Check out first home buyers incentives. Like borrowing from your RRSP or even if you don't have one, doing it retroactively.
This site has info on it for Ontario: http://www.househuntingintoronto.com/buying/firsttime.htm#landtransfertax
Also, know that you have a certain amount of leverage if the person selling wishes to close the deal quickly since a lot of people buy a house on the condition that they sell their own home first.
I was able to go in with a lower offer on my current house because I had the money approved and told the seller...we can wrap this up this week.
Don't scrimp on your house inspector. A good house inspector will not only tell you what work will be needed to be done immediately and down the road, he/she can also work with you to come up with ballpark figures of the cost of repairs that you can negotiate down from the asking price.
Also, most people are somewhat naive about what owning a house costs. You have to have an emergency fund at all times for repairs, need to budget for taxes and all houses, especially older ones need constant upkeep.
Most people will also not tell you about buyer's remorse. It's inevitable. Once you purchase, you wake up at night, sweating and breathing heavy and thinking you made the worst mistake of your life even though you were completely driven to buy it. This too passes.
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
no subject
Date: 2007-09-04 11:59 pm (UTC)This site has info on it for Ontario:
http://www.househuntingintoronto.com/buying/firsttime.htm#landtransfertax
Also, know that you have a certain amount of leverage if the person selling wishes to close the deal quickly since a lot of people buy a house on the condition that they sell their own home first.
I was able to go in with a lower offer on my current house because I had the money approved and told the seller...we can wrap this up this week.
Don't scrimp on your house inspector. A good house inspector will not only tell you what work will be needed to be done immediately and down the road, he/she can also work with you to come up with ballpark figures of the cost of repairs that you can negotiate down from the asking price.
Also, most people are somewhat naive about what owning a house costs. You have to have an emergency fund at all times for repairs, need to budget for taxes and all houses, especially older ones need constant upkeep.
Most people will also not tell you about buyer's remorse. It's inevitable. Once you purchase, you wake up at night, sweating and breathing heavy and thinking you made the worst mistake of your life even though you were completely driven to buy it. This too passes.