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The real estate market can be complicated for first-time home buyers and sellers. There is a lot of information to navigate and decisions to make. Test your knowledge below and learn the facts and fiction about home buying and selling.
 
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Below are most of the larger costs that may be associated with your purchase.

 

1.     Land transfer tax – Most provinces charge a land transfer tax and some municipalities do, but Chatham has voted that tax down (for now). The rate is: value of consideration X .005. eg. A $150,000.00 home will cost you $1,225.00 in land transfer taxes. First time home buyers can qualify for a rebate which will be applied for by your lawyer on closing.

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Buy vs Rent

 

This subject comes up quite often, and determining which is a better choice depends a lot on your goals, how ambitious you are when it comes to doing things to make the house feel like a home, and the importance to building a credit rating.

 

Below are a few facts and comparisons:

  

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Tips for First Time Home Buyers
 
It's an exciting time! You, or you and your partner have decided that the time is right to be first-time homebuyers. Now that you have made the decision, you are racing to the computer searching for that dream house. Of course, you need hardwood floors. Of course, you need stainless steel appliances. Oh, don't forget those fabulous walk-in closets.....STOP! 
  
First things first. You and your partner will be making one of the biggest financial decisions in your life. Home buying must be done with your brain power and not your emotions. Listed below are recommendations for the smart way to start the home buying process. If you are an impulse buyer, you will want to stick to a clear plan. There is a lot to consider, a lot to organize and a lot of good decisions to make. 
 
 
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The Real Estate Council of Ontario (RECO) did a study last fall to determine what the challenges were for Ontario home buyers and sellers.

 

RECO Registrar Joseph Richer says, “Buying or selling a home can seem confusing and stressful to many, but there are steps everyone can take to make the process easier and more satisfying, including brushing up on the basics, doing some homework, asking the right questions and working with a registered real estate professional."

 

He went on to say, "32% of first time home buyers reported that they did not feel prepared and knowledgeable about the process, and only half of Ontario homeowners age 18 to 34 felt they were prepared and knowledgeable about it."

 

Registrar Richer indicated that, "among things clients reported wishing they had approached differently when purchasing or selling their home was having a better understanding of the process. (Buyers 26%, sellers 12%), seeing more houses (21%), having  a home inspection (15%), spending more time selecting a Realtor (9%) and understanding the contracts better (buyers 14%, sellers 9%)."

 

How To Tell Fact From Fiction - Real Estate Council of Ontario 

 

As a result of this study, I have put together four recommendations for home buyers/sellers that I think are essential before they venture into purchasing or listing a home.

 

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