In today’s day and age, not all long term couples go the traditional route of getting married. After all, when you’re in a long term relationship and you cohabitate, everyday life can already feel fairly similar to marriage.

That being said, there is a big difference between being married and being in a common law relationship. Especially when it comes to property rights.

Whether you’re about to buy a house with a common law partner or are currently navigating a separation, there are important laws to be aware of regarding common law rights to property.

In this blog, we’ll look at a few essential facts about common law property rights in Ontario that you need to know.

Searching for information on divorce and real estate? Find out who gets the house in a divorce.

A Quick Disclaimer

As real estate agents, we often work with families who are navigating a divorce or separation. Because of this, we are well-versed in a number of aspects of property rights as they pertain to the home.

This article is designed to provide high level information about Ontario common law property rights as they apply to selling a house in the event of a separation. However, if you are searching for formal legal advice or more personalized guidance regarding your rights, it’s a good idea to consult a lawyer.

Searching for more divorce-related real estate resources? Explore these related blogs next.

• How Long Will It Take to Buy Out Your Spouse After a Divorce?
• Selling After a Divorce: Do You Need One Agent or Two?

What is a Common Law Partner?

Unlike marriage, which usually involves a big ceremony (or at the very least, the signing of a few documents), entering into a common law partnership is far less formal. In fact, there are plenty of common law couples out there who may not even realize that they fit the bill.

Legally speaking, there are a few parameters that define a common law partnership, they are:

• Partners who are in a conjugal, non-platonic relationship and have lived together for a minimum of 3 continuous years.
• Partners who have a child (or children) together and are in a relationship of permanence.

3 Facts About Common Law Property Rights in Ontario

In practice, being in a long term, common law relationship can feel very similar to a marriage. However, in the eyes of the law, they’re two very different types of partnerships. As a result, each type comes with its own financial and legal implications.

Understanding common law rights is particularly important in the event of a separation, as the legal nuances will impact who is entitled to shared assets – including the home.

Let’s break down 3 essential facts about common law property rights.

1 – Common Law Partners Don’t Have Automatic Rights to Property

In Ontario, both spouses automatically acquire equal rights to the matrimonial home when they get legally married. This means that, in the event of a divorce, both parties have an equal claim to the house itself. As well as any appreciation in its value (equity). However, common law partners in Ontario aren’t granted the same guarantee.

As real estate agents, one question we occasionally hear is, “Is my common law partner entitled to half my house?” The answer is (usually) no.

Unlike marriage, there are no automatic rights to property when common law spouses separate. If one partner owned the home independently before the other moved in, they will remain the sole homeowner unless they formally add the other to the mortgage or title.

2 – Common Law Partners Can Make a Claim to Parts of a Property or its Value

While common law partners aren’t naturally granted property rights, they can make certain claims in the event of a separation.

For instance, if one person made substantial financial contributions towards the mortgage or home renovations, the court may rule that it would be unfair for them to be refused a share of the home’s equity even if it’s not in their name.

Moving to a new home following a separation? Explore these blogs for advice on buying a home.

• Do You Need to Include Conditions in Your Buying Offer?
• How to Budget for Buying a Home in Vaughan
• 5 Reasons You Should Get a Mortgage Pre-Approval Before Heading to the Market

3 – Common Law Partners Can Inherit Property if They’re Named in a Will

Another instance in which a common law partner may be entitled to some (or all) of a home and its equity is through inheritance. Should one partner pass away, the other may inherit the home if they are properly designated in the deceased’s Will.

What Else is a Common Law Spouse Entitled to in Ontario?

When it comes to common law spouse entitlement, certain rights go beyond the realm of real estate. For example, common law partners may be entitled to various types of financial support, such as spousal or child support, depending on the circumstances.

Buying a House With a Common Law Partner

Finally, if you’re planning on buying a house with your common law partner, you can take steps to protect yourself and your investment. Similar to a prenuptial agreement, a cohabitation agreement is a legally binding document that outlines each partner’s rights and responsibilities related to the home. With a cohabitation agreement in place, both partners should have some form of security in the event of a separation.

