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DUNPAR FIRST TIME BUYERS GUIDE
  • Steps To Buying Your Home (From Searching To Closing)
  • Programs Available To First-time Buyers
  • What Can I Afford?
  • Buying Vs. Renting
  • Why Buy New?
  • Know Your Builder
1. Where do you want to live?
What area or town best suits your lifestyle? Distance to work? Are there schools nearby? Is there area safe and comfortable? Is there entertainment venues and places to shop near by? Answering these questions will naturally assist in answering the first question of home buying, which is location. Try our Interactive Map to view all Dunpar's current developments.
2. What type of home do you want to live in?
After location, the next decision you'll have to make is about the kind of space you want to live in. There is a world of options to choose from, including high rise, low rise and town homes. You'll also need to think about the combination of rooms and living spaces that would best suit your needs. Do you need 1 bedroom, 2, or more? What is the best type of layout for you? What direction do you want to face and how high up would you like to be? What types of amenities are you most interested in?
3. How much do I want to pay?
To answer this question, you will first need to determine how much you can afford based on the location and the type of home you want to live in. You will have to decide on an appropriate down payment as well as your mortgage carrying ability. You will need to add these numbers to all other loan expenses you might have as well as your total average monthly expenses. The sum of these numbers needs to be an amount that you can comfortably cover within your available financial resources. Try our mortgage calculator to learn the estimated monthly costs based on various home values.
4. Do your homework.
Although there are many reputable builders in the GTA, you will need to take some time to determine which builder you have the greatest confidence in. Check out various web sites, drive by locations and meet the sales representatives. Learn about a builder's reputation through someone who actually lives in one of the buildings they have developed. Find out about the level of experience they have with the type of building you want to move into. A great resource for builder research is on the Tarion web site: Find a Builder The Greater Toronto Home Builders Association is a group who can help you make an informed decision in your search for a new home.
5. How do I make my purchase?
Once you've made all the tough home buying choices, you will need to start the paper work. Because buying a home is such an emotional and exciting experience, it can be difficult to focus on contract details. We recommend that you work with a lawyer who specializes in condominium purchases to help you through this process.
Agreement of Purchase & Sale
The home purchasing process starts with signing the Agreement of Purchase and Sale. You need to review it carefully as it is a legally binding contract. Not only does it include the purchase price, it also includes terms and conditions that will apply to the transaction, a description of how the purchase will be financed; the closing date; the date possession will be delivered to the buyer; pre-delivery inspection and other contingencies.

Please check out our – Glossary – for a list of terms that you may come across during the home buying process and within provided documents
1. Total monthly payments for the mortgage and other loans, including credit cards should not exceed 37% – 40% of your monthly income before taxes.
2. Total monthly payments for the mortgage and other loans, including credit cards should not exceed 37% – 40% of your monthly income before taxes.
OTHER HOME OWNERSHIP EXPENSES
Some costs associated with the purchase of your next home are referred to as “closing costs” and are usually approximately 2% of the total purchase price. Based on a $200,000 home – some estimated amounts are: Tarion Warranty Corporation enrollment fee- $520 approx. Land Transfer Tax $1,725 Legal Fees $750 – $1,500 Home insurance approx. $400-450/ year Hydro $400 – $900/year You may also wish to allocate a budget for moving, storage and decorating your new home.
ADDITIONAL COSTS
Some costs associated with the purchase of your next home are referred to as “closing costs” and are usually approximately 2% of the total purchase price. Based on a $200,000 home – some estimated amounts are: Tarion Warranty Corporation enrollment fee- $520 approx. Land Transfer Tax $1,725 Legal Fees $750 – $1,500 Home insurance approx. $400-450/ year Hydro $400 – $900/year You may also wish to allocate a budget for moving, storage and decorating your new home.
After doing the calculations, it may be more affordable for you to purchase a suite then to rent an apartment. When determining your ability to rent or buy, you will need to compare your monthly expenses in terms of rent vs. taxes and mortgage payments. You may be surprised to find that rental costs are equal to the monthly investment of home ownership.

BETTER CHOICES
Ability to choose where in the building you would like to be located – based on availability Choice of layout and suite type Ability to personalize your space with the features and finishes that reflect your taste

BETTER HOME DESIGN
Built with state of the art technology using low maintenance and durable building materials Less maintenance, less repairs, and in the long run, less expense Energy-saving devices Latest styles & trends

BETTER VALUE
The earlier you purchase in the construction process, the better the price – likely, your investment has already appreciated when you are ready to move in

Learn about a builder's reputation through someone who actually lives in one of the home they've developed. Also, find out about their track record and if they have at least a decade of experience.

An easy to use resource for research of builders is on the Tarion web site: Find a Builder. The Greater Toronto Home Builders Association can also assist you in making an informed decision during your search for a new home.