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Tarynn Lennox Realty