As you know, I have curated this section especially for first time home buyers. My hope is this information will give you some insight on the programs available to you to take advantage of as you embark on this new journey. As always, my goal is to empower you with the right information so you are savvy, prepared and knowledgeable on how to best navigate home buying. Although I have touched on the Home Buyer’s Plan in the past, I have had many questions about this in the past month or so – mainly do the fact that home and condo prices are coming in higher that most have budgeted for and this is a great option to be able to make the purchase more a reality.
First Time Home Buyer – Must Do Homework List:
1. Create a Plan for when you would like to Buy your first home. Remember, when you finally find the right place, the purchase date is different from the date of possession. There will be a 30-90 day period ahead of your possession. So remember you won’t actually be in your new place until closing day, not the day you buy your place. This is important to understand, so you can bake in the lead time involved in searching for your place.
2. Determine how much house you can afford. This is a critical initial step and will involve discussions with your Mortgage Specialist and any family that may be involved with the financial aspect of this purchase.
3. Work with a good Realtor who understands what you are looking for and your limitations.
4. Save for your Down Payment and don’t forget about Closing Costs. This step will involve your Mortgage Specialist and Lawyer to understand what is involved in your closing costs (lawyer fees, Land Transfer, etc).