Ever wondered what you should know before jumping into the world of home ownership?
Well, stick around for some valuable and unbiased advice.
First time home buyer tips to consider during the planning stage.
PLANNING
What to consider:
01
Begin saving for your down payment early.
What to consider:
02
Don't forget closing and moving cost.
What to consider:
03
Get any existing debt under control.
Know what you want:
04
Don't get distracted by all the possibilities of your first home.
Know what you want:
05
Focus on your "must-have" home features and stay on track.
Know what you can afford:
06
An online mortgage affordability calculator can help!
Find a mortgage that is best suited for you: Interest rate, term length, and type of mortgage.
MORTGAGE
Types of mortgages:
07
Personally, I'd go with an open mortgage.
Take advantage of incentives:
08
Home Buyer's Plan (HBP) and GST/HST Housing Rebate.
Know your purchasing power:
09
In only 5 minutes.
Now the fun part! But you want to avoid some common pitfalls along the journey.
SHOPPING
Carefully pick a real estate agent:
11
Ask family and friends for referrals. Check online reviews.
Stay within your budget:
12
Set a price range and commit to it.
What neighbourhood is right for you?
Managing the upkeep of an older home