First steps . . .

  • Talk with friends and family to learn more about home ownership. This step can be very helpful for first time home buyers.
  • Talk to a mortgage broker to see if you are financially able to purchase a property. The best listings sell quickly so it’s helpful to know you can act immediately if you find something you really like.
  • Call our office for a one-on-one consultation and let’s see if this is the right time for you to buy.

House hunting for first time home buyers

The listings on this website include all single family homes for the South Georgian Bay real estate area.

  • What sort of home do you see yourself living in? Visualize the neighbourhood, amenities, and the home styles that you like. This is a good way to begin the process.
  • First time home buyers may want to use a house-hunting app to create a wish list and keep track of homes you’ve seen with details and a few photos of your own.
  • Some homes have poor curb appeal but are actually beautiful inside. You really need to have a look at the interior before making a decision. Landscaping and exterior paint are easy to correct.
  • Ask us about areas that are in the process of, or due for, regentrification. Up-and-coming areas have great potential for future equity and are more affordable to buy.
  • Together, we’ll visit the properties you like a second time so you can see them in a new light.
  • A home inspection is mandatory to protect your investment. A professional inspector will be able to tell you what needs replacing and when, and if there are any areas that need special attention.

A note about condos

  • If you want to live in the resort village or near some of the outstanding amenities in the Blue Mountains area, you may need to sacrifice space for affordability.
  • Older condos are generally larger and may have a different aspect ratio with a shallow living space that has plenty of natural light. Newer condos tend to have deeper layouts and are usually smaller.
  • A townhouse is a good compromise between an apartment condo and a house. They are better for people who need a garage or yard for pets. A middle unit is often less expensive than a corner unit.
  • Condo association fees, and village maintenance fees, are in addition to taxes and mortgage payments. Fees for a townhouse are usually less than for an apartment of the same floor area because utilities are the responsiblity of the homeowner.

Financing

  • You should be pre-qualified before house-hunting so that you can act decisively when we find the perfect home for your family.
  • A mortgage broker or bank representative can assess your affordability. Brokers work for many banks and have the ability to search for the best rate and terms. First time home buyers are not always sure where to begin applying for a mortgage.
  • Generally, the lender will recommend a purchase price that is approximately 3x your annual income less any debt you have.
  • Closing costs add another 1.5-2% to the purchase price. If you have less than a 20% down payment, the lender will add mortgage insurance to the total loan so it can be paid in installments with the mortgage payment.
  • New construction requires stepped down payments, usually a set amount every few months until completion.

Making an offer

  • First time home buyers need not fear! We will guide you through the offer process to the best of our abilities, from suggesting an offer amount to ensuring that you are legally protected against unknowns. We are legally bound by fiduciary duty to act with the greatest care and attention to your transaction. Don’t worry about ‘going it alone’ once you find the perfect home.
  • The offer is determined by comparable home sales in the area in the past few months. Our goal is to purchase the home for the lowest possible price and the greatest flexibility to you for terms and conditions.
  • The value of a house is determined by the market, not by the price you want to pay. A few thousand dollars between offer and ask may be insignificant when you consider the enjoyment your family will get from living there and the future appreciation in value.
  • The key to success when buying a home is to trust the experts.

This page was inspired by the article on HGTV.com, Essential Tips for First Time Home Buyers.

First time home buyers plan by Matthew Lidbetter
First time home buyers in Ontario free 5% down payment
First time home buyers starter homes and condos in Blue Mountains