5 Tips For Buying Your First Home In Ontario

First time home buying is undoubtedly one of the most exciting experiences in your life. Whether finally moving out of your folks’ home, moving in with your partner, or making the transition from renting, there is nothing quite like the joy of stepping into YOUR property for the first time. Before you do, though, it’s imperative that the right preparations are put in place.

After all, first time home buying is a completely new experience for you and there will be plenty of issues that you haven’t considered. However, 49% of Canadian adults plan to buy a home in the next five years. Whatever stage of that journey you’re on, the following five tips will help you do it with confidence.

  1. 1. Use A Trusted Real Estate Agent

  1. First time home buying is one of the most important financial processes you’ll ever go through. The property will likely become your largest financial asset while the home provides the foundation for building the next chapter of your life. With so many different factors to consider, buying with the help of a trusted real estate agent is pivotal. 

     

    A knowledgable real estate agent will provide a comprehensive service that helps you;

    • Understand all the costs involved from lawyer fees to land transfer taxes that should be factored into your budget.
    • Finding properties (through MLS, private sales etc.)  that meet your criteria, thus giving you the best chance of finding your dream home.
    • Prepare a solid offer that attempts to negotiate a fair price for the property.
    • Get a better understanding of the timeframes involved and the next steps that should be taken for a smooth process.
    • Tackle all paperwork and legal obligations to avoid closing problems and delays in the process.

     

  1. 2. Get The Financial Support That You’re Eligible For

  1. While home ownership remains a priority for many people in Ontario, down payments continue to be a stumbling block. Federal schemes like the First-Time Home Buyer Incentive can help while a First Home Savings Account is worth investigating too. Crucially, the earlier you begin saving, the better. 

  1. 3. Find A Home That Has A Little Room For Improvement

  1. Many people fall into the first time home buying trap of purchasing a fixer-upper that needs vast amounts of work. Of course, it will allow you to find a property at a more attractive price. Unless you are an experienced renovator though, there’s a very strong chance that you will underestimate the level (and cost) of improvements needed. 

    Nevertheless, you probably won’t stay in your first home forever. So, you should look for properties that leave some opportunity for home upgrades and positive ROIs. Transforming an extra room into something that adds value to the property as well as your daily life will serve you well. Unkempt gardens are another area where you can make significant improvements with little time and money. And if nothing else, it helps you stamp your personality on the home.

  1. 4. Consider The Location

  1. When buying a property, it’s easy to fall in love with the home itself. However, you’re not only investing in a piece of real estate. Instead, you are investing in a way of life, which is why the location should play a key role in the decision-making process. Living in Ontario’s major cities like Toronto or Ottawa will be vastly different from smaller places like Niagara-on-the-Lake. Everything from property prices to nightlife, job prospects, and crime rates will be influenced by this factor. So, you must conduct research into the neighborhood as well as the area in its entirety. If you’re curious about our curated selection of Toronto neighbourhoods, check out our blog How To Upsize In Toronto Without Moving To The Suburbs.

  1. 5. Weigh Your Options

  1. Putting in an offer on a property often comes with a bit of stress, which is why you should always avoid rushing the process and take the time to analyze your options. Before even looking at properties, you should consider different mortgage providers and products. The right option could save you tens of thousands of dollars over the life of your mortgage.
  2. Similarly, you should let your trusted real estate agent show you multiple properties. Many people get swept up by the excitement and dive into the first property when something even better is out there. Even if the first one may be “the one”, taking the time to view others will confirm that you made the right selection. So, when you finally pick up the keys to your beautiful new property, it will truly become Home Sweet Home.

  1. Thinking about your path to homeownership? Call or email me today to discuss your goals and the current options available to you.

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