1. Determine how much you can afford
This should be first thing you should do. Talk to mortgage professional such as Mortgage Broker and check how much you can afford.
2. Prepare a Budget – Do not forget about the closing costs
There are some closing costs involved such as property transfer tax, lawyer’s fees, moving fee etc. The cost would vary and will depend on the purchase price.
3. Home Buyer's Plan
The Home Buyer’s Plan allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) to use towards their first home.
If you have a Registered Retirement Savings Plan (RRSP) set-up, you can borrow money you have saved in this plan to probably use it for your down payment.
4. Prioritize your preference
Based on your affordability, check what you would prefer condo, townhouse, or detached house.
5. Work with great real estate agent
Make sure you work with a trusted & reputable real estate agent. Finding the Right Home starts with choosing the Right Realtor. Once you know the price you can afford & your budget is in place, talk to your trusted Real Estate Advisor to check the prices of the properties in your preferred neighborhood. A Real Estate professional can set up an automatic search for you so that you get a notification as soon as a listing that meets your criteria gets listed.
Please do not hesitate to reach out to me if you need any guidance. Enjoy your home buying experience!
Real Estate Agent