“As first time home buyers, we had no idea what we were doing or how this process worked. Our Realtor walked us through every step of the process; from what to look for while viewing a house, the neighbourhood, making recommendations when putting in offers and when to walk away. He made the whole process so simple – giving us contacts for home inspectors, lawyers and mortgage brokers took a lot of the extra work out of the picture. We are very pleased with our experience – he made the process enjoyable even in the stressful times.” Kyle Jones & Jessica Burt
“Thank-you very much for making our first-time home buying experience such a great one! We were so impressed with your professionalism and willingness to accommodate our needs. Everyone on your team was so nice; it made us feel very comfortable. Thank-you very much for making our dreams come true.” Jamie and Oana Stokes
“My realtor has gone above and beyond, driving all the way to Toronto to show me the home I was interested in. I am a first time home buyer and I was unsure of the process but she walked me through it all and helped me along the way; even if it meant she had to work the late evening. Friendly and professional, I recommend her and anyone on the Faris Team.” Julisa Ly
“Thank-you very much for making our first-time home buying experience such a great one! We were so impressed with your professionalism and willingness to accommodate our needs. Everyone on your team was so nice; it made us feel very comfortable. Thank-you very much for making our dreams come true.” Jamie and Oana Stokes
“The Faris Team made our investment a reality and ensured us confidence. It was a very quick, accurate and an all-around comfortable experience, especially for us buying our first home. Thank you for the support and reliability we needed and received.” Lindsay Hoffman and Joe Depiero
“Excellent customer service. Quick responses from all members of the Faris Team. Being a first time home buyer they made the process very turn-key and extremely informative along the way. It was a pleasure experiencing The Faris Team difference!” Chris Besasparis
“As a first-time home buyer I found their experience invaluable.” Paul Moyer
“We were very pleased with our overall experience with the Faris team. We found that our agent was reliable, and easy to work with. Going through the process of buying our first investment home was made easy thanks to the advice and expertise provided by our realtor, Josh.” Tom and Daniella Silverstri
“My wife Teresa and I really enjoy the experience of buying our first home from this team. We highly recommend our real agent Melissa who are always ready for help and really proficient in this area. Thanks a lot guys.” Leo LI
“My boyfriend and I were looking for a while to find our first home to start the next chapter of our lives, thank goodness for Melissa from the Faris Team is all I have to say!!! She worked so hard to find exactly what we wanted. She was available anytime, willing to travel and found great homes for us to view. Without her, we would not have found our perfect first home! We will definitely recommend the faris team in the future!” Sara Baker
“The Faris Team goes above and beyond anyone’s expectations. We had a great experience for buying our first home with Thomas Faris. Thank you !!!!” Kayla Gerrard
First-Time
Here at Faris Team we believe in going full out® for our clients. We know that the process of buying a home, especially for the first time, can feel overwhelming. We will be your partner on this journey, providing guidance every step of the way. From determining what you can afford, to matching homes that fit your wants and needs, to negotiating an offer and closing the sale, we’re committed to making your home buying experience a smooth one.
First-Time Home Buyers FAQ
What benefits are there to having Faris Team represent me in buying a home, rather than doing it on my own?
Our Sales Partners are equipped with many tools to find you the perfect home. We enter your wants and needs into our internal Multiple Listing Service/MLXChange system (only available to licensed Realtors®) and set you up to receive automatic email notifications through our complimentary New Listing Notifier program. Being able to view homes before they appear on public platforms gives you an advantage over those not working with a Realtor®, and you can rest assured that you’ll always have the most up-to-date inventory selection at your fingertips.
We can also expand your search horizons through our VIP Property Access program, an exclusive service that allows our buying clients to see hidden inventory of listings before they hit the market. Available only through Faris Team, you’ll get a sneak peek into homes that fit your criteria ahead of the general public and other Realtors®!
What is the advantage of home ownership?
Real estate is a great investment. Every payment you make builds equity, and unlike other volatile and risky investments, homes for sale in Canada have increased in price every year since 1998. Owning a home is step one on the property ladder and the equity you begin to build opens doors to future investments and security deposit options for additional loans.
How much do I need for a down payment?