Looking to buy or sell following a divorce or separation? We can help! Email our team at info@arciteam.com or call 416-571-2724.

It’s no secret that a lot of home buyers (especially younger people) need to get creative when saving up for a house.

One technique in particular that’s gaining momentum is House Hacking. This unique strategy helps home buyers offset a portion of their mortgage costs, allowing them to buy sooner or even expand their buying budget.

So, what is house hacking, and how can it help you buy a home? As real estate agents who have helped countless first-time buyers get into the market, we’re here to break it down.

What is House Hacking in Real Estate?

Let’s start by explaining what house hacking actually is. Although it’s an informal term, most homeowners and real estate insiders agree about

House hacking is when you buy a house and commit to renting out a portion of it while you live there. This allows you to generate a strong flow of passive income, which can then be used towards mortgage payments or other expenses.

Need more advice on buying a house in Ontario? Read these blog posts next!

• How to Buy Your First Home in Ontario
• Do You Need to Include Conditions in Your Buying Offer?
• Moving to Toronto: How to Find a Relocation Specialist

How Does House Hacking Work

One advantage of house hacking as a homeowner is that you can be flexible in how you do it. Here are a few examples of house hacking in action:

1. Renting out a spare bedroom in your 3-bedroom house to a university student.
2. Renting out a dedicated basement suite on the lower level to a long-term tenant.
3. Renting out a space in your house on a short term accommodation platform such as Airbnb or Vrbo.

Why is House Hacking a Good Idea?

We get it, the prospect of renting out a room or your basement may not be the most exciting, especially if you really want your house to be your space. That being said, the reason why so many home buyers are embracing house hacking is because the financial upside is simply so good!

Owning a home isn’t cheap. House hacking allows you to seriously cut back on your costs. In fact, with the right planning, house hacking can help you pay off your mortgage faster. Either way, it will add a nice cushion to your income.

How Much Could I Earn?

Let’s talk numbers. If you were to rent out a room in your house or set up a basement suite, how much could you make? It depends.

The Greater Toronto Area has a famously high demand for rental properties – and as a result, high rental averages. However, prices can vary based on the area, time of year, and other market conditions.

A dedicated secondary suite, like a basement apartment, could easily bring in more than $1,200 a month (probably closer to $1,500) depending on the size, number of bedrooms, location and overall appeal of the unit. For a single room in your home, you could potentially earn around $1,000 +/- a few hundred dollars.

If you’re hoping to maximize rental income down to the last dollar, you’ll want to work with a real estate agent who understands investors and the rental market. As you search for the perfect home, they can specifically source properties with house hacking potential. For example, buying a house with a built-in, ready-to-go basement apartment means you can start earning income right away.

Cons of Renting Out a Basement or Spare Room

House hacking is a great solution for home buyers who want to boost their budget. However, it’s not without its drawbacks.

One of the main disadvantages of house hacking is that you’re sharing your home and property with a tenant. Of course, you will still have your own private rooms in the house, but having another person around (especially someone you only have a landlord/tenant relationship with), isn’t for everyone.

Planning on buying a house? Check out these blogs next!

• How to Negotiate House Price
• How to Choose a Realtor

Is House Hacking Legal?

House hacking is perfectly legal – when it’s done legally.

On paper, renting out any part of your house to a long term tenant makes you a landlord. With this comes red tape.

In Ontario, there is a long list of rules about rental units, their size, layout, etc. On top of that, you’ll also face a handful of regulations surrounding tenant rights that could impact your experience. You’ll want to read up on all the relevant agreements and laws before bringing a tenant in.

Finally, the money you earn from house hacking is taxable income. You’ll need to claim it properly; otherwise, you could be audited or face penalties.

Find Your Dream Home With Lino Arci

Searching for the perfect place to call home? Whether you’re looking to maximize your financial power as a home buyer, settle in the perfect neighbourhood, or have other buying goals, we can help!

Ready to buy a house? We can help! Call us at 416-571-2724 or email info@arciteam.com to get started.

