Tips for First Time Buyers

5 tips for the first-time homebuyer

1. REALTORS® are the MVP of a home buying team:
   I believe working with a REALTOR® will put the buyer at an advantage over other buyers attempting to DIY the largest transaction of their lives. Ann & Julia are not only knowledgeable about the latest developments in real estate, but they know the right questions to ask and things to watch for.
   With intimate knowledge of the local housing market, Ann & Julia are an accessible and constant source of guidance, providing information (comparable prices, neighbourhood trends) to make an informed decision about your purchase.
   Whether it’s setting up viewings quickly (when our market is busy!) or coaching you through the offer process (Multiple offers and strategies to help win the bid!), You don’t have to do it alone.
2. There’s no such thing as “too much” when it comes to browsing REALTOR.ca
   REALTOR.ca allows you to filter listings using personal criteria, share favourite listings with friends and family to get their feedback, and get a sense for the area with detailed neighbourhood and demographic information.
   Also… add the REALTOR.ca app to access listings and connect with your REALTOR® on the go! Check out listings “near me” with the interactive map while you are out driving around!!
3. Your Mortgage Broker is the other MVP or the home buying team
   Ann & Julia work closely with all the professionals on the home buying team. Shelley Rosner of Dominion Lending is there to help stick handle the financial end of the purchase. Now, more than ever, financial institutions are regularly launching new products and programs and you need Shelley to keep you informed of all the options available to you.
4. The Home Buyers’ Plan works
   Home Buyers’ Plan (HBP)…. the program allows first-time homebuyers to withdraw up to $25,000 from your Registered Retirement Savings Plans (RRSPs) to use towards the purchase of a home. As long as you repay the full amount within 15 years, there is no tax and no interest.
   This program can provide much-needed financial wiggle room often meaning you can make a larger down payment (eliminating the need for mortgage default insurance) and use other savings for important maintenance items and closing costs.
5. Expect the unexpected
   Stick to your budget as much as possible and build in emergency savings for those unexpected hiccups, such as the minor repairs that can lead to a surprising number of trips to the hardware store. Don’t sweat the small stuff…At the end of the day, it’s important to understand owning a home can be a lot of work and a series of never-ending projects. But it is all worth it!