Know Your Budget

Pre-Approval Essentials

• Get mortgage pre-approval before house hunting
• Maximum debt-to-income ratio: 44% in Canada
• Down payment: 5% (under $500K), 10% ($500K-$999K), 20% ($1M+)
• Budget for closing costs (1.5-4% of purchase price)
• Factor in property taxes, insurance, utilities, maintenance

Additional Costs Home inspection ($300-$600) • Legal fees ($1,000-$2,000) • Land transfer tax • Moving expenses

First-Time Home Buyers

Government Programs

• First-Time Home Buyer Incentive: Shared equity mortgage up to 10%
• Home Buyers’ Plan: Withdraw up to $35K from RRSP
• Tax Credit: Up to $750 federal credit, plus provincial programs

Smart First-Time Tips

• Start with a “starter home” – build equity first
• Prioritize location and structure over cosmetics
• Don’t skip home inspection – structural issues cost thousands
• Consider resale potential and future needs
• Avoid stretching budget to maximum

Home Upgraders

Strategic Planning

• Coordinate selling and buying to avoid dual mortgages
• Analyze current home value vs. upgrade costs
• Consider bridge financing if needed
• Understand tax implications and exemptions

Maximizing Current Home Value

• Complete necessary repairs before listing
• Strategic renovations for maximum ROI
• Professional staging increases sale price 1-5%
• Price competitively based on comparables

What to Look For

Structural Red Flags Foundation cracks • Uneven floors • Water stains • Electrical/plumbing issues • Roof condition

Investment Indicators Quality construction • Neighbourhood growth • Transit/amenities proximity • Expansion potential • Energy efficiency

Key Questions Why selling? • Time on market? • Inclusions? • Utility costs? • Known issues?

The Construction Expertise Advantage

Working with a real estate professional who has construction experience provides unique value:

✓ Structural Assessment – Identify costly issues during viewings

✓ Renovation Insights – Accurate improvement costs and feasibility

✓ Quality Evaluation – Distinguish cosmetic from serious problems

✓ Investment Analysis – Understand long-term value potential

Success Tips

• Stay Flexible – Your perfect home might surprise you
• Trust the Process – Real estate involves many moving parts
• Ask Questions – Your agent guides and educates you
• Plan Ahead – Consider 5-10 year needs
• Enjoy the Journey – Homeownership is a major milestone