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

1. first time buyers ebook
Jody Thompson
416.450.5900
Remax Professionals Inc,
Brokerage
Wednesday, 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 resources
Wednesday, 9 January, 13

4. Buy versus Rent
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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 downpayment
Wednesday, 9 January, 13

6. Early prep before you
start your search
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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)
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8. How to select the right
neighbourhood for your
family?
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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 work
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10. New construction
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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 project
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12. Resale Homes
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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
this
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14. Helpful Resources
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15. Helpful resources
real estate agents that focus on buyers
mortgage brokers
handy man
renovators
home inspectors
lawyers
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16. Investing in income
properties
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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
responsibilities
Wednesday, 9 January, 13

18. Closing Costs to plan for......
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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 required
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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 $2000
Wednesday, 9 January, 13

21. Let me assist you with
your search.....
Jody Thompson sales representative
Remax Professionals Inc. Brokerage
www.thompsonsells.com
416.450.5900
Wednesday, 9 January, 13

22. Wednesday, 9 January, 13