Ready to Buy Your First Home? Here’s What You Need to Know Before You Start

Buying your first home is an exciting milestone, but preparation is key to making it a smooth and successful journey. Here's a quick guide to what you need to do before starting your home search with a realtor.

Some people are apprehensive to speak with a mortgage advisor at their bank. Be brave and set up your appointment. You'll be surprised just how much of a mortgage you can get.

1. Get Pre-Approved for a Mortgage

Understanding how much you can afford is crucial. A mortgage pre-approval provides:

• Clarity: Know your price range to focus your search.

• Confidence: Sellers take you seriously when they see your pre-approval letter.

• Interest Rates: Lock in a competitive rate for 90–120 days.

  
  

Affordability Calculator

Set financial goals for yourself. Look into the FHSA and HBP programs offered by the Federal Government, to help you save for a down payment on your first home.

2. Save for a Down Payment

In Canada, you typically need at least 5% of the home’s purchase price for a down payment. Use tools like:

• First Home Savings Account (FHSA): Save up to $40,000 tax-free for your down payment.

• RRSP and Home Buyers’ Plan (HBP): Withdraw up to $35,000 tax-free from your RRSP to buy your first home.

  
  

Stretching to afford a home isn't the right move for most people. The old adage that the higher the risk the greater the reward doesn't apply here. Owning a home and affording your lifestyle should be at the forefront of your decision making.

3. Be Realistic About Your Budget

It’s tempting to stretch your finances for your dream home, but staying within your budget ensures long-term financial stability. Factor in:

• Closing costs (land transfer tax, legal fees, inspections).

• Monthly expenses (property taxes, utilities, insurance).

Determining Your Household Budget

Meet Donald Bilodeau, Mr. Real Estate Toronto. Donald lives in Leslieville, is fluently bilingual in French and English, and enjoys working with sellers and buyers.

4. Work with an Experienced Realtor

As a licensed realtor, I specialize in helping first- and second-time home buyers find their forever homes. I provide:

• Expert advice on neighborhoods and market trends.

• Skilled negotiation to secure the best deal.

• Guidance through every step of the process, from viewing to closing.

  
  

Take the First Step Today

By preparing ahead, you’ll make your home-buying experience smooth and stress-free. When you’re ready to start your search, I’ll help you find the perfect home at the best possible price.

Let’s make your homeownership dreams a reality!

Working with Donald

Donald's real estate practice began in 2013, buying, selling and leasing residential and commercial properties across the Greater Toronto Area and the province of Ontario. Working closely with buyers, sellers, and landlords, Donald combines a decade+ of experience, attention to detail, fully bilingual service, and strategy, with a sunny, practical disposition. Clients respond very positively to his full-service approach to real estate transactions, where his clients' satisfaction matters most.

Call or Text Donald Bilodeau, Mr. Real Estate Toronto, at 416-476-3554 or send me an email at donald@donaldbilodeau.com. I want to work with you!

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