You're a first time home buyer and you're confused where to start. It can be a mentally draining and hectic time, but the final reward is usually well worth it!
This year has presented a variety of challenges for many first-time homebuyers, mainly, finding a home that suits their needs and in the price bracket that they can afford.
Of course, those challenges can be assisted by a Realtor that knows the market, the area and that knows about the listings as they come for sale, usually before the public is able to see them. Speed and timing seem to be ever-so-important in today's competitive Real Estate Market - especially in the GTA.
When it comes down to it, there are really 5 things to do that will make any first-time homebuyers purchase and decisions a lot more seamless.
#1 Are YOU ready? Did you do your research?
- First-time homebuyers may be eligible for a refund of all or part of the Land Transfer Tax up to $2000.00.
- The "RRSP Home Buyers' Plan (HBP) allows you to withdraw up to $25,000 from your RRSP plan to buy or build a qualifying home.
- Make a list of NEEDS and WANTS. You want to make sure you're getting as many of your needs, while understanding that you may not be able to fill your entire want list. It's important going in to know exactly what these are. Having a written list helps as you start to view properties.
- Research the areas that you are considering. Get in your car and drive the area if you are unfamiliar with it. Does it have the ammenities you need? Public Transportation? Schools? Shopping? Etc... (we have guides that can help you with this)
#2 Get approved
Talk to your bank or a mortgage broker (available to you through our concierge services at no charge - email us for details) to find out what you are approved for. Nothing worse that wanting a house that the bank says no to.
#3 Hire the right representation
Well, you've come to the right place! Seriously though, this is an important decision and one of the biggest purchases you will ever make. It is crucial to have the right Realtor working on your behalf! The market knowledge, and understanding of the legalities, contracts and negotiation process on your behalf will save you money and headaches! Interview or talk to a few different Sales Representatives to ensure you choose the right one for you! Just a quick mention that in most scenarios, The Kormendy Trott Team does not charge buyers anything to represent them.
#4 Search for your home
Here's a handy search tool of Area Properties (click here). As a complimentary service, we have the ability to send you an auto-email that alerts you when a home of your criteria in your chosen area comes on the market. Often times before it hits the public MLS system! See something you like? Contact us to start viewing the properties. You won't really know if you like the place until you see it. Seeing is believing!
#5 Prepare the offer
The nerves starting to kick in yet? We can help! Our experience in contracts and negotiation will help you towards purchasing the home you want! Things to consider? Ensure you have your deposit monies available as it will often be due to the seller upon acceptance or with the presentation of your offer. Have these funds readily available as you don't want to be scrambling for this last minute. The other item to consider? Closing costs, home inspections and the Moving date! We can help guide you and advise you on all these items and more!
The Kormendy Trott Team has a merchant program in place to help you save money!
We have gift certificates that we provide to our buyers and sellers that save you up to 40% on furniture, electronics and furniture at The Brick. Want to paint the new home with your colours? We give you 25% off ICI/Dulux paints! Need a place to store your stuff until you move into your new home? We have a deal with PODS storage too!
Ask us for details on these amazing programs with our merchants that we are happy to share with you!
Want to sell or purchase a home? We can help! Contact us today for a no obligation meeting with our team!
As always, we THANK YOU for visiting the KormendyTrott team blog and for allowing us into your home.
Century 21 Miller Real Estate Ltd
Oakville Real Estate – CENTURY 21 Miller –TOP TEN Office*
*For CENTURY 21 Canada in 2010 and 2011, Based on Gross Closed Commission