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A must read for anyone looking to buy their first home.

A must read for anyone looking to buy their first home.

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  • 1. first time buyers ebook Jody Thompson 416.450.5900 Remax Professionals Inc, BrokerageWednesday, 9 January, 13
  • 2. So many things to consider.......Wednesday, 9 January, 13
  • 3. Things to consider..... the buy versus rent decision prep to do before you start your search criteria for your search new construction versus resale properties income properties post closing costs helpful resourcesWednesday, 9 January, 13
  • 4. Buy versus RentWednesday, 9 January, 13
  • 5. Buy versus rent decision no right or wrong decision - it’s what is right for you renting is a good option if you are going to need to move again in the short term buying is always the better longer term investment as your mortgage payments are going towards an asset versus someone else’s asset buy when you can afford the downpaymentWednesday, 9 January, 13
  • 6. Early prep before you start your searchWednesday, 9 January, 13
  • 7. Before you start your search Prioritize your wish list & understand where you might be willing to compromise Get your mortgage pre-approved so you know what you can afford & can move quickly when you find the home of your dreams Use a real estate representative to show you different areas so you can hone in on what neighbourhoods meet your criteria & are in your budget (0ver 140 neighbourhoods in Toronto!) Determine if you have $$$ in your RRSP that are available to use for your downpayment (gov’t has a special program for first time buyers)Wednesday, 9 January, 13
  • 8. How to select the right neighbourhood for your family?Wednesday, 9 January, 13
  • 9. How to select the right neighbourhood? Demographics of the area - young families, singles, empty nesters - does it meet your needs? Lifestyle elements - coffee shops, restaurants, recreation facilities Amenities - banking, gas stations, libraries,hospitals, community centers, cycling trails Schools & Daycares - to suit your family requirements today & in the future Transit Access - easy access to workWednesday, 9 January, 13
  • 10. New constructionWednesday, 9 January, 13
  • 11. New construction allow the homeowner to select many of the finishings for their unit need to be aware that the sales centers typically have much higher ceilings, many upgrades and are filled with very expensive furnishings that might not represent your suite - know what you are getting!!! over 200 builders in GTA makes judging quality product a challenge (ask to see finished projects in other areas) typically requires 15-20% deposits upfront that could be tied up for over a year depending on construction timeframe for your projectWednesday, 9 January, 13
  • 12. Resale HomesWednesday, 9 January, 13
  • 13. Resale Homes typically closer to more amenities - public transit, shopping, restaurants, community centers, schools than new construction many times you can get larger sq ft condos and homes than new construction at the same price point neighbourhood appeal is visible -often with more mature trees and landscapes - you see what you are getting! older homes can come with need for immediate repairs ie if there is asbestos, and /or knob & tube - a building inspector can help you access thisWednesday, 9 January, 13
  • 14. Helpful ResourcesWednesday, 9 January, 13
  • 15. Helpful resources real estate agents that focus on buyers mortgage brokers handy man renovators home inspectors lawyersWednesday, 9 January, 13
  • 16. Investing in income propertiesWednesday, 9 January, 13
  • 17. Investing in income properties great way to have someone assist in paying down your mortgage need to ensure that your income property is safe and legal to avoid issues tenant selection is critical being a landlord comes with additional responsibilitiesWednesday, 9 January, 13
  • 18. Closing Costs to plan for......Wednesday, 9 January, 13
  • 19. Costs you need plan for legal fees - typically between .025%-.050% of purchase price land transfer tax - two land transfer taxes in City of Toronto (see next page for details) mortgage appraisal movers seller prepaid taxes, utilities charges for hook up of utilities ie cable, phone etc costs for any immediate repairs requiredWednesday, 9 January, 13
  • 20. Estimate of Land Transfer Fees Toronto Municiple Land Transfer Tax (MLTT) Up to and including $55,000.00 X 0.5% of total property value From $55,000.01 to $400,000.00 X 1% of total property value Over $400,000.00 X 2% of total property value Ontario Provincial Land Transfer Tax (PLTT) Up to $55,000 X 0.5% of total property value From $55,000 to $250,000 X 1% of total property value From $250,000 to $400,000 X 1.5% of total property value From $400,000 up X 2% of total property value The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate. Land Transfer Tax Rebates: First Time Home Buyers If you are a first time home buyer you are eligible for rebates for both the Municipal and Provincial Land Transfer Tax • Municipal Land Transfer Tax (MLTT): Maximum $3725 • Provincial Land Transfer Tax (PLTT): Maximum $2000Wednesday, 9 January, 13
  • 21. Let me assist you with your search..... Jody Thompson sales representative Remax Professionals Inc. Brokerage www.thompsonsells.com 416.450.5900Wednesday, 9 January, 13
  • 22. Wednesday, 9 January, 13