#AskFM: Tips for First-Time Home Buyers

Last week, we took to Instagram stories to answer a common Real Estate question: “What’s your #1 tip for first-time home buyers?”. Since the answers proved to be helpful to our Instagram followers, we thought we’d share our advise on the Fox Marin blog as well! For daily Real Estate advice and insight, be sure to follow us on Instagram and watch our Instagram Stories! Here’s our tips for first-time home buyers:

• According to our Broker of Record and Manager Partner, Ralph Fox, it’s important that you find a Real Estate Agent that you trust. It’s best to work with someone who is knowledgable and has a tremendous amount of hands-on experience in the Toronto Real Estate Market. By enlisting a trustful Real Estate Agent, you’ll have someone who can guide you through the process and advise you on the misinformation often portrayed in the media.
• Kori Marin, Managing Parter and Sales Representative, says that buying your first property can be scary (and you shouldn’t let anyone tell you otherwise!). She suggests that you embrace the process, learn a lot and jump in with both feel. Once you find that special property and start paying yourself, homeownership is a very empowering position to be in!
• Sales Representative Ian Busher reminds us of something that is often overlooked by first-time home buyers – land transfer taxes! They add up very, and they cannot be rolled into your mortgage. Many new homeowners don’t realize that land transfer taxes need to be paid on closing.
• Sima Sepehri, Sales Representative, says that doing your research is one of the best things a first-time home buyer can do. She’s says that there is a lot of misinformation out there, and it’s important that buyers educate themselves and choose a team of professionals that are reputable.
• Sales Representative Carol Duong recommends that first-time home buyers obtain a mortgage pre-approval from a bona fide lender before shopping around for their dream home. With a pre-approval, home owners will know the maximum amount of a mortgage they can qualify for, determine their mortgage payments and potentially lock in an interest rate for a period of time.
• Jessica Winslow, Business Development Manager, echoes Ralph’s advise on working with a knowledgable agent. She says that you need to choose a relator that works as hard for you as you would yourself, while also keeping your informed throughout the process. Another quality of a great Realtor is someone who can refer you to a reputable mortgage broker and lawyer.
• Sales Representative and Pre-Construction Specialist, Tal Shelef, suggests that you never rush your purchase. He says that you should take your time, and make sure that you’re comfortable with the purchase you’re about to make.