Listings Search Favorite Listings Showing Schedule Inbox
Sign In
Menu
  ↵

First Time Home Buyers

Are you considering taking the leap into the realm of home ownership?

While it can be a daunting thought, if you have the resources to buy a home then we are here to help you.  This is most likely one of the biggest financial decisions of your life, so in order to have the best experience you should know some key information!  With the help of my team and I buying a home for the first time will be less complicated and you can trust our knowledge and expertise to make sure that you are looked after every step of the way.

 

Here are some of my TOP TIPS for those who are thinking of buying a home:

  • Knowing that you’re ready: Before you even look at homes online or in the newspaper, make sure that you have the ability to buy a home. Check your finances, your credit score and budget accordingly. Ask your real estate professional or your representative at your bank to check over you financial situation to determine whether or not you’re ready. If you aren’t or if you feel like you aren’t, start saving what you can. Even if you choose to buy a home, you’re going to have to cut your spending considerably.

  • Know how much you’re going to spend before you look: After you have found out that you’re ready to buy a home, it’s time to budget yourself. Determine how much you’re willing to spend to purchase a new home, as well as for down-payments – something that usually gets left until the last minute.

  • Finding the right real estate representative: If you haven’t already, you should acquire the assistance of a real estate professional. As a first-time buyer, you should never go solo when buying a home. A real estate professional can give you advice on what home is best for you, as well help you search for the most fitting home for your needs.

  • Knowing what you need: Once you acquire the assistance of a REALTOR® or agent, start looking for a home that suits your needs. If you’re thinking for the future, take that into account when deciding which home is best for you. But don’t be over the top—be realistic when searching for that first home.

  • Getting a home appraised and inspected: To receive a quality mortgage, homeowners will need to hire an appraiser. An appraiser values your home based on the surrounding market and the condition of the home. Finding a reputable appraiser is crucial because an overvaluation can be detrimental to your economic health. An inspector is someone who comes in to check out the physical condition of your home. Hiring an inspector will let you know if you have to spend extra money on renovations or construction. Do this before you close on the deal – you don’t want to spend considerable money after you’ve bought the home.

  • Understanding your options for mortgages: Do a bunch of research before you choose a mortgage. Go to various lenders and understand their rates and policies. You could also ask your real estate agent for some help or hire a mortgage broker. There are different options, so find the one that suits you.

  • Getting a Lawyer/Notary:  Before you make a deal, have a lawyer or a notary read over the financial documents. This is to ensure that you’re not getting into a deal that looks shaky or fraudulent. The lawyer or notary has to be a real estate specialist.

  • Don’t forget about those closing costs: After purchasing a home, you may be faced with “extra charges”. Understand the various fees that you’ll have to pay before the close of the sale so you could save accordingly. These fees can include legal costs, land transfer taxes, disbursements and many others.  See below for more details so that you can be fully prepared to buy your first home!

 


Buying a home should be an exciting period for you, and while it can sometimes seem complicated at first, with the help of a real estate professional on your side,you’ll find the home that's right for you!

So if you decide that buying is the right decision for you then call me today to discuss how my team and I can serve you.

 

First Time Home Buyer Tips

CLOSING COSTS

When it comes to buying a home there are the obvious costs, such as saving up the deposit.  However, it is important to factor in all the other costs that are also involved to avoid ending up with an unexpected bill!

  • Deposit - You might need to put down a deposit; the amount depends on your area, the purchase price of the home, and your situation. If a deposit is required, it will be held in trust and will be deducted from your total purchase price and is considered part of your down payment.
  • Down payment - Generally speaking, the larger a down payment you're able to make, the better, because that means you'll have to borrow less. But you also don't want to leave yourself so cash-poor you can't cover all of the other costs that come with closing a sale. The minimum amount you can put down is 5% of the purchase price, assuming that you have made an offer to purchase and all conditions have been met.
  • Mortgage loan insurance - If your down payment is less than 20% of the purchase price of your home, you are required to have mortgage loan insurance. It protects your lender not you in case you default on your mortgage.  This is called a CMHC fee - click here to find out more about it!  I always recommend talking with a specialist mortgage advisor to work out what your best option is!
  • Land transfer tax - Ontario uses a tiered Land Transfer Tax system. In the tiered systems, the rate varies depending on the purchase price of the house. As a first time buyer you may be eligible to not pay this tax - ask your lawyer for more information.
  • Appraisal fee - Your mortgage lender will likely require an appraisal, it prevents you from borrowing more than a property is actually worth.  Some mortgage companies may ask you to pay upfront for the appraisal, and if you proceed with your purchase then they'll refund this money to you after closing.
  • Home inspection  - Don't even think about buying a home without first having a proper inspection done. In fact, your lender may insist on one to verify the condition of the home. On average an inspection costs between $300-$500, depending on the type of property and the type of inspection that you are doing.
  • Property insurance - Your mortgage lender will require you to have property insurance in place on closing day, since the property is actually the security against the loan amount.
  • Mortgage life insurance - Mortgage life insurance protects you in the event something happens to you. Obtaining life insurance or term insurance instead of mortgage life insurance can often be more beneficial.
  • Legal fees - Legal fees for buying real estate range in price and must be paid upon closing. When purchasing brand new condos, since such deals can involve more paperwork, the cost might be higher.  Be sure to find a lawyer who specializes in real estate!
  • Title Insurance - Insures you against any defects of title to the property. For example, if the previous owners undertook major renovations without proper permitting, you would be protected against any costs required to bring the house up to code. Typically, this one-time premium costs less than $500.
  • Moving expenses and services connections - The final cost is of course moving expenses and connection fees or deposits for services, such as phone, electricity, and other utilities. Moving expenses vary widely, depending on your personal circumstances and possessions.  Your lawyer should normally discuss with you setting up services at your new home. ​
 
