First Time Home Buyer's?

Purchasing a home can be a very overwhelming experience for anyone... especially for a first timer.. there are so many things you don't think of.. that wouldn't dream of thinking of. You have never been involved in this type of transaction before and in most cases, you have no idea how real estate/home buying even works.

I have compiled a check list of important things to be aware of and things you should do while preparing for you first home purchase. These things are merely suggestions based on experiences I have had with First Time Buyer's in the past.

"Am I Ready To Buy A Home?"

1. Speak with a Mortgage Professional about a Mortgage Pre Approval. This will help you get an idea of what you can afford, and what type of down payment, if any, you require. ( Feel free to contact me for more information about 100% financing )

2. Think about the out of pocket costs when purchasing your first home:

* Down payment (if any)

* Legal Costs ( remember our incentive! Purchase your first home with us and we will pay

your lawyer's fees. Contact me directly for further details)

* Land Transfer Tax --- Visit the below website for more info on LTT refund for 1st timer's

http://www.rev.gov.on.ca/english/refund/newhome/

* Miscellaneous Purchasing costs such as a Home Inspection

* Moving Costs

3. Contact Dan and Rachael Polakovic. We can set up a meeting to go over what you can afford and what you are looking for in a home.

Questions To Ask Yourself When Looking For A Home

1. What area's would I prefer to/not to live in?

2. What type/style of home would I like?

3. How many bedrooms?

4. Would I consider living in a condo/townhouse?

5. Would I consider a fixer upper?

6. What other options are important to me? i.e garage, fenced yard, close to schools,treed lot etc

Let's Start Looking

In my experience I wouldn't suggest seeing more then 5 homes at a time. Shopping for the perfect home can be very overwhelming and after seeing house after house they can tend to blend together and this can become very confusing. Take it slow, bring a pen and paper or even a camera with you to each showing. This way you can reflect back and compare once you have seen all of the properties. This will also help you use the "process of elimination" when narrowing down your choices.

Be vocal with your realtor. Ask questions, voice your opinion... don't be shy. We are not mind readers and the only way we can help you find the perfect home is if we know what you are thinking.

Be open minded. You are not there to look at the current owners taste (or lack there of ) in decorating. See the house for the potential it has structurally. Always remember... the furniture doesn't stay with the home, paint is inexpensive, wall paper comes down, carpets can be cleaned.

Don't be an emotional purchaser... I know.. that seems impossible. Try to look at the whole picture. No one house is perfect. It is nearly impossible for one home to meet all of your expectations to a "T". There will be some things on your wish list that can't be met. But just remember, this is your first home. You have to start some where. 9 times out of 10 the first home you buy is not the home you live in forever. Think of it as your starting point. Give yourself time to make it what you want it to be, or a stepping stone to better things to come.

Try not to max yourself out. Because you are approved for a certain amount, doesn't mean you have to spend it. Try to go below that amount to start. This way you can get your "feet wet" in the home owning world.

Leave room for improvement. Even if you aren't a handy person. You don't want to buy a home that has been upgraded to its maximum. You don't want to be at the top of the sale scale when you purchase a home. Because chances are you will be selling this home in the future, you want to be able to get a good return on your investment ( hopefully more then just the regular market value increase ). So leave a little room that you can improve upon the property to increase it's value over time, and increase your chances of making a profit later on.

So You Found The Perfect Place... Now What?

Let's make an offer. Once you have found the place for you.. I, your realtor, will do research on the area to see what similar homes are selling for and we can decide together what a good offer would be. Offer stage can be very intense. Sometimes an offer can go back and forth several times before finally coming to an agreement. Then there are time line's that have to be followed in what is called the "conditional period". The conditional period is the time frame given (usually 7 - 10 days ) after your offer has been accepted to have your financing and insurance secured, and a home inspection (not required but recommended ) completed. It's sort of a "grace" period that leaves you time to be completely satisfied with the structure of the home and your financial scenario before the contract of the sale is binding. At the time of your offer, this can be explained in greater detail by us, your realtors.

So the offer has been accepted. Your home inspection is complete. You are satisfied with your finances. You now own the house (on the closing date that is ) This is another things to think about. When you put an offer on the home you include a closing date. This is the day you will officially own the home. Closing dates usually range somewhere between 15 and 60 days. This leaves you time to give notice if you are currently renting, and to get ready to move in. It also leaves time for the seller to prepare the home by moving their things out.

What Happens On Closing Day?

You will meet with your lawyer probably a day or two before to sign your mortgage and ownership paperwork. Your lawyer can also go over the details of your purchase and answer any questions you may still have. This way you are not doing any additional running around on the closing day which can tend to be stressful in their own right. Then on closing day, your lawyer and the seller's lawyer will obtain all paperwork and handle all the financial aspects of the deal. Once everything is completed i.e the money is paid from your finance company to the seller your lawyer will contact you and you can pick up the keys to your new home. This is usually in mid to later afternoon.

You Still Have Questions?

Not to worry... it's alot to take in. That's what we are here for. Feel free to contact us anytime with your questions on home ownership. And the best part??? Our services to you, the buyer, are FREE!

So if you think you are ready to take the leap into home ownership, let me know! I am more then happy to answer any of your questions and help you find your first home. It's easier then you think!!