top of page

Additional Considerations For First-Time Home Buyers

realtorjody


If you’re a first-time home buyer, there are some additional things you may need to prepare. For instance, some first-time buyers aren’t aware of how long the home buying process can take.

“The home buying process length can differ from buyer to buyer,” Halabi explains. “I’ve had clients who are very open to one or two neighbourhoods who found a home in a couple weeks. But others who have more specifics on their must-have list could take longer.

“Most sellers ask for a 30 or 60-day close,” he adds. Meaning, the final transfer of ownership would take place either 30 or 60 days after the agreement is signed. 

Depending on your budget, you may need to start with a smaller or more modest home for your first property. This can allow you to build both your equity and your experience, while still getting your foot on the first step in the property ladder.

Plus, don’t put yourself in a situation where you buy more home than you can realistically afford or maintain. While you may be tempted to stretch your budget to get a home that seems perfect, being “house rich, but cash poor,” can be a very stressful—and risky—way to live.

“For people who are currently renting, the mortgage payment may be close to what you pay in rent,” MacDonald says. “But there are all kinds of other expenses associated with homeownership, like taxes, insurance and upkeep. If you don’t have exact numbers, use 2% or 3% of the purchase price to estimate your added monthly ancillary costs. Then try living for six months as though you already own the home, to see if you can do it before you make the leap.”


0 views0 comments

Recent Posts

See All

Commenti


Leave Me a Message

Thanks for submitting!

Email / Call Me

Tel: 416-709-8663

Office: 416-535-8000

Email: RealtorJody@royallepage.ca

Address: 110 Weston Road

Toronto, CA M6N 0A6

Royal Le Page Logo.png

MLS® Disclaimer

 Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Royal LePage Supreme Realty, Brokerage may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2023 All rights reserved. Last Updated: July 21, 2023 3:58 AM UTC

 


The property information on this website is derived from Royal LePage listings and the Canadian Real Estate Association's Data Distribution Facility (DDF®) . DDF® references real estate listings held by brokerage firms other than Royal LePage and its franchisees. The above information is from sources believed reliable, however, no responsibility is assumed for the accuracy of this information. Contact information is provided to facilitate inquiries from consumers interested in real estate services. Please do not contact the website owner with unsolicited commercial offers.

The MLS® mark and associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.

The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

All offices are independently owned and operated, except those marked as indicated on rlp.ca/disclaimer. © 2023 Bridgemarq Real Estate Services Manager Limited. All rights reserved.

 

 All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Royal LePage Supreme Realty, Brokerage may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2023 All rights reserved. Last Updated: January 1, 1970 12:00 AM UTC 

bottom of page