First Time Buyers

 

Our Personal Mission to Buyers

It is our mission to make sure each buyer client is 100% satisfied with our services. Whether a first time or experienced buyer, we promise to assist you in every step of this process from pre-qualifying you with one of mortgage specialists to sending you homes and negotiating on your behalf. It is our goal to get you the best price and save you money. Perhaps the most important, The Barb DeMaria Team will be with you through the entire process answering any questions you may have.

 

First Time Homebuyers FAQ

 

What is the advantage of home ownership?

 

ROYAL LEPAGE REAL ESTATE SERVICES - Canada's housing marketReal estate is a fantastic and solid investment. Every payment you make builds equity, and unlike other volatile and risky investments, the Canadian real estate market has increased every year since 1998. On a longer term scale, the real estate market has performed just as well. On the left you will see a chart which shows Canadian housing prices over the last 30+ years. As you can see… the trend is clear. (Data in chart provided by Royal LePage and CREA). As you build equity, you have the ability to move up the property ladder if you want to buy a home of greater value as your circumstances allow or require. Another great advantage of purchasing a home of your own is pride of ownership – the freedom to decorate or renovate as you please and increase your home’s worth.

 

Why should I buy my first home with The Barb DeMaria Team?

 

We offer a stress free process that helps you in being an educated first time buyer. We make it our top priority to understand your wants and needs, and assist you along the way with our network of skilled professionals, making your first time home buying experience a pleasant one. The best thing is, we offer these services at no cost to you. This is just one of the countless benefits buying your home with The Barb DeMaria Team. As a valued client, our service is FREE!  The fee for service is entirely covered by the LISTING END, as standard.

 

How can you simplify my home search? I spend hours searching on Realtor.ca and it’s exhausting!

 

Most buyers spend hours of time every day searching through the Internet on multiple websites looking for listings. What many buyers don’t realize are that a large percentage of these listings are either already sold, or in some cases a year outdated!

The Barb DeMaria Team simplifies this process by sending you listings that meet your criteria each and every day. These are sent directly from our in-house agent MLS which means you will notified FIRST. While most buyers are waiting on Realtor.ca, you will get listings up to 48 hours before the general public can view them. That gives you the head start, and moves you directly to the front of the line! Say goodbye to wasting your nights hunting the Internet for listings, we will will send them all to you.

 

The Barb DeMaria Team offers VIP Property Access, which allows you to view privileged property information of EXCLUSIVE Listings before they hit the market; ONLY available to The Barb DeMaria Team BUYER clients, NOT yet listed on the MLS Realtor.ca system!

 

How much can I afford?

 

Most lenders recommend that your monthly housing costs (principal, interests, taxes) not exceed 30% of your gross family income. This is called your Gross Debt Service ratio (GDS). Lenders may also look at your Total Debt Service ratio (TDS), which includes other housing expenses, loans and debts you may have, which should not exceed 40% of your gross annual income.

 

To find out what you can afford, try these affordability calculators:

Canadian Mortgage and Housing Corporation

Realtor.ca Mortgage Calculator

 

 

What if I don’t have a down payment?

 

If you don’t have a down payment saved for your first house, you still have options. One possibility is using up to $25,000 of your RRSP’s per person ($50,000 per couple) under the Home Buyer’s Plan. For more information, visit Canada Revenue Agency Home Buyer’s Plan. Another way you can move into the home of your choice now is to lease-to-own. This allows you time to save a larger down payment and even repair your credit if needed. A portion of the monthly lease amount is credited towards your down payment and at the end of this time you have the right to purchase the home. We would be happy to discuss other funding options available through financial institutions to help your dream become a reality.

 

How do I make an offer?

 

When you find the perfect house with The Barb DeMaria Team, we assist you in determining the fair market value, and drafting up an offer.  Our team is highly trained in negotiation, and we present your offer to the seller’s Sales Representative on your behalf. The seller may accept the offer, may reject it, or provide a counter-offer.  They may choose to change the price, closing date, or another condition. The offer goes back and forth until both parties agree to the terms, or one party ends the negotiations.

This process can get confusing. But do not worry! We will answer any questions you have along the way.

What expenses are there when buying my first home and when are these payments due?

 

A deposit is required when you put an offer on a home. Your Agent will help you determine the amount which will be due once your offer is accepted. The amount will be applied against the purchase of your home sale.  Generally a 1% deposit is held in the listing brokerage’s trust account.  This is refundable if any of the sale conditions of the offer are not fulfilled.

 

Home Inspections are optional however we highly recommend completing one so that there are no surprises. A fee is required if you choose to do one for your potential new home. Typically a home inspection fee ranges between $300-$400. Please see our personal business directory for a list of our trusted referrals including discounts from our recommended home inspectors.

 

Legal Fees are required to process the purchase of your home. These are due a few days prior to your completion date. Typically legal fees range between $1500-$1800.  Please see our personal business directory for a list of our trusted referrals including discounts from our recommended Lawyers.

