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Tips on buying your first home in Cornwall Ontario

Buying a home is exciting, especially if it’s your first. You will call this place home for many years. Like any other massive project, successfully buying a home in Cornwall, Ontario, is about focussing on the details from start to finish.

Here are some tips for first-time buyers on how to navigate the process.

Determine how much house you can afford

Homeownership is more expensive than renting; therefore, it is crucial to keep in mind added expenses such as home repairs, utility costs, and water. There are also taxes and insurance relating to homeownership that you should consider. You need to be financially prepared for the process of homeownership.

Consider becoming debt-free and creating an emergency fund before purchasing a home. Check if you are eligible for any grants or rebates. There are helpful programs available for first-time buyers.

Have a down payment ready

When buying a home in Canada, you need to put in a down payment of at least 5% of the home purchase price. A larger down payment ensures you have:

  • Lesser mortgage default insurance premiums.
  • Lower monthly mortgage payments
  • Less overall interest paid
  • More equity in your home

Shop for great mortgage rates and a pre-approval

The first step to acquiring a mortgage has a good credit score. Shop around for the lowest mortgage rate because it will save you thousands of dollars. A mortgage broker can help you with this task.

Having found a mortgage rate you like, it’s now time to get mortgage pre-approval. It helps you know:

  • How much you can spend on buying a house
  • The maximum monthly mortgage payment you will be paying
  • The mortgage interest rate available

Find a home

Now, this is the fun part. Househunting! With all the important facets of the process currently in place, you are ready to find a real estate agent and start house hunting. Your estate agent should be familiar with the type of house and neighborhood you prefer.

Request for a home inspection

Once you narrow down to the specific home you would like, ensure you get a thorough home inspection. The home inspector will survey the home and identify hidden problems with the home before taking it off the market. If the home needs a lot of major repairs, you can negotiate for a lower price. It is also grounds for saving money before losing it in a bad deal.

Make an offer and close the deal.

Bid on the home by submitting an offer to purchase. If your offer is accepted, have a real estate lawyer ensure all the paperwork is properly drawn up and filed. The attorney can also carry out a title search and ensure it is legitimate property.

Finalize the mortgage financing and secure the funding. With the help of your lawyer, make the down payment and have the title transferred to you.

When everything is finally in place, you will officially be the owner of the home. Your new home.

While the above tips aren’t conclusive, they are a great place to scratch the surface on homeownership in Cornwall, Ontario. At Langevin Law LLP, we are seasoned real estate experts in real estate laws and can help you successfully acquire the home of your dreams. Contact us today for more information.


Ottawa Office
130 Albert Street, Suite 1710 Ottawa, ON K1P 5G4
Office: (613) 237-0006 Fax: (613) 237-0008

Cornwall Office
42 Second Street East, Cornwall, ON K6H Y13
Office: (613) 936-0006 Fax: (613) 936-9076

Alexandria Office
32 Main Street North, Alexandria, ON K0C 1AO
Office: (613) 525-1358 Fax: (613) 525-3411

PO Box 1169, Building 208, Sinaa Street, Iqaluit, NU X0A 0H0
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