1. Determine how much you can afford
This should be first thing you should do. Talk to your mortgage expert and check how much you can afford.
2. Prioritize your preference
Based on your affordability, check what you would prefer condo, townhouse, or detached house
3. Do not forget about closing costs
There are some closing costs involved such as property transfer tax, lawyer’s fees, etc. The cost would vary and will depend on the purchase price.
4. Tax Credits
Talk to your accountant about tax credits. Fortunately, there are some tax credit available for first time-home buyers. Also talk to your accountant about RRSP Home Buyer’s Plan.
If you have a Registered Retirement Savings Plan (RRSP) set-up, you can borrow money you have saved in this plan to probably use it for down payment.
5. Work with great real estate agent
Make sure you work with a trusted & reputable real estate agent of your area. Finding the Right Home starts with choosing the Right Realtor.
Enjoy your home buying experience!