When it comes to buying or selling a house, the final price isn’t set in stone. At the end of the day, both sides want to get the best deal possible. This takes some negotiating. As veteran real estate agents, we know a thing or two about negotiations. In this blog, we’re passing our expertise onto you. Here’s everything to know about how to negotiate a house price.

Negotiations 101

Negotiations play a big role in 99% of real estate transactions. Even in fast-moving ultra-hot markets, there’s usually a little bit of back and forth between the buyer and seller before a deal gets done.

If you’re about to buy or sell a house, you should expect to engage in some degree of negotiation. If this sounds intimidating or anxiety-inducing, don’t worry. Whichever side of the transaction you’re on, your real estate agent is there to guide you and make sure your interests are protected.

What Can Be Negotiated on a Home Sale?

When most people think of real estate negotiations, they think of one thing – price. Of course, getting a great price on your home (whether you happen to be a buyer or a seller) is very important, however, there are a number of other critical details that can also be negotiated during this stage.

Before you approach the market, you’ll want to know how much can you negotiate on a house, and what is (and isn’t) on the table in terms of negotiating.

Price: As part of the listing process, sellers will set an asking price for their home. That said, buyers are able to test the seller’s flexibility and negotiate on a different number.

Conditions: In Ontario, most offers will include some kind of condition. One common example would be a home inspection contingency, which allows the buyer to get the house checked out by a professional inspector before the deal goes through.

Timeline: Another detail that’s up for negotiation is the timeline. The buyer and seller can go back and forth on the closing and possession dates.

What’s Included: Most for-sale homes come with certain inclusions (also known as fixtures). However, buyers can negotiate on certain extras they may be interested in.

Need more advice on buying a house in Ontario? Read these blog posts next!

• How to Buy Your First Home in Ontario
• Do You Need to Include Conditions in Your Buying Offer?
• Moving to Toronto: How to Find a Relocation Specialist

How to Negotiate House Price as a Buyer

How to negotiate buying a house starts by first looking at what the seller is asking for. Then, factoring in the variables that may influence their decision. Some key factors are things like market conditions, potential interest from other buyers, and emotional elements.

Even if the seller doesn’t accept right away, a well-crafted and informed offer will almost always inspire a counteroffer – opening the door to further negotiations. You and your agent can then work with the seller to (hopefully) find a number that works for everyone.

How Much Lower Can You Offer on a House?

Everyone wants to get the best deal possible when buying a house. While negotiations will play a big role in what you’re able to achieve, it’s important to remain realistic when placing an offer and engaging with sellers.

Technically speaking, there’s no minimum bid or offer number in real estate. However, if you’re putting an offer on a house to low-ball the seller, you could inadvertently offend or alienate them, closing the door for future negotiations.

If you want to get the best price possible on your home, your best bet is to work with an experienced and knowledgeable agent. They’ll have the experience, expertise, and negotiation skills to know what to offer on a house in way that prioritizes your interests while appealing to the seller.

Selling your home? You’ll find plenty of related advice in these blogs.

• How Much Can I Sell My House For?
• How Long Does it Take to Sell a House?
• How to Choose a Realtor

How to Negotiate House Price as a Seller

Negotiating the final sale price is equally important for home sellers. Once offers start rolling in, you’ll need to act quickly and make major decisions about what you’re willing to accept for your house.

This is another area where working with a top-tier agent is essential. Your Realtor can help you determine which offers are worth engaging in (or even accepting). When the time comes to negotiate, they’ll hold the line to ensure you’re able to sell for the highest number possible.

Great Results Start With Pricing

Setting yourself up for success as a home seller begins long before the negotiation process. From the first steps of pre-listing preparation right through to closing day, you’ll need a solid strategy if you want to get top dollar.

With that in mind, one of the most important details of your sale is pricing. Selecting a calculated, well-thought-out asking price maximizes your home’s reach, without risking lost returns.

If you set your asking price too high, your home could spend longer on the market than you expected. Then, when an interested buyer finally comes around, they’ll have a major upper hand in negotiating a lower price.

Your real estate agent will help you choose an asking price that makes sense based on your home, compared properties, and trends in the local market.