A down payment is the amount of money you pay upon closing, and is required to obtain a mortgage. It is to your advantage to put down as much money as you can because interest costs for a smaller mortgage are lower-adding up to significant savings over the long run.
• For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5%
• For homes with a purchase price greater than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
• For homes with a purchase price of $1 million or more, the minimum down payment is 20%
The down payment amount is to be included in the cheque given to the lawyer. All major banks/institutions require that your down payment amount MUST be in your bank untouched, at least 90 days prior to closing. The down payment is over and above your deposit cheque. Your deposit cheque WILL NOT be considered as part of your down payment amount.
What if I don't have a down payment?
If you don’t have a down payment saved for your first house, you still have options. One possibility is borrowing up to $25,000 of your RRSP savings (per person; $50,000 per couple) under the Home Buyer’s Plan program. After a two year grace period you must begin paying back the funds you withdrew by making RRSP deposits each year and all funds must be replaced within 15 years. For more information visit Canada Revenue Agency Home Buyer’s Plan.
Lease-to-own and 100% financing are two more programs that may enable you to achieve homeownership sooner. The Faris Team has excellent relationships with mortgage specialists that can outline these options and others for you.
Contact one of our trusted mortgage specialists.
Why should I get pre-approved for a mortgage?
You’ll find house-hunting is easier when you tap into the advantages of mortgage pre-approval. You’ll save time, seeing only homes you can afford, you can lock in the interest rate which is typically guaranteed for 120 days, and your pre-approved status will demonstrate to sellers and their Realtors® that you are a serious buyer, which can help during negotiations.
Faris Team works with exceptional mortgage specialists who will guide you on your home buying journey and offer great rates that save you money. There’s no cost to you and you’re not obligated to accept the mortgage when it comes time to buy.
Get Pre-Approved with a trusted mortgage specialist of Faris Team.
Do I really need a Home Inspection?
A home inspection is a great investment when purchasing a home, and we always highly recommend it. The purpose of a home inspection is to reveal all deficiencies in the home. Even in newer homes, minor items are to be expected. However, at times, there may be larger deficiencies that may need to be addressed. Conducting a home Inspection will help alleviate any unwanted surprises. A home inspection is a cost incurred by you, the buyer, the day the service is performed. Home inspection costs range from $300-$700 depending on the size of the home and the type of service provided. Typically a home inspection is anywhere from 2-4 hours depending on the size of the home. There are also other forms of inspections that we may advise such as: Environmental Testing, Wood Burning Fireplace Inspections, Oil Burning Furnace Inspections, Septic Systems.
What expenses will I incur when buying my first home, and when?
There are many costs to consider when buying a home. Our Home Buying 101 guide has a detailed breakdown of costs to consider and your trusted Sales Partner will walk you through a full list of expenses to expect when it comes time to buy.
What is the fee to work with The Faris Team to buy a home?
As a valued buying client of Faris Team, you work with one of our Realtors® free of charge. The fee for our service is entirely covered by the clients whose home you buy, as is industry standard.
Do I have to pay HST on the purchase of a re-sale home?
No. HST does not apply on the purchase of a re-sale home, so you only have to budget for this expense if you are buying a new home. If you do purchase new, keep in mind that you can claim a rebate for some of the provincial portion of the tax incurred on homes priced up to $500,000.
What is the First-Time Home Buyers’ Tax Credit (HBTC)?
The First-Time Home Buyers’ Tax Credit (HBTC) is a non-refundable tax credit intended to help first time buyers cover costs associated with purchasing a home, and must be claimed in the year the property was purchased.
You can claim an amount of $5,000 for the purchase of a qualifying home, if both of the following apply:
• you or your spouse or common-law partner acquired a qualifying home; and
• you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).
To find out if you qualify visit one of the following government resources:
The HBTC on Canada Revenue Agency Website
First-Time Home Buyer’s Tax Credit VIDEO
There are other government credits and programs that you can explore by visiting Home Buying 101.
What’s my next step to homeownership?
Now that you’re more informed on the home buying process, interviewing trusted Realtors® in your community is the next step. Faris Team invites you to meet with one of our valued Sales Partners to further discuss how we can find you the perfect home.
Contact a trusted Sales Partner of Faris Team.