Buy

Whether you’re a first-time homebuyer, an established developer, or someone in between, you can trust me to guide you through this challenging process of buying a property and insure that you made smart investment.

STEP 1. Saving for a down payment.
In Ontario, you will need to have at least a 5% down payment for purchase prices under $500,000. For houses between $500,000 and $1,000,000, your minimum down payment is 5% on the first 500k, and 10% on the remaining amount. Finally, for houses over $1,000,000, your minimum down payment is 20%. Having a large down payment of at least 20% will allow you to save thousands of dollars on both interest payments and from not needing mortgage insurance.

STEP 2. Get a mortgage pre-approval.
Mortgage pre-approval is an information on what your mortgage may look like, including how much you can afford to spend, the interest rate available to you and what your monthly payment could look like. Having mortgage pre-approval before you enter into price negotiation gives you big advantage.

STEP 3. Discuss your options and find the right property.
Once you determine what you are comfortable spending on a house comes deciding what to buy and where. Factors such as number of bedrooms and bathrooms, floor plan, backyard size, commute time, public transit, neighbourhood amenities, safety and school rankings tend to be top of mind for many homebuyers and investors.

STEP 4. Write an Offer.
By submitting Offer on your desired property you are entering into wild and risky world of negotiations. Don’t worry, I got your back!

STEP 5. Home inspection, title search and Closing day!
Once your Offer is excepted by the Seller there are a lot of important activities have to be done, such as home inspection, property appraisal by your mortgage company, title search by your lawyer. On settlement day, the final paperwork is signed and the home keys are officially handed over to you. At this point you will encounter various closing costs with will be managed by your lawyer. Generally, a good estimate of how much to budget for closing costs when buying a house in Ontario tends to be between 3-5% of the purchase price. The two largest components of closing costs include Land Transfer Tax, and Lawyer & Legal Fees.