First-Time Buyers FAQs

As first-time home buyers in Ontario, Canada, there are some things you should know. One of the most important items you should be aware of is that this is a lovely place to live. It is populated with longtime locals and transplanted residents alike. But, when it comes to buying a home for the first time, it is important that you understand the process beforehand.

If you want to learn more about what you need to know when buying your first house, continue reading.

1. Should I Get To Know My Realtors?

Yes, you should definitely become acquainted with your realtors. Buying a house, whether it’s your first time or fifth time, can be a time-consuming and complicated process. However, it is especially so when you are a first-time home buyer. To mitigate any concerns and put your mind at ease, it is essential to get to know your realtors and establish a rapport. When you are comfortable around the realtors, you will feel free to request explanations for complicated loan paperwork as many times as you need so you can fully understand what you are signing.

Your realtor will understand your local Ontario market and advise you on whether certain homes will be in your best interest to pursue. Home buying can be an emotional journey for the buyers, especially when you have never done it before. The realtor will offer an objective and pragmatic approach to the process which will help keep you focused on getting the best home for you.

1. What Can I Afford To Spend On A House?

Knowing what your budget for home buying is is necessary information throughout the process. Some things to be aware of from the beginning include

• Can you afford the mortgage?

• What are the taxes, both historically and forecasted?

• What is the cost of homeowner’s insurance for each prospective home?

• Is the home turn-key, or does it need extensive repairs?

• What are the average utility bills during the hottest and coldest months of the year? (Ask your realtor to contact the utility companies for this information for each home you are seriously considering.)

• Are there any neighbourhood or association fees that you need to factor into monthly bills?

Discussing your finances with your realtor and lender is an essential part of the home-buying process. You do not want to be left “house poor”, as they say, with all your money going towards home costs and nothing left for entertainment and everyday living.

Get In Touch With Ontario Real Estate Agents Today.

When you’re buying a home for the first time and planning a move to Ontario, Canada, it is in your best interest to find a local real estate agent to guide you through the home-buying operation from start to finish. Contact a licensed real estate agent to work with the best.

Gather your questions, have an idea of what type of home you desire, and go on an adventure with a great realtor and an open mind.