Getting Started

Are you a First Time Home Buyer ? ? Not sure how to get started with the Home Buying Process ??

1. ?Visit a Mortgage Broker – you need a budget!

  • you will likely need pay stubs, two years tax assessment statements, letter of employment
  • list of all debt : credit cards, car loans, personal lines of credit, anything else you owe
  • list of all assets :?RSP’s, savings, property, car etc.
  • check your credit score, if there is anything outstanding, try to clear it off

2. Find a Realtor to Help You!

  • As a buyer you do not pay your Realtor, they are paid by the seller when you purchase a home
  • Choose someone familiar with your desired location
  • Choose someone knowledgeable and willing to work FOR you
  • Be sure they have the experience to protect your interests
  • Choose a person you can get along with

3. ?Determine the Area(s) you wish to live.

  • If you are shopping in your home town, that should be easy
  • If you are shopping out of town, your Realtor should be able to help
  • Think of distance to work, shopping, schools, parks etc.
  • New Subdivisions (less then 20 years) ? ?old areas (1950’s-1980’s) ? ?Heritage areas (100+ years) ?

4. ?Create a NEED List ?– These are Things that are hard to change

  • Number of Bedrooms (can any be below grade ? )
  • Number of Bathrooms (Ensuite Bath ?)
  • Square footage
  • Formal Dining room
  • Garage (single, double ? ) Number of parking spaces ? ?Double wide or tandem ?
  • Small yard, large yard ? ?Rear Neighbours ? ?Mature trees ?

5. Create a WANT List – these are things that would be nice but could be added later

  • Carpet free
  • granite counters
  • fenced yard
  • pool
  • large deck
  • Stainless Steel appliances
  • New Kitchens and Baths

6. ?Think about Closing Costs – You need to Budget for extra cash at Closing Time

  • Land Transfer Tax ?**See Calculator** it is determined by your purchase price
  • First time home buyers can receive up to a $4000 rebate *verify you are eleible with your lawyer
  • Legal Fees (budget $1000-1500) *check with your lawyer
  • Moving expenses (DYI or hiring a company)
  • Connection Fees and Deposits with Utility Companies
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