Buying your first home is a major milestone in life. While it’s an exciting journey, it can also feel overwhelming with so much to prepare. Today, we’ve put together the Top 5 essential things every first-time homebuyer should know—explained in a simple and easy way!
Set a Realistic Budget First!
The first step in buying a home is setting a clear and realistic budget.
Consider your monthly income, living expenses, and any existing debts to ensure you stay within a comfortable financial range.
Don’t forget to account for additional costs like legal fees, taxes, and other home-buying expenses.
Get pre-approved for a mortgage to understand your borrowing limit in advance.
Tip: A pre-approval gives you confidence and a competitive edge when house hunting!
Don’t Miss Out on First-Time Homebuyer Benefits!
The Canadian government offers several benefits to help first-time homebuyers:
Home Buyers’ Tax Credit (HBTC): Get up to $10,000 in tax deductions, which translates to a maximum refund of $1,500 at a 15% tax rate.
RRSP Home Buyers’ Plan (HBP): Withdraw up to $35,000 from your RRSP tax-free to use as a down payment ($70,000 for couples).
Tip: Taking advantage of these tax benefits can significantly reduce your upfront costs!
Research the Area and Market Thoroughly!
Choosing the right location is just as important as finding the right home.
Consider key factors like commute time, schools, public transit, and nearby amenities that matter to you.
Analyze real estate market trends and recent sale prices in your preferred area.
Consult with a REOCA-certified expert for reliable insights and professional guidance.
Tip: Check for future development plans in the area to assess long-term investment potential!
Don’t Forget About Hidden Costs!
Buying a home involves more than just the purchase price—unexpected costs can arise along the way.
Legal Fees: Required for contract review and property registration.
Appraisal & Home Inspection Fees: Essential for assessing the property’s condition.
Land Transfer Tax: Varies by location, but first-time homebuyers may qualify for rebates.
Tip: Set aside an extra 1.5% to 4% of the purchase price to cover these additional costs!
It’s Easier with the Right Experts!
Buying your first home can be overwhelming, but working with trusted professionals makes the process much smoother.
Real Estate Agent: Helps you find the right home within your budget and handles negotiations and contracts.
Mortgage Specialist: Compares and recommends the best mortgage options for you.
Lawyers & Accountants: Ensure all legal and tax matters are properly reviewed.
At REOCA, we bring together real estate, mortgage, legal, and accounting professionals on one all-in-one platform, making your home-buying journey seamless and stress-free!
Start Your First Home Purchase with REOCA!
Buying your first home is the first step toward making your dream a reality. With careful planning and the right experts by your side, the process doesn’t have to be complicated.
“With REOCA, your dream of homeownership becomes a reality.”
If you have any questions or need more information, feel free to reach out to REOCA anytime! 
