Tips for the First Time Home Buyer
  1. Do not get emotionally invested. Do not buy for the décor. The home may be professionally staged.
  2. Find a Real Estate Sales Person to represent your interests.
  3. Don’t buy more house than you need. In excess of your gross debt ratio. A debt service measure that financial lenders use as a rule of thumb to give a preliminary assessment about whether a potential borrower is already in too much debt. Receiving a ratio of less than 30% means that the potential borrower has an acceptable level of debt.
    Calculated as: GDS=annual mortgage payments + property taxes
                Gross family income
Most home buyers spend $2000+ in the first year of   ownership and this continues yearly.
  1. Home Inspection get one. You can’t cancel agreement because of cosmetic expenses or routine updates but you can for structural and mechanical problems.
  2. Closing date- don’t be afraid to walk away. Get a final walk through and bring home inspector to look so house is in same condition as when you first saw it.  
REALTORS® do the Homework: Link to Ontario Real Estate Association. Videos on Buying and Selling your property.

Powered by