Buying your first home is exciting, but small mistakes can become expensive.
Here are ten common pitfalls to avoid: Skipping mortgage pre-approval Know how much you can realistically borrow before viewing homes.
Underestimating closing costs Budget for legal fees, inspections, adjustments, insurance, taxes and moving expenses.
Using the entire budget Leave room for repairs, emergencies and changing interest rates.
Skipping the home inspection An inspection may uncover costly structural, electrical or plumbing problems.
Ignoring land transfer tax Ontario buyers may owe provincial land transfer tax, while Toronto properties can also face a municipal tax.
Choosing a home based on emotion Consider price, condition and long-term suitability—not only appearance.
Overlooking the neighbourhood Research transportation, schools, safety, development plans and nearby services.
Making conditions too weak Removing financing or inspection conditions can expose you to serious financial risk.
Forgetting ongoing ownership costs Property taxes, utilities, insurance, maintenance and condo fees can add up quickly.
Not using experienced professionals A knowledgeable real estate agent, mortgage specialist, inspector and lawyer can help protect your interests.
Careful planning can make your first Ontario home purchase smoother, safer and more affordable.