First-Time
Home Buyers

Here at The 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.

home buying 101

First-Time Home Buyers FAQ

What benefits are there to having The 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.

New Listing Notifications

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 The Faris Team, you’ll get a sneak peek into homes that fit your criteria ahead of the general public and other Realtors®!

unlock hidden inventory
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?
What if I don't have a down payment?
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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.

The 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 The Faris Team.

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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?
What is the fee to work with The Faris Team to buy a home?
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)?
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. The 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 The Faris Team.

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