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Buying your first home could be very intimidating and quite often be a very stressful process. Here are a few things to remember for anyone thinking about buying their first home.

1. Be absolutely sure you are ready to buy a home.


2. Get qualified for a mortgage. Knowing the amount you qualify for and what you’re comfortable with borrowing is extremely important.


3. Find a knowledgeable real estate salesperson. Our real estate sales team is equipped with the latest equipment and computer systems having access to the most abundant resources and exhaustive database to help you buy your first home. The best part is, most of the time the buyer doesn’t have to pay the service fee, the sellers do.


4. Know all the hidden fees. When buying a new or resale home/condo, you will have to be aware of certain closing costs.
   
   Possible Fees:
   
   
   1. land transfer tax
   2. home inspection fee
   3. bank appraisal fee
   4. mortgage broker or application fee
   5. legal fees
   6. high ratio mortgage insurance fee
   7. prepaid tax reimbursement
   8. prepaid condo fee reimbursement
   
   Expenses to expect when buying a new condominium
   
   
   1. educational levy
   2. development charges
   3. law society of Ontario fee
   4. 2 months of condo fees
   5. parks levy
   6. discharge of developer’s mortgage fee
   7. heat pump fee
   8. prepaid occupancy fee payment
   
   When buying a new condominium project, your first closing is when you occupy the suite. However it is important to note that you do not own the unit until the building is registered with the City it is located. At this point you are known as an occupant and required to pay the building developer an occupancy fee. 6 months is the average time for the occupancy period.


5. When the right property comes your way, be decisive and make your move! Currently, and for the past eight years the real estate market in Ontario and rest of Canada has been very strong. Indecision often leads to regret. Put in an offer and proceed with confidence!


6. Making an offer. When putting in an offer there are no set rules. At this point your real estate sales representative should have educated you on market conditions and past sales market comparables. The decision is ultimately yours but listen to your sales representative; it will be the most important input you will ever get!
   
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