“We couldn’t have asked for a better team to help us buy our first place in the city. We went from scared and nervous first-timers to feeling like total pros by the time we closed the deal on our dream house.”
Kristin & Ian Blair
Purchased their first home
Here are the basics of buying your first home in the city.
This will probably be the biggest financial investment you’ll ever make, so you want to start o on the right foot by meeting with a mortgage advisor and getting pre-approved for a mortgage. To get pre-approved, they’ll review your credit, debts, income, and discuss the various mortgage options with you. Once you know how much you’re approved for, you’ll have a better understanding of your budget and won’t waste time–and heartbreak–seeing homes you can’t afford.
Work with a team who knows the area.
Such as, oh you know…us? Not to brag, but we really know this city. We can show you everything from the promising up-and-coming neighbourhoods where you’ll get the most for your money, to where to grab the best cup of java on your way to work. We’ve lived, worked, and played here for years, and can give you the insight you need to make your new neighbourhood feel like home in no time.
Make a list.
Check it twice, if you want. Making a list of features you have to have in your next home, features you’d like to have, and things you’d never want will make it even easier to narrow in on a house–and maybe easier to see the importance of compromise. Other factors to take into consideration are school districts, commute time, access to TTC, and an established vs up-and-coming neighbourhood.
Yes, you should get a home inspection.
Sure, that perfectly staged, freshly painted house might look perfect. But what you might not see is the outdated wiring or aging roof. A professional home inspector (not your uncle who kind of built a shed once) has the trained eye to see what current and future problems a property can bring, saving you time, energy, and money in the long run.
Look into rebates and refunds.
As a first-time home buyer in Ontario, there are plenty of government programs that can help you save some cash. The Home Buyers’ Plan allows qualified buyers to borrow up to $25K from their RRSP, tax-free, with 15 years to pay it back. With the Land Transfer Tax Refund, you can get a refund of up to $2K back on the land transfer tax you paid. There’s also the First-time Home Buyers’ Tax Credit, which you can claim on your annual income tax return. For more information on these and other rebates or refunds, talk to your financial advisor or give us a shout.
Ready to discuss buying your first home?
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