Buying or selling in the GTA? We can help! Call us at 416-571-2724 or email info@arciteam.com to get started.

Wondering what your home could sell for in today’s market? You’ve come to the right place. 

Let’s start with the good news: If you’ve owned your house for a long time, there’s a good chance it has appreciated in value quite nicely over the years. However, if you want to sell your home for the best price possible, you’ll need the right strategy. 

In this blog, we’ll look at how you can find out your home’s potential value in today’s market. We’ll also share a few pointers on how you can maximize your returns when you’re ready to sell. 

Wondering what your house is worth, and what it could sell for in today’s market? Sign up for a free home evaluation. 

How Much is My House Worth?

Even though you paid a specific price for your home when you bought it, that doesn’t mean that it has an official or objective market value. Instead, what your home is worth (at least in a monetary sense) is determined by a wide range of elements, from buyer behaviours to economic factors and everything in between. 

Think of it this way: your home’s true market value is whatever buyers are willing to pay for it. 

That being said, your home’s potential value isn’t a total mystery either. With a proper home evaluation, you can find out what your home could sell for in today’s market. 

Hoping to get the best results form your home sale? Read these blogs next!

• How Long Does it Take to Sell a House?
• Why You Need to Price Your Home Strategically
• Will I Be Able to Sell My Home For The Full Asking Price?

How Does a Home Evaluation Work?

During a home evaluation, a real estate professional (usually an agent) analyzes and explores your property to learn more about it. 

First, they’ll look at your home’s age, condition, standout features, and number of other details to get an overall sense of its profile. After that, your agent will assess a wide range of data from your local market – including similar homes in your area that have recently sold. 

No matter what you may see or read on the internet, there’s no way to instantly find out the market value of your house. A reputable real estate agent will usually want to tour your home in person and do a deep dive into the recently sold homes in your area before offering you an idea of its value. 

Ready to craft the perfect plan for selling your home? Book an appointment with our team. 

How Much Can I Sell My House For?

It’s important to keep in mind that the results of your home evaluation will ultimately be an approximation. Nothing is ever set in stone when it comes to real estate.  

Even if you have a rough estimate of your home’s value, that number could look different from your final results. Of course, this goes both ways. Depending on how you approach the market, you could end up selling your home for far more than you ever imagined, or you may fall short.  

So, how much can you sell your house for? There’s really no limit. However, if you don’t want to get the best return possible, you’ll need to take the proper approach. 

This includes steps like:

• Picking the right real estate agent. 
• Cleaning, decluttering and upgrading your home before you list it. 
• Staging your home. 
• Setting the right asking price. 
• Knowing how to negotiate with buyers. 

Price Vs Value

Selling a house requires strategy, and one of the most important aspects of your home sale (especially if you want to get the most money possible) is pricing. Here’s the thing – your home may have an approximate market value, but that doesn’t mean that number should be the same as your asking price. Let us explain. 

As a seller, you’re looking to attract and entice as many qualified buyers as you can. To do that, you need to understand how buyers act. Most house hunters have a fairly rigid budget – especially in today’s market. Because of this, they don’t often entertain listings that land outside of their financial boundaries. So, if you choose to price your house on the high end right away, you could alienate a decent portion of the buying pool. 

On the other hand, if you set a well-balanced and attractive asking price, you’ll reach a wider audience. This can create competing interest among buyers and potentially inspire multiple offers (aka a bidding war). 

Our Asking Price Guarantee 

In fact, we’re so confident in our ability to sell your home for top dollar that we promise to get you 100% of your asking price. You heard that right! We’ll sell your house for the full asking price – and if we can’t, we’ll pay you the difference!

This is in addition to our standout home sale guarantee. If your home doesn’t sell (regardless of the reason), our team will buy it from you. No hidden loopholes, no caveats, just results. 

On the hunt for more home selling tips? Check out these other blog posts!

• What to Look For in a Listing Agreement
• Are Home Sold Guarantees the Real Deal?
• The Top 5 Common Mistakes Home Sellers Make

Sell Your Home With Lino Arci

Hoping to get the price possible for your home? The Lino Arci Team is your ticket to a great result. As Vaughan’s number one real estate team, we’re completely committed to helping you get the best results possible on your home sale. 

