Welcome! OntarioWestCoastRealEstate... Serving Goderich, Huron County and Ontario's West Coast....

 

First Time Buyers


FIRST TIME BUYERS PLAN
Navigating the world of Ontario home buying......
Goderich, Clinton or Seaforth in Huron County awaits......

Step 1: Figure out how much you can afford.

Choosing a property you can’t afford can be heartbreaking. Avoid disappointment by figuring out your budget before you start looking.
 
  • First, decide how much you can afford for your down payment. The Home Buyers Plan lets you withdraw up to $20K per person (or up to $40K per couple) from your RRSPs – tax-free – to be repaid over 15 years. The bigger your down payment, the less principal you will owe, and the less interest you will pay.
  • Don’t forget about closing costs, like insurance, legal fees, home inspection costs, land registration and land transfer fees. Add those to your moving expenses and service hookup fees, and they can add up surprisingly fast.
  • Your monthly housing expenses (mortgage, taxes, heat, etc.) shouldn’t use up more than 32% of your income. (If your combined monthly income is $5000, for example, 32% of that is $1600.) If you have car payments or credit card debt, the rule of thumb is that debt repayment shouldn’t be more than 40% of your income.
  • Get pre-approved for your mortgage. It’s a good way of finding out how much you can borrow – and it speeds up the process once you’ve found the property you want to buy.
Step 2: Figure out what type of home is right for you.

Sit down and make a list of must-haves and nice-to-haves. Be realistic, but be clear about the features you can’t live without. How many bedrooms do you need? Bathrooms? Do you want a home office? A garage? How about a big backyard? Hardwood floors? Eat-in kitchen? Consider your lifestyle and your stage of life. If you’re planning kids in a year or two, the studio loft might not be your best bet.
Step 3: Decide where you want to live.
Living in an area such as Huron County in Goderich, Bayfield, Clinton or Seaforth is as important as buying the home you love. Do you want a busy urban lifestyle, a house in the ‘burbs, or a quiet place in the country? Do you want to walk to work or are you okay with a longer commute? Do you need to be close to good schools? Rec facilities? Shopping?
Step 4: Call me and I'll start the process....
Visit mls.ca. Check the classifieds. Drive around neighbourhoods you like. Call me and I'll show you as many as possible properties with your price range and parameters. This will take a few days. Take notes on all the properties you see.
Step 5: Build a team.
Put together the right group of experts to help you buy. Start with a REALTOR® you trust, or if you don't know him or her well yet, chose one that you are comfortable with and can answer all your questions competently. Then look for a reputable lender or  a mortgage broker, a lawyer, a home inspector and an insurance broker. You won't need to chose a lawyer right away, than can be done when a deal firms up. You will need a mortgage broker asap to see what price range of properties you can afford. We work closely with all of these professionals, including; contractors, excavation companies, water well experts, heating and plumbing contractors, feul distributors, septic tank pumpers, municipal planners, and surveyors and will be happy to recommend people you can depend on.
Step 6: Make an offer.

You’ve found the perfect place – now it’s time to make an offer. An offer to purchase includes the purchase price you’re offering, chattels to be included in the purchase (like appliances or light fixtures), the amount of the deposit, the closing date and any other conditions.

We will help you prepare your offer, even at your kitchen table if necessary, and will present it to the vendor, who will either accept it or make a counter offer (which asks for a higher price or different terms). You can accept or reject the counter offer. If everyone agrees,we have an Accepted Conditional Offer.. if not, we can make another offer, or we'll start showing you more properties.

Step 7: Get a mortgage.
Once you’re approved, you’ll need to decide what type of mortgage works best for your needs. Will you go with a fixed or variable interest rate? Will your mortgage be closed or open? What will your amortization period be? Will you make payments monthly, biweekly or weekly? Your mortgage broker or lender can help you find a mortgage that suits your needs – and saves you the most money in the long term.
Step 8: Move in and enjoy!
Trademarks owned or controlled by The Canadian Real Estate Association. Used under licence.
LAND TRANSFER TAX CALCULATOR
Here's a handy Land Tranfer Tax Calculator:

http://www.heydary.com/land-transfer-tax.html

Fill in the sale price and the LTT tax is calculated automatically!


FIRST TIME HOME BUYERS TAX CREDIT
You may be eligible!
 
Bill Jongejan
Bill Jongejan
Sales Representative
Royal LePage Heartland Realty, Brokerage (Independently owned and operated)
33 HAMILTON STREET Goderich, ON N7A1P3
Phone: 519.524.6789     
Fax: 519.524.6723     
Mobile:  519.525.9287     
Home Fax: 519.524.6723     
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