Home Buying
ļ»æfor Newlyweds
Home Buying
ļ»æfor Newlyweds
Your Guide to Finding the Perfect First Home
...to forever
...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%ā20%)
- 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:
ā How many bedrooms & bathrooms do you need?
ā Do you prefer a move-in-ready home or a fixer-upper?
ā Location preferences: Commute, schools, or amenities?
Tip: Be flexibleāyour 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 youāre serious. Youāll need:
- Proof of income (pay stubs, tax returns)
- Credit score & debt details
- Employment verification
Tip: Keep your credit in good shapeāavoid 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:
1ļøā£ Submit an offer & negotiate terms
2ļøā£ Schedule a home inspection & finalize the mortgage
3ļøā£ Close the deal & get the keys to your first home!
Tip: Plan a fun ānew homeā date night to celebrate your milestone!
First-Time Home Buyer Incentives for Newlyweds
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.
Tip: Speak with a mortgage advisor to see which incentives you qualify for!
Understanding Home Affordability & Hidden Costs
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.
Tip: Experts recommend setting aside 1-3% of your homeās value annually for maintenance and repairs.
Want to fully understand homeownership costs? Letās connect!