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
- 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