What You Need To Know When Buying Your First Home

Buying your first home can be hella stressful, which is why we’ve partnered with the Real Estate Council of Ontario to get the lowdown on Ontario’s real estate game. We’re not going to sugar coat it for you: it’s going to be a wild ride, but it will also be one of the most rewarding experiences of your life if you do it right.

Here are our tips for keeping your cool in Ontario’s HOT real estate market:

– Chances are you’ll find yourself in a bidding war, which means you need to set some firm boundaries NOW. In the heat of the moment, it may seem like a good idea to waive certain conditions in hopes of positioning yourself as a more desirable candidate, but rash decisions made under pressure are never a good idea.

– Set a budget and stick to it (and don’t forget to factor in all the hidden costs like legal fees and land transfer tax). In the Ontario market, there will be competing offers, and there will be lots of them. Things will get tense and emotional, but by sticking to your numbers, you know that your competitive nature won’t get the best of you.

– Get real about housing prices. Do your research; look closely at the neighbourhoods you most want to live in and the homes that have sold in the last few years. Talk to a real estate professional and get the full picture to save yourself from disappointment down the road.

Overwhelmed? You don’t have to be. Working with a real estate professional can really take the edge off. In addition to helping you get the best price, they’re also there to help you understand your rights as a buyer and eventually as a seller. RECO also has a very thorough understanding program in place that includes continuing education, so you’re in the best hands.

Here are five tips to avoid common home buying missteps:

1. Don’t sign anything that you don’t understand. Read legal documents thoroughly, consult a savvy friend and a real estate professional if the language is confusing or something seems sketchy.

2. Make sure that you are on the same page as your representative. Clear and honest communication is KEY.

3. Leave emotions at the door.

4. Know your tolerance for risk before going in.

5. Be open, be flexible and have a back-up plan.

You can find more info and real estate tips here.

This post has been generously sponsored by the Real Estate Council of Ontario, the opinions and language are my own.


1 Comment

  1. December 8, 2016

    thanks for great guide….it’s really helpful for people who tend to buy first home.

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