Figuring out exactly where to begin in the home purchasing journey can appear daunting. Not trying to be biased, but hiring a realtor is one of the wisest decisions you can make. As a buyer, the cost to use the services of a licensed Real Estate professional is completely FREE. Once you’ve interviewed a few agents (choose the one you connect and trust the most) they will help you navigate through the rest of the process. Here are 5 items to note when considering house hunting:

1. Make sure you have saved enough money for a deposit and down payment. This amount ranges depending on the loan type you are seeking and the price/attributes of the home you are looking to buy.

2. Get pre-approved. Contact a Mortgage broker (your REALTOR will have an established network) and see how much you qualify for BEFORE you begin house shopping.

3. Make a list of your needs and wants. Be practical and open-minded. Also, it is important to consider the type of market currently present. Buy with your head, not your heart.

4. Don’t forget about closing costs. These could range from 1.5-3.5% of the total cost of your home. This includes items such as:

• Home inspection fee
• Legal fees
• Property transfer tax
• Appraisal fee
• Land transfer tax
• Title insurance
• Interest adjustment
• Property and fire insurance

5. Take advantage of First-Time Home Buyer Programs. As a first-time homebuyer, you’ll want to be familiar with various programs that apply to your situation. There are a number of government programs listed below that can help you potentially save some money when you buy your first home:

• The Home Buyers’ Tax Credit currently works out to a rebate of $750 for all eligible first-time home buyers.
• The Canadian government’s Home Buyers’ Plan (HBP) allows first-time home buyers to borrow up to $35,000 from your RRSP for a down payment, tax-free.
• If you qualify, land transfer tax rebates are available to first-time home buyers in the provinces of Ontario, British Columbia, and Prince Edward Island. There is also a land transfer tax rebate available for first-time homebuyers in the city of Toronto.
• If you buy your home before it’s built, or if you substantially renovate an existing home, you could qualify for a rebate for a portion of the sales tax. The GST/HST new housing rebate amount you can qualify for depends on the purchase price of the home, and can only be claimed if the net purchase price is $450,000 or less

Purchasing a home is a huge milestone and investment. The most important tip? Have fun. There will be moments when the process is stressful. However, when done right, with the right people, it can be fun and rewarding. Once you’ve endured the process and succeeded, remember to celebrate, fill your home with love, and enjoy all the property has to offer for the years to come.