Updated: Dec 29, 2020
Buying Guide -Ontario
Written by: Bilge Isikdogan Instagram:
A very simplified 5-Step Buying Guide for people living in Ontario.
For a more detailed conversation book a call with me via: https://calendly.com/bilge-/meeting
1. Save Money for Down Payment
Statistics show that it takes on average 21 years for a first-time home buyer in Toronto to save the ‘recommended’ 20% down payment? Why? Because, life is expensive. We all have lots of bills to pay. And this is why it is so important to get your finances right and start saving even if its small amounts. Yes, the recommended down payment is at least 20%, but as a first-time home buyer in Ontario you are not obligated to pay 20%. You can pay as little as 5%. This will be much easier to save up compared to 20% and not having to wait to save 20% will most likely save you more money by allowing you to get in the market earlier with only 5%.
2. Put money aside for Closing Costs
Yes, when buying a house, the buyer does not have to pay for realtor fees, but there are other fees associated with buying a home. I recommend everyone to save at least 1.5-2% of the house price to cover their closing costs. Closing costs can be: -Inspection -Lawyer Fees -Land Transfer Tax -Property Tax -Moving Company -Furniture -Renovations &more
3. Get PRE-APPROVED
This is such an important factor that most people skip. you could have money saved in the bank, a great job, awesome credit score but none of that will matter if you are looking for houses that are way over your budget. In order to get in the market, and look at the correct price ranges it is best to talk to a mortgage agent and figure out how much the lender will lend you. You would not want to get disappointed looking at million-dollar homes just to find out that you are only approved for houses in the 500K range.
4. Find a Realtor
This is a step you can do before all the other steps if you want. A realtor should guide you with finding a mortgage agent and then taking the right steps towards buying your house. Finding the right realtor is very important. You should work with a realtor that is willing to do the work for you and watch your back. You can also focus on other factors like what is the realtor specialized in and what areas do they work in, but all of these do not matter if the realtor doesn’t care to find you the house you want and get the right price for you.
5. Start searching and offering!
Searching for the house you want can sometimes take months, but that is okay because this will be one of the biggest purchases of your life. Just put these into factor before starting your search with your realtor:
-City vs. Town
-Accessibility & more
For a more detailed conversation, you can always book a call with me via: https://calendly.com/bilge-/meeting
Bilge Isikdogan: Sales Representative
Search Realty/Mortgage Corp., Brokerage
c: 647.802.8069 Bilge@SearchRealty.ca