Home Buying

ļ»æfor Newlyweds

Your Guide to Finding the Perfect First Home


...to forever

Step 1: Set a Realistic Budget

Buying a home is exciting, but your budget is the foundation. Discuss your finances openly and consider:

  • Your combined income & monthly expenses
  • Savings for a down payment (5%ā€“20%)
  • Mortgage pre-approval to determine your price range

Tip: Use a mortgage calculator to estimate monthly payments!


Step 2: Align on Must-Haves vs. Nice-to-Haves

Before house-hunting, list your priorities:

āœ… How many bedrooms & bathrooms do you need?

āœ…Do you prefer a move-in-ready home or a fixer-upper?

āœ… Location preferences: Commute, schools, or amenities?

Tip: Be flexibleā€”your dream home may not check every box, but it should feel right for both of you!


Step 3: Get Pre-Approved for a Mortgage

A pre-approval helps you shop with confidence and shows sellers youā€™re serious. Youā€™ll need:

  • Proof of income (pay stubs, tax returns)
  • Credit score & debt details
  • Employment verification

Tip: Keep your credit in good shapeā€”avoid big purchases before closing!


Step 4: Find the Right Realtor

A great real estate agent will guide you through:

  • Finding the best homes within your budget
  • Negotiating offers & getting the best deal
  • Handling contracts & paperwork

We specialize in helping newlyweds find their dream home!


Step 5: Make an Offer & Celebrate!

Once you find the one, your agent will help:

1ļøāƒ£ Submit an offer & negotiate terms

2ļøāƒ£ Schedule a home inspection & finalize the mortgage

3ļøāƒ£ Close the deal & get the keys to your first home!

Tip: Plan a fun ā€œnew homeā€ date night to celebrate your milestone!



First-Time Home Buyer Incentives for Newlyweds


Buying your first home together? Take advantage of these government programs to make homeownership more affordable:

First Home Savings Account (FHSA) ā€“ Save up to $10,000 annually (lifetime limit: $50,000) tax-free for your first home.

Home Buyers' Plan (HBP) ā€“ Withdraw up to $60,000 from your RRSP tax-free to put towards your home. Repay over 15 years.

Home Buyers' Amount ā€“ Claim a $1,500 tax credit when purchasing your first home.

GST/HST New Housing Rebate ā€“ Get a rebate on the federal portion of GST/HST for newly built or substantially renovated homes.

Extended Mortgage Amortization ā€“ As of Dec 15, 2024, first-time buyers of new homes can opt for a 30-year mortgage, lowering monthly payments.

šŸ’” Tip: Speak with a mortgage advisor to see which incentives you qualify for!

Understanding Home Affordability & Hidden Costs


Owning a home is more than just a mortgage payment! Be prepared for these ongoing costs:

Monthly Homeownership Costs:

  • Property Taxes ā€“ Varies by location and home value.
  • Home Insurance ā€“ Protects your investment; costs depend on coverage.
  • HOA Fees ā€“ If buying a condo or in a managed community, expect monthly dues.

Unexpected Costs to Budget For:

  • Repairs & Maintenance ā€“ Appliances, roofing, and plumbing issues can add up.
  • Utilities ā€“ Heating, cooling, water, and electricity vary by season and home size.
  • Emergency Expenses ā€“ A savings cushion helps cover surprise repairs.

šŸ’” Tip: Experts recommend setting aside 1-3% of your homeā€™s value annually for maintenance and repairs.



Want to fully understand homeownership costs? Letā€™s connect!