Calcun Intl
Buying
Simple Real Estate solutions in Toronto and the GTA: Buyers Guide
Step 1: Decide To Buy
Before anything, figure out what kind of purchase you are looking to do. How many washrooms are you looking for? How many bedrooms? Do you want a finished basement? Or is an unfinished basement okay? These are some of the factors to consider when purchasing a new home. It is also very key to familiarize yourself with the different types of ownership:
Free-hold Ownership
With free-hold ownership, you are the sole owner of the property and are responsible for maintaining the property and land. Remember to budget accordingly.
Condominium Ownership
Property ownership that involves multiple-unit dwellings in which a person owns his/her unit and the common areas are owned collectively. All unit owners share in the costs and maintenance of the common areas. Common areas include the pool area, gym space, elevator, lobby, etc.
Co-op Ownership
Like condominiums, co-op is also a multi-unit building. However, a co-op owner has an interest or share in the entire building and a contract/lease that allows the owner to occupy a unit. While a condominium owner owns the unit, a co-op owner does not own the unit. Co-ops are collectively owned and managed by their residents.
After figuring out the criteria of what you are looking for, along with what ownership you would like to pursue, it’s time to begin the process of looking for your new home!
Step 2: Mortgage Pre-Approval
With a mortgage pre-approval you will know what you can afford with the income you make. This allows you to shop around confidently because you will be able to stay within your approved budget. Another way of knowing what you can afford prior to reaching out to lenders is by using our Mortgage Affordability Calculator.
Step 3: Hire An Agent
Hire an agent you can trust, and will make the process as smooth and fun as possible. Afterall, what good is buying a home if you cannot have fun doing it!? This agent will represent you along the entire journey so choose wisely.
Step 4: Find The Perfect Home and Make an Offer
When finding the perfect home, one thing to consider is the down payment (the percentage of the total home price that you will need to pay prior to moving in). Essentially, the more money you put down, the more money you will save on monthly payments and costs of borrowing. One way to browse listings is by using our search engine. *Search Engine* After finding the perfect home, your agent will prepare and offer and submit it for acceptance. With a pre-approval at hand, it makes the process of securing the home much more efficient.
Step 5: Closing the Deal
Once your offer is accepted, a future closing date will be set in the agreement in which closing costs and any associated fees will need to be paid by. Fees can include mortgage applications fees, inspections, and legal fees. Once this is taken care of, get ready to move into your new home!
First Time Home Buyers
Buying a house for the first time is most likely athe biggest purchase in your life up to this point. As a company that represents you and looks out for your best interest, we would like to introduce you to the First-Time Home Buyers’ Tax Credit.
First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you acquired the home.
You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.
Want to know more? Fill in your info to the right and one of our agents will be in contact with you directly.
Leave us a detailed message and we will get back to you within 24 to 48 business hours.
RRSP Home Buyer’s Plan
The Home Buyer’s Plan (HBP) is a government program that allows home buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to put towards buying or building a new home.
Simple Real Estate Solutions
Calcun Intl
At Calcun Intl, we are experts when it comes to real estate and easy real estate solutions. We always put our clients needs in the forefront of our efforts. We will help you make the right decision when it comes to buying, selling, or leasing real estate.
About Us
Calcun International is a leading full-service real estate solutions company operating across Ontario, specialized in the assistance of buying, selling, and leasing properties.
Contact Us
Email: info@calcunintl.com
Phone: (647) 688-7885
Address: 401 Bay st, 16th floor Toronto, ON M5J 2X2