Thanks to our decades of experience, we’ve got home selling down to a science and are confident that our proven selling process will help you get top dollar.  

Selling your house? We’re here to help. Call us at 416-571-2724 or email info@arciteam.com to get started.

Nine times out of ten, home sellers want to have their property listed and sold as soon as possible.

There’s a lot that goes into selling your home – and it’s far from an overnight process. However, the timeline of your home sale isn’t totally up to the market either. In reality, you can sell your house fast and for top dollar in any market as long as you take the right approach.

In this blog, we’ll look at how long it takes to sell a house on average, and what you can do to speed up your sale.

What’s the Average Time to Sell a House in Ontario?

If you’re wondering how long it may take to sell your house, there are two timelines you need to consider. First, there’s the process of getting your house market ready and officially listed. After that’s wrapped up, you’ll begin a new journey of waiting for buyers to discover and place offers on your home, which will also take time.

So, what’s the average time to sell a house in Ontario? That depends on how you look at it. For example, the average Days on Market in your neighbourhood could be 30 days, but that doesn’t account for the weeks or even months of pre-listing work that’s involved.

If you’re looking for a personalized estimate on how long your selling process could take from start to finish, speak to a knowledgeable local real estate agent.

On the hunt for more home selling tips? Check out these other blog posts!

• What to Look For in a Listing Agreement
• Are Home Sold Guarantees the Real Deal?
• The Top 5 Common Mistakes Home Sellers Make

How Long Do Houses Stay on the Market?

Pre-market preparations look different for every seller. As a result, it’s not easy to measure average timelines for this process across the industry. However, once houses are officially listed on the public market, different trends can start to take shape.

These trends are measured by a metric called DOM, short for ‘Days on Market’. Agents and other industry professionals follow DOM trends to get a sense of how buyers are responding to current market conditions.

Although DOM can be a helpful point of comparison, it shouldn’t be used as a black and white estimate for your personal results. At the end of the day, every seller and every house is unique. You’ll want to focus your efforts on doing everything you can to optimize your sale rather than relying on the numbers.

How Long Should Your House Be on the Market Before You Reduce Your Asking Price?

Simply getting your house freshened up and on the market can take a lot of effort! But that doesn’t mean your home sale goes on autopilot once it’s listed.

As a seller, you’ll want to pay attention to how buyers are discovering and perceiving your home. Buyers can directly or indirectly offer feedback about your home that may inform any adjustments that you need to make to your selling strategy.

Your real estate agent will offer specific guidance on when you should (and shouldn’t) adjust your home’s asking price. However, as a general rule, if your house has been on the market for a few weeks and garnered little interest from buyers, it’s worth revisiting your pricing strategy.

Hoping to sell your house for a great price? Explore these related blogs for more advice!

• How to Choose a Realtor
• Will I Be Able to Sell My Home For The Full Asking Price?
• Why You Need to Price Your Home Strategically

Sell Your Home With Lino Arci

Selling your house can come with a lot of anxieties. One of the most common worries we hear from home sellers is “What if my house takes too long to sell?” Or, “What if my house doesn’t sell at all?” That’s why we’ve created a unique solution to eliminate anxiety altogether.

Put simply, the Lino Arci Team guarantees that we’ll sell your house.

If your home doesn’t sell (regardless of the reason), our team will buy it from you! You may have heard of similar commitments from other real estate teams, but these claims often come with hidden loopholes. Not us, when we say guaranteed, we mean it!

Not only do we guarantee to sell your home, but we also promise to get you 100% of your asking price. You heard that right! We’ll sell your house for the full asking price – and if we can’t, we’ll pay you the difference!

We get it, selling your house can feel stressful. Our guarantees are designed to eliminate that stress by ensuring you a great result, no matter what the market throws your way.

Selling your house? We’re here to help. Call us at 416-571-2724 or email info@arciteam.com to get started.

As a home buyer, wisely choosing a real estate agent is key to securing your dream home. If you’re selling, they’ll be essential for a smooth and successful sale. In this blog, we’re sharing our top tips on how to choose a realtor based on your unique goals. 

