Blog Posts

First Time Home Buyer's Checklist

Edgar Melo Jan-27-14 07:02 PM

 Most new buyer's will search the internet for answers.  However, there are many items one must look for while educating oneself looking for the "perfect" home.  I have put together a check list of items of what to look for and have also attached a spreadsheet to calculate costs when purchasing your new home:

  1. What kind of home do you want
  2. What area do you want to live in.  Chosing the right neighbourhood is key.  Location, location, locations
  3. What do I want in a home (must have's) (bedrooms, washrooms, size of lots etc)
  4. How much can I afford
  5. How much down payment have I saved (this is key as any down payments less than 20% will require mortgage insurance which ranges from 0.75% and up depending on down payment percentage
  6. How much of a mortgage payment can I afford.  It is not recommended you exceed 40% of your gross pay
  7. Calculate other monthly costs (utilities, taxes, property insurance etc)
  8. Get the help and advice you need from the professionals
  9. Hire a realtor or ask family and friends to refer one or simply use our TEAM.  Know what government rebates you qualify for.
  10. Hire a real estate lawyer.  Our team work closely with 2 law firms.  Joel Kadish Law and Randall Longfield Law Offices
  11. Get a pre-approval.  Sit down with a mortgage broker and see which mortgage options suits you best.  Our team works closely with Leo Marasovic from Verico Total Mortgage Solutions
  12. Get an appraisal and inspection done on the home of your choice
  13. Once deal is firm and financing is in place and it passed the home inspection home insurance will be needed once you close your deal

 If you find this info helps or you would like to see other items please contact us as we would love to hear from you!

 

Cost of the Home  
Purchase Price $
Plus HST (newly built homes) $
Total Cost of the Home $
Up front Costs  
Aprpraisal Fee (if applicable) $
Deposit (to be paid with offer) $
Down Payment $
Home Inspection Fee $
Land registration Fee $
Legal fee and disbursements $
Mortgage Broker's fee (if applicable) $
Mortgage Loan Insurance (if down payment is less than 20%) $
Adjustments on closing (taxes/utilities) $
Property Insurance $
Title Insurance $
Total Up Front Costs $
Other Costs $
New appliances $
Gardening Equipment $
Snow clearing equipment $
Window Coverings $
Decorations $
Moving Expenses $
Renovations/Repairs $
Utilities set up fees $
Total Other Costs $
Total Costs (cost of home+up front costs+other costs) $
Home Features Checklist
Is the home new or resale Resale New
What kind of home is it? Detached Semi detached
  Townhouse Duplex
  HighRise LowRise
  Freehold Condo
How old is the home # of years
Is it on a quiet stree Yes No
Lot Size Width Depth
Exterior Finish Brick Siding
  Wood Vinyl Siding
How many bedroom # bedrooms
How many washrooms # washrooms
How is home heated Gas Electric
  Oil Wood
Does it have a Master bedroom Yes No
Does it have a powder room Yes No