Purchasing your first home can be overwhelming and confusing at times. Knowing what to expect from start to finish will help you feel more confident in achieving this milestone.
First of all, give yourself a pat on your back! Deciding and being ready to purchase your first home is a big accomplishment. Our professional sales team is available to answer any of your questions but here are some helpful questions and additional resources that will help you along the way:
Is Homeownership Right for Me?
Homeownership comes with a lot of responsibility. Things to consider when making this decision could include: the security of your income, overall flexibility, and any financial stresses you may be tied down to.
Am I financially ready?
Do your best to learn about the mortgage industry. Here’s a start: Getsmartaboutmoney.ca
Mortgage lenders follow two simple affordability rules of thumb to help determine what you can afford:
32% of your gross household monthly income should be the most you pay for monthly housing costs
Your entire monthly debt load shouldn’t be more than 40% of your gross monthly income. Find out your Total Debt Service (TDS) ratio on the Canadian Housing and Mortgage Association’s Website
The hardest part of buying a home for most people is saving for the down payment. You may not have 20% of the purchase price readily available to put down. There are options available such as mortgage loan insurance, which can allow you to purchase a home with as little as 5% down. Be sure to seek financial advice from a qualified and reputable lender or an insurer.
These loan premium costs as well as you initial deposit should be considered as up-front costs. Down-the-road costs like strata fees, moving expenses, and even décor can also add up!
What are your needs/wants?
Narrowing down what you need in terms of size, number of bedrooms, parking, and even move-in date will help guide you in your search. Be sure to add your personal wants to your list as these are features that make your home perfect for you like bike storage and building amenities like meeting rooms, fitness centers or guest suites.
Don’t forget to consider your future needs. Where will you be in 5 years? 10 years? The stage of life you’re currently in is most likely to change in the next few years and the more you can plan for this change, the less stressful it will be down the road.
Know your options!
Do your research on competitive projects and explore the track record of the developers and builders behind them. Visit presentation centers, tour homes, and ask as many questions as you need.
What professional help will I need?
Before beginning your search, it is recommended you get pre-approved for a mortgage from a Bank or Mortgage Broker. Not only does this determine what budget you have to work with, but also puts you in a better buying position in the eyes of a seller.
Our knowledgeable sales team will then use your budget along with your needs/wants to help you narrow your search. They are able to answer questions regarding the specific home, development, community, developer, builder, and warranty providers.
All of our Presentation Centres are open every day (except Friday) from noon – 5pm to aid you in your search. It’s never too early or too late to begin exploring your home ownership options and our team is ready to welcome you to the ‘club’.
Annual First-Time Home Buyers Seminar
Explore our currently selling communities in your neighbourhood!