First Time Home Buyers

First time home buying is considered being a stressful and difficult decision. However, Pratham believes this is just a myth as more and more people are becoming home owners rather than renters.

Pratham Kalia has helped numerous first time home buyers move into their dream home in Mississauga and the surrounding areas throughout his career from; newcomers, families, individuals, couples and millennials.

Are you a First Time Home Buyer looking to buy in Mississauga? 

Being a first time home owner can be a new chapter of your life, so we want to be a helping hand relating to this big next step. We would like to educate and guide first time home buyers in making an informed decision, so we have implemented this website with extensive information and resources for first time home buyers.
Call 647-606-2704 to learn more about a FREE first time home buyer seminar

We purchased our home in 2016 as first time home buyers as Pratham as our agent. Since then, Pratham has helped us find a bigger home as our family grew last year. He was accommodating to our busy schedule with a toddler and made the entire process stress-free. We will be working with him again and we highly recommend Pratham Kalia’s services. Sooji N.
Below are some Frequently Asked Questions (FAQs) that will be covered: 
  Do buyers have to pay any real estate commission? 
Typically, buyers do not pay real estate commission. This example can be based on a standard scenario where both the buyer and seller are being represented with each of their own real estate agent. The real estate commission is usually paid by the seller to the buyer's brokerage either directly or through the listing brokerage. However, a buyer can be asked to pay commission to the buyer's brokerage if the buyer brokerage is not paid any commission from the listing brokerage. 

What is the minimum down payment?
When purchasing a home, this is typically one of the largest expense. The minimum down payment is 5% of the purchase price, with the increments of 5%, 10%, 15%, 20% and anything higher than 20%.

If the purchase price is $500,000 or less the minimum down payment required is 5% or $25,000. If the purchase price is between $500,000 and $999,999 then the minimum down payment would be 5% of the first $500,000 and 10% of any amount over $500,000. If the purchase price is over $1,000,000 the minimum downpayment would be 20%. Overall the minimum down payment is dependent on the purchase price, credit history, income etc. 

A downpayment of 35% or more of the purchase price applies to Canadian non-residents and newcomers who are not employed or with no established credit history. 
Why is a mortgage pre-approval important before searching for a home? 
This is an important first step when starting a home search, as it gives a clear indication on affordability. By indicating the higher limit and how much can be borrowed, the mortgage pre-approval letter will give confidence to the home buyer and real estate professional on specific properties that are within the range of the mortgage pre-approval, which can simplify the home search. 

Is there a first time buyer Land Transfer Tax Rebate? 
Yes, if you qualify as a first time home buyer there is a Land Transfer Tax Rebate of $4000. Certain terms, conditions and restrictions may apply, please speak to a professional real estate lawyer and visit the official Government of Ontario website to get more information. Under the helpful tools tab, there is a land transfer tax calculator to help get an estimate on land transfer tax, based on the province, city and property value. 
What are some government rebates for home buyers and home owners? 
Here is a list of a few government rebates for home buyers and home owners, which include: Home Buyers Tax Credit (HBTC), Land Transfer Tax Rebate, Home Buyers Plan (HBP), Ontario Energy and Tax Credit, GST/HST New Residential Rental Property Rebate. Learn more: Government Rebates for Home Buyers and Home Owners.

What is an advantage of working with a buyer agent? 
There are many benefits of working with a buyer agent. If you hire Pratham Kalia as a Realtor®, you are ensured to have your best interests taken care of. Searching for the right home, preparing an offer, negotiations and having a smooth and easy closing. Being a local and experienced Realtor® certainly has benefits! 

What is the average cost for a home inspection? 
The average cost for a home inspection can cost approximately $300-$350. This cost can vary based on the location, property condition and size of the house. A condo home inspection can cost approximately $225-$275, again based on the location, property condition and size of the condo. 

Where can top Mississauga schools be found?
A list of top elementary and secondary schools can be found on the Fraser Institute website. If you are planning to buy in Mississauga, contacting the Peel District School Board is also recommended to get more information of a school. Pratham Kalia finished all of his schooling in Mississauga (elementary, middle, secondary and post secondary). Please contact us if you need help finding the right neighbourhood and school district. 

How to find homes near top Mississauga Schools? 
You can find out top Mississauga schools by rating on the Fraser Institute website. Then by selecting a few schools and asking your real estate professional to help find you a home near the specific schools. To ensure that the home address falls in the school boundary, you can visit Peel School District. On this website, public schools can be found near the specified address of where you are looking to buy a home. If Catholic Schools are of preference, then please visit Dufferin Peel Catholic School District

RE/MAX - Fit to Buy? 

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