Whether you’re buying a home or selling one, you’re approaching one of the biggest transactions that you’ll make in your lifetime. With that in mind, you’ll want to have clear guidelines for what to look for in a realtor.

How to Find a Real Estate Agent

There are tens of thousands of real estate agents in the Greater Toronto Area – that’s a lot of selection. So, when it comes time to find a real estate agent, you’ll need to start your search strategically.

A great place to begin your Realtor search is through referrals. If you know anyone who has bought or sold a house in the past few years, ask them about the agent they worked with. What did they like about them? What would they change? Hearing from an agent’s past client can give you really helpful insight into what it’s like to work with them.

If you don’t know anyone who can recommend a local agent, that’s okay. Either way, you’ll want to search online to get a better sense of your options.

If you find yourself without the benefit of a referral, the next step to find a good real estate agent is using a search engine to look for Realtors in your area. If you want to narrow down your options even further, you can include terms or phrases that are relevant to your goals, like “first time buyer”, “downsizer”, or “luxury”.

Looking for more information on how to buy a home? Explore these related readings.

• Do You Need to Include Conditions in Your Buying Offer?
• How to Budget for Buying a Home in Vaughan
• What Goes Into Buying Your First Home?

What to Look for in a Real Estate Agent:
Check Out Their Web Presence

A Realtor’s online presence can tell you a lot about them. For instance, by checking out the listings shared on their website or social media, you can get an idea of the areas they work in, and more importantly, how they present and market their for-sale homes.

On that note, it’s always a good idea to check out online reviews and testimonials. A great Realtor will have plenty of positive reviews from dozens, if not hundreds, of clients.

Want to hear from our clients about what it’s like to work with the Lino Arci Team? Read our testimonials and reviews.

How to Pick a Realtor: Know What to Ask

After you’ve found a few Realtors who may seem like a good fit, you’ll want to speak to them directly – sort of like an informal interview. This gives you a chance to ask important questions about the agent, their services, and how they may approach your purchase or sale.

Start by creating a list of questions that address your needs, expectations, and concerns. This preparation will provide clarity when you commence your search, helping you identify the ideal candidate.

How to Choose a Realtor When Selling

As real estate agents ourselves, we’ve got a few recommendations for the type of questions you should ask when talking to a Realtor about selling your home.

1. How long have you been a Realtor?
2. How big is your team?
3. What neighbourhoods and communities do you work in?
4. Have you sold houses in my neighbourhood before? How many?
5. What are your main selling strategies?
6. How do you prepare homes for the market? Do you stage your listings?
7. What do you think my house is worth?

Preparing to sell your home? Explore these related blogs for advice on getting the best result possible.

• What to Look For in a Listing Agreement
• Are Home Sold Guarantees the Real Deal?
• The Top 5 Common Mistakes Home Sellers Make

How to Choose a Realtor When Buying

If you’re in the market for a new place, here are a few questions to ask a Realtor before you decide to work with them.

1. How long have you been a Realtor?
2. How big is your team?
3. How many clients are you working with?
4. What neighbourhoods and communities do you work in?
5. What is your process for finding and vetting available homes?
6. How do you help buyers make offers and negotiate?

Making Your Decision

In the GTA, your options are almost endless when it comes to choosing a Realtor. However, by following the steps above, you should be able to narrow your search easily and effectively.

There’s no magic number for how many real estate professionals you should research (and interview) before deciding on who to hire, but ideally, you’ll talk to at least two or three agents first.

When it comes to choosing a real estate agent, you’ll want to follow your gut. If you’ve done your due diligence and found a Realtor who seems like a great fit, they’re probably the right option for you.

Looking For a Great Realtor in the GTA?

Whatever your real estate needs may look like, transitioning from one home to the next is no easy task – that’s where we come in. As Vaughan’s #1 real estate group, the Lino Arci Team provides a smooth, client-focused experience that helps you reach your goals in as little time as possible.

Buying or selling? We’re here to help. Call us at 416-571-2724 or email info@arciteam.com to get started.

