What Every First-Time Home Buyer Should Know
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Attention All First-Time Buyers!
Buying your first home isn’t just a major decision; it marks a milestone in your life and can shape your financial future. But with all the news surrounding the real estate market, many first-time home buyers are hesitating due to fear, confusion, and uncertainty.
The fear of making a mistake, confusion about the “timing” of the market or buying process, and uncertainty regarding interest rates, tariffs, and other factors are completely normal. Many buyers ask themselves:
- “Can I afford to buy a home?”
- “How much is a down payment?”
- “Is now the time to buy?”
- “Should I get a fixed or variable interest rate? What if rates drop later on?”
- “Is it better to rent or buy?”
These frequently asked questions can lead buyers to miss their opportunity to achieve homeownership.
That’s why GTA-Homes has created a free seminar exclusively for first-time home buyers: to help them avoid common pitfalls and make confident, well-informed decisions with our expert guides.
What’s Really Happening in the Market?
Despite what clickbait headlines are telling you, here is what is really happening in today’s real estate market and what will be happening in the next few decades.
The current market is shaping up to present a unique opportunity for buyers with interest rates that have finally helped to stabilize inflation and bring it down. At the same time, housing inventory is growing with more homes on the market as condo completions wrap up.
More supply of homes means more choices and negotiation power for buyers. In many areas of the GTHA, it’s officially a buyer’s market, with average home prices beginning to drop, creating a more accessible entry point into homeownership.
But this will only last for a short period of time! This bubble will eventually burst when the market shifts back in favour of sellers, as supply will begin to dwindle while demand will only continue to grow. If you are prepared to take the first step into homeownership, now is the time to buy!
The golden window of opportunity will only last for 1 year, and while you are waiting for the “perfect time” to buy (which is now), you could end up buying at higher prices while facing more competition from other buyers.
The Recipe You Need to Succeed
Attend our seminar where we’ll give you real answers, home-buying strategies, and a recipe for success proven by our clients. We will provide you with a step-by-step guide with everything you need to know when it comes to buying your first home. Even if you are not a first-time buyer, all buyers are welcome!
Our First-Time Home Buyer Seminar will offer you the perfect roadmap for your buying journey, where you can expect:
- In-depth insight into market trends
- A comprehensive understanding of the buying process, including where to start
- Clarity on what you can afford and how to prepare your finances
At the end of the seminar, you will also connect one-on-one with our award-winning agents. With your dedicated guide, you can ask all your questions and receive valuable tips that reflect your unique circumstances.
Whether you are looking to buy a pre-construction or a resale property, our GTA-Homes agents are prepared to walk with you while connecting you with other reliable real estate professionals you will need to have on your team.
Decision to Rent or Buy
Although buying a home may seem out of reach, most renters don’t realize how much money they’re actually spending each year on someone else’s mortgage and profit.
Owning a home almost always comes out ahead because your monthly rental payments could have been helping you build equity in your own home instead! It also helps to factor in tax benefits, property appreciation, and other incentives when you buy.
Let’s compare the numbers to give you a clear picture.
If you are currently renting at $2,500 per month, plus about $130 in utilities, you’re paying $2,630 monthly or $31,560 a year. This money will only cover your cost of living and won’t do much else for you. It primarily goes toward paying off your landlord’s mortgage.
Now let’s look at the monthly carrying costs of owning your own home. Let’s say you purchased a $500,000 home with a 20% down payment to avoid additional mortgage insurance fees and took on a fixed 30-year mortgage at 4% interest.
Your monthly payments will need to include your mortgage payments, property taxes (1% of the property’s value annually), home insurance, and utilities.
In this case, owning is not only more affordable than renting, but it also gives you long-term financial benefits where you build equity and your property value appreciates.
First-time home buyers also have many incentives and tax benefits that can help them save thousands of dollars. Over time, as you pay off more of your mortgage principal, these advantages will make homeownership one of your smartest investments.
Take Your First Step with GTA-Homes
We understand that buying your first home can be overwhelming. That’s exactly why we are committed to guiding you every step of your buying journey.
Call Stan at 604-202-1412
