Buying your first home is a daunting experience – with so much out there, where do you even start your research? We’ve compiled some of the best resources and apps to get you started.
Your Guelph Realtor should be able to help you navigate through the process. Once you become familiar with the details, it becames far less intimidating (and in some cases, actually fun!). Here are the details:
49% of first-time home buyers are Millennials (25-34)
61% of first-time home buyers purchased a detached home
50% of first-time home buyers felt price was the most important factor to consider
85% of first-time home buyers spent the most they could afford on their home, versus 68% of repeat buyers (CANADA MORTGAGE AND HOUSING CORPORATION, 2018)
Top 5 Must-Have Resources
The Government of Canada’s FIRST-TIME HOME BUYER INCENTIVE helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
The Government of Canada’s MORTGAGE CALCULATOR determines your mortgage payment and provides you with a mortgage payment schedule. The calculator also shows how much money and how many years you can save by making prepayments.
The Government of Canada’s MORTGAGE QUALIFIER TOOL helps you determine whether or not you can qualify for a home mortgage based on income and expenses.
Closing costs- things to consider as a first time home buyer
A major concern of first time home buyers are the costs related to the transaction. Beth and Ryan Waller put together a blog post that outlines some of these costs.
These resources are designed to help buyers when looking for Guelph homes for sale. It’s easy to search on MLS and potentially even go to open houses, but it’s best to be prepared in case that dream home comes along!
If you have any questions or concerns about the home buying process, Contact Beth and Ryan Waller.