This blog is your starter guide to buying a home for the first time. We’ll talk about how to buy your first home in Ontario, tax benefits for first time home buyers, the home buying process, and more.

Being a first time home buyer is undoubtedly exciting, but it can be intimidating too! There’s a good chance that your first home will be the biggest purchase you’ve made in your life so far. When the time comes, you’ll want to be ready. There are a lot of steps to buying a house, and if you don’t know what to expect, things can get overwhelming in a hurry.

As a real estate team that specializes in helping first time home buyers, we’re here to help!

Saving Up For Your First Home

One of the first steps to buying a house for the first time in Canada is saving up. If you’ve already secured the necessary funds to buy a home, you can skip to the next section of this blog.

A home is not a small purchase – especially in Ontario. So, unless you’re a lottery winner or have access to substantial financial support, you’ll need to have a diligent savings plan for at least a few years before you head to the market.

Here’s the good news. Most first time home buyers in Canada have access to certain financial programs that can make the savings process easier and faster. One great example is the First Home Savings Account, or FHSA for short.

The FHSA is a unique type of savings account where you can make tax-deductible contributions on your way to saving up for a house. These contributions max out at $8,000 a year to a total of $40,000, so there are some serious benefits. You also won’t be taxed when you’re eventually ready to withdraw your FHSA savings, as long as you’re using the funds properly.

Looking for more information on how to buy a home? Explore these related readings.

• Do You Need to Include Conditions in Your Buying Offer?
• How to Budget for Buying a Home in Vaughan
• What Goes Into Buying Your First Home?

Know What You Can Afford to Spend

Once you’ve got enough saved up, it’s time to figure out what you can actually afford to spend on your first home. This process is more intricate than you may expect.

Rather than using your savings to buy a property outright, you’ll instead be making a down payment on your home and supplementing the remaining costs with a mortgage. So, the next step in your homeownership journey is to find out how much of a mortgage you qualify for (aka your ‘borrowing capacity’). Luckily, this is fairly simple to do.

As a first time home buyer, the easiest way to assess your budget is by getting pre-approved for a mortgage. It doesn’t matter how early you are in the home buying process, connecting with your bank (or the lender of your choice), mulling over your personal finances, and getting pre-approved can give you a solid idea of what you can afford.

Understanding the Costs of Buying a House

As you’re putting together your first home budget, don’t forget to account for some of the other costs that can come with it. Beyond just the cost of the house itself, you will be on the hook for additional expenses like legal fees, land transfer taxes (before rebates), insurance, and moving costs.

Curious about other costs that come with buying a house? Read our blog about the hidden costs of purchasing real estate.

Know What You Need

Now that you know a little more about your financial resources, it’s time to sit down and think about what you’re looking for in your first home. Consider how many rooms you may need, which neighbourhoods you like best, and how your needs might change over the next few years.

One thing to remember is that your first home probably won’t be your forever home. In other words, there’s a good chance that you might not find something that checks every last box on your wishlist without breaking your budget – and that’s okay.

At the end of the day, your first home is ultimately a stepping stone to your dream home. That doesn’t mean that you can’t find a great place to begin your journey of homeownership, but it’s helpful to keep in mind as you begin house hunting.

Thinking about buying your first home in Vaughan, Ontario? Check out these blogs next.

• Is Vaughan in Toronto?
• Is Vaughan a Good Place to Raise Kids?
• What Are Vaughan’s Top Neighbourhoods For Families?

Work With the Right Real Estate Agent

Working with a Realtor has all kinds of advantages, especially as a first time home buyer. So, once you have an idea of what you’re looking for in a first home and what you can afford to spend on it, it’s time to find a great real estate agent. That’s where we come in.

As the number one real estate team in Vaughan, Ontario, we’ve helped countless first time home buyers find the right place for their family – and we can do the same for you.

We understand your unique needs and market position as a first timer. Leveraging our expertise, we’ll help you make the most of your budget, ensuring you get the best deal possible once you’ve found “the one”.

Buying your first home? The Lino Arci Team can help! Call 416-571-2724 or send an email to info@arciteam.com today!