 

Legal Disbursements are required to be paid to your lawyer and these are paid with your legal fees.

 

Land Transfer Tax for first time home buyers is typically exempt up to a certain price range (as long as you meet the requirements). Your lawyer will go into more detail on this subject.

 

Mortgage Insurance can be added into your mortgage or paid separately. This isn’t due until after you take possession of your new home. Your mortgage broker will go into more detail on this subject.

 

Home Insurance is required for your home purchase. This is due on closing and is an ongoing monthly expense. Your Insurance broker will go into more detail on this subject.

 

Do I have to pay HST on the purchase of a re-sale home?

 

HST does not apply on the purchase of a re-sale home, so this will not be an expense you will not have to incur. HST does apply to services such as moving costs, legal fees and home inspection fees.

 

Am I eligible for the First-Time Home Buyers’ Tax Credit HBTC?

 

What is the Home Buyers’ Tax Credit (HBTC)? The Canadian federal government introduced the First-Time Home Buyers’ Tax Credit (HBTC) in 2009, based on a down payment of $5000, to help with the purchase of a first home. The home must be a qualifying home and credit is given in the year the home is purchased.

 

How is the new tax credit calculated? The Home Buyers Tax Credit is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, this amount is $750.

 

How do you qualify for the tax credit? You, and anyone you purchase the home with, must be considered a first time home buyer to be eligible for the tax credit. The home must be used as your principle residence, and if you purchase with your spouse, common-law partner, or even a friend, then either one of you can claim the credit (or share it). However, the combined total provides up to $750 in federal tax relief. If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first time home buyer. See the Canada Revenue Agency website link below.

More info: Canada Revenue Agency First-Time Home Buyer’s Tax Credit

 

Why should I get pre-approved for a mortgage?

 

pre-approval-imageGetting pre-approved for a mortgage is easier than you think. The Barb DeMaria Team works with the very best mortgage specialists in the area who are there to answer all of your questions, guide you every step of the way, and offer the best rates to help save you money!

 

Getting pre-approved for a mortgage will allow you to know exactly how much you can afford, and which homes in which price ranges to look at. This saves you time and gives you confidence when looking at homes.  You will also be able to see what your payments will be, and you will learn about the various mortgage options and terms available that best suit your needs.

 

By getting pre-approved you will be ready to put in an offer as soon as you find something you like. It puts you ahead of your competition and lets you know exactly where you stand.

Click HERE To Get Pre-Approved

 

 

Should I work with a Sales Representative who only represents me, or can I get a better deal with the Listing Sales Representative?

 

Some buyers are under the impression that you can get a better deal if you work with the Listing’s Sales Representative when putting in an offer on a particular home.  That IS NOT necessarily true because the Listing Agent has the seller’s best interests at heart. When a REALTOR represents both the seller and buyer, they cannot influence the decision or provide advice to you as a buyer. It would be best to deal with a REALTOR who is representing YOU, and has your best interests at heart. Also, by working with your own REALTOR, you are able to convey your interests to them, allowing your agent to work even harder for you and know exactly what you want.

Think about it this way… would you not want a professional representing your exclusive interest on one of the largest investments you’ll ever make?

 

 

What benefits are there of having a Realtor represent me in buying a home, rather than doing it on my own?

 

The Barb DeMaria Team ensures all your wants and needs are satisfied. We enter your specific criteria in our internal Multiple Listing Service (only available to Sales Representatives/Realtors) and set you up on our FREE Home Listing Alert program.  You will be notified by email of all new listings that match your search criteria, as well as price changes, listed on the Multiple Listing Service, the instant that they become available.

It typically takes 48 hours for a new listing to go from our internal system to the public Realtor.ca MLS.  You can view homes before they appear on the public Realtor.ca (MLS), giving you an advantage over others not working with a Sales Representative/ Realtor. In fact, many of our buyers in the past will have already viewed a home and submitted an offer before the public even knows about it! Talk about first class service.

Why would you want to do this on your own when you can have a qualified professional working on your behalf for FREE?

 

 

Why Not Do It On My Own? Why Do I Need A Realtor?

 

The Barb DeMaria Team ensures all your wants and needs are satisfied and all your questions answered. We enter your specific criteria in our internal Multiple Listing Service and send you listings when they hit our internal system. This is something you cannot do on your own. You will be notified by email of all new listings that match your search criteria, as well as price changes, listed on the Multiple Listing Service, the instant that they become available.  All new listings/price changes added to the system that match your criteria will be automatically emailed to you. It typically takes up to 48 hours for a new listing to hit Realtor.ca  A person who does it alone will be at a disadvantage and could lose hot listings. In many circumstances, a home may already be sold by the time it hits Realtor.ca and other real estate websites. Working with a REALTOR is 100% FREE of charge, so why wouldn’t you want a professional helping you?

Click here to get listings sent directly to you.