Buyers Guide to Buy Real Estate

Whether you have purchased property before or you are a First-time Buyer looking to buy a home, you will find this information helpful to you before you start to search  MLS®  listings:

Location

Congratulations on deciding to move to a new home or to buy real estate within the Quinte Region!  Call Kelly B if you need more information on schools, shopping, business services, religious services etc to help you find the right neighbourhood.  The Quinte Region offers diverse options suitable for all lifestyles and the Bay of Quinte offers plenty of fun for boaters, fishers and many more recreational pursuits. 

The Quinte Region is also the doorway to Prince Edward County where you can visit wineries, Sandbanks and North Beach Provincial Parks and boutique shopping. There are numerous festivals taking place throughout the area that attract many visitors to the Quinte Region.  

If you have a good idea of the areas you would like to live in, that will help focus your home search, contact Kelly B.  She will send you listings to review so you are familiar with the homes available in the area. 

Financing

You need to be in a financial position to purchase a property.  If you own a home, you may need the money from the sale of that property to purchase your next home.  Maybe you are coming into an inheritance and you plan to use that money for your purchase or you plan to use savings from an RRSP.  The majority of Buyers require a financial lender to provide a mortgage to purchase the property.  It is prudent that Buyers requiring a mortgage be pre-approved by the financial institution or by the Mortgage Broker BEFORE  you place an offer on a property.  There are a few reasons for having a pre-approval: 

(1) January 2018 introduced new mortgage requirements  to prove that the borrowers can cope with higher interest rates than the rate offered by the lender.  This stress test may also be applied to borrowers who are planning to renew or refinance their mortgage.  

(2) In a Seller's market, you are often faced with multiple offers being submitted on a property and the Seller will want to know if you have been pre-approved.  If you haven't, the Seller will likely accept an offer from someone that has been pre-approved.  

(3) You will want to know how much you can spend on your purchase.  Knowing your budget will help Kelly, to find you the perfect home that fits your needs and your financial resources.  

Land Transfer Tax

In Ontario, you are required to pay Land Transfer Tax when you acquire land, or a beneficial interest in land when the transaction closes.  As a First-time Home Buyer, you may be eligible for a refund of all or part of the Land Transfer Tax.  Further information is available on the Ontario-Ministry of Finance website, including how to calculate the tax: https://www.fin.gov.on.ca/en/tax/ltt/.  You can also discuss this further with your lawyer that you will be working with.