Advice for buying your first home

Buying your first home is an experience you won’t forget. It will likely be the largest and most important financial decision you’ll ever make. One thing is certain – you don’t need to be alone on this buying journey. By working with a TRREB member realtor, you can be sure that you’ll find a place you can call home.

After being pre-approved for a mortgage, your real estate professional will walk you through the first step you’ll take as you house-hunt together – discussing your must-haves. This step is all about ensuring you find a home that is right for you. They’ll be on hand to have an open conversation about your preferred neighbourhoods, what communities will offer you a short trek to a subway or bus stop, and anything in between, such as parks, shops and restaurants.

And when you attend a showing, it will help you envision yourself in a home. Although showings are strongly recommended to be held virtually, there are so many ways you can connect with your TRREB realtor. Whether it’s a video call or sharing photos, you’ll have what you need to picture yourself in this space.

Exciting process

Once your realtor has found a home that meets your must-haves, and it’s time to make an offer. Signing your name on the dotted line is both an exciting and stressful part of the homebuying process. Rest assured, your real estate professional will be by your side to let you know what you’re signing, what it means if your offer is accepted and how to avoid buyer’s remorse. You can also be sure that plan B is following closely behind, if your offer isn’t accepted.

As a first-time buyer, you’ll need to know about the minimum five per cent down payment and how it impacts you. And, if you aren’t sure how much of a down payment you’ll need, your realtor can connect you with a mortgage broker or bank that can advise you on the amount you’ll require based on the purchase price.

And let’s not forget about incentives and rebates that can help you save money as a first-time buyer. There’s four that you can ask your realtor about if you’re purchasing a resale home.

Assistance for first-time buyers

If you have enough funds in a Registered Retirement Savings Plan (RRSP) and need tax-free support for a down payment, you can apply for the RRSP first-time Home Buyers’ Plan.

There’s also the First-Time Home Buyer Incentive that could help you reduce your monthly mortgage payments. If you’re wondering if you’re eligible, your realtor can help you. And, finally, the land transfer tax rebate. When it’s time for closing, you’ll learn how much you owe in taxes. Since this is your first time around in the homeownership world, there’s a special tax credit to help you save on closing costs.

Lastly, if you have questions that are unique to your buying situation, the resources TRREB member realtors can offer are endless, and they’ll be able to point you in the right direction. So, get started and discover how buying your first home can be worry-free with a trusted realtor. Visit trreb.ca to start house hunting and learn more about first-time buyer incentives and rebates.