Zoi Ouzas

Zoi Ouzas

Realtor®

RE/MAX Garden City Realty Inc., Brokerage

Stage & Sell with the Zoi Ouzas Team!

64 Main Street West , Grimsby, Ontario, L3M 1R6

zoi@zoiouzas.com

(905) 945-6945

(905) 945-0660
Web4Realty
Real Estate Websites by Web4Realty | Agent Login

Terms of Use & Privacy

General Terms of Use

Welcome to our website. If you continue to browse and use this website, you are agreeing to comply with and be bound by the following terms and conditions of use, which together with our privacy policy govern this site’s owner’s relationship with you in relation to this website. If you disagree with any part of these terms and conditions, please do not use our website.

Listing Data were last updated: 2024-04-20 00:55:32

Listing Objects were last updated: 2024-03-13 21:55:24

  • The content of the pages of this website is for your general information and use only. It is subject to change without notice.

  • Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.

  • Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.

  • This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than in accordance with the copyright notice, which forms part of these terms and conditions.

  • All trademarks reproduced in this website, which are not the property of, or licensed to the operator, are acknowledged on the website.

  • Unauthorized use of this website may give rise to a claim for damages and/or be a criminal offence.

  • From time to time, this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s).

  • Your use of this website and any dispute arising out of such use of the website is subject to the laws of Canada.

Terms of Use

  • This representation is based in whole or in part on data generated by the Real Estate Real Estate Board/Website Administrator which assumes no responsibility for its accuracy. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

  • All MLS data obtained from this Virtual Office Website (‘VOW’) is intended only for the your personal, non-commercial use.

  • You have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered through this VOW.

  • That you will not copy, redistribute, retransmit, or otherwise use any of the data or Listing Information provided, except in connection with your consideration of the purchase, sale, or lease of an individual property.

  • Real Estate Real Estate Board/Website Administrator ownership of and the validity of Real Estate Board’s proprietary rights and copyright in the MLS database, MLS data, Real Estate Board’s MLS System, and Listing Information.

  • You will not, directly or indirectly, display, post, disseminate, distribute, publish, broadcast, transfer, sell or sublicense any Listing Information to another individual or entity. The prohibited uses expressly include ‘scraping’ (including ‘screen scraping’ and ‘database scraping’), ‘data mining’ or any other activity intended to collect, store, re-organize, summarize or manipulate any Listing Information or any related data.

  • The Terms of Use agreement also expressly authorizes Real Estate Board, and other Real Estate Board Members or their duly authorized representatives, to access the VOW for the purposes of verifying compliance with MLS Rules and Policies (including the VOW Rules) and monitoring the display of Members’ Listings by the VOW.

  • Consent to the fact that your Personal Information, including first and last name, email address, and phone number may be collected, used or disclosed. The personal information may be shared with Real Estate Board for auditing and/or legal purposes.

Privacy

  • My website automatically gathers certain usage information like the numbers and frequency of visitors. This data helps me determine how many visitors use parts of the website, so I can improve my website to assure that it is as appealing as I can make it for as many of you as possible.

  • We use a technology called “cookies” that tells us how and when pages in our website are visited, and by how many people. These cookies do not collect personally identifiable information and we do not combine information collected through these cookies with other personally identifiable information to tell us who you are or even what your email address is.

  • We may provide statistical “ratings” information, never information about you personally, to our partners about how our clients and visitors, collectively. We do this so they too can understand how much people use their areas and our website in order for them to provide you with the best possible Web experience.

  • We will only transmit or ask for personal information over secure Internet connections, using SSL (Secure Sockets Layer) encryption, the currently accepted standard for online security, and security keys.

  • We may use your information to let you know of additional products and services which you might be interested. We may ask you for information about your interests so that both you and we can take advantage of the interactivity of the online medium, but you may always choose to respond or not, or opt out of future mailings.

  • We will not share your personal information to any third party, unless requested in response to legal processes, such as a court order or subpoena.

  • Whenever personal information about you is stored on our computers, that information is password-protected from unauthorized access or use. In addition, this information is kept on servers that are located behind a firewall.

  • This website may contain links to other websites. We are not responsible for the privacy practices or the content of such websites.

  • If we elect to change our privacy policy, you will be notified, and we will post those changes here so that you will always know what information we gather, how we might use that information and whether we will disclose it to anyone.

REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules and the REALTOR® Code.  The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

 

The trademarks MLS®, Multiple Listing Service®, and the 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.

 

Web4Realty

Real Estate Websites by Web4Realty

https://web4realty.com/