Fees of Homeownership Hidden fees associated with closing costs are often overlooked. These include things such as mortgage insurance, appraisal fees, lawyer/notary fees, GST (on newly built homes) and Property Transfer Tax (PTT). These costs can vary depending on the type of home you choose. Please refer to
my blog for an in-depth review of what you will encounter.
Questions?
I can provide the answers to your questions and walk you through the entire process, from viewing potential homes, to making an offer, to setting up mortgage financing. Although buying your first home can be overwhelming, you can be confident that I will be available to help you every step of the way. I genuinely enjoy the process as much as you will.
I can still remember buying my first home and all of the questions that I had. Except, I bought without an agent and reflecting back, I realize why having a knowledgeable REALTOR® would have been such an asset. I have made it a commitment to myself to help you, day or night, so that your first buying experience is the best it can be.
If you are looking for more information, be sure to check out my Buyers Guide to familiarize yourself with the steps involved in purchasing your future home.
Hope to connect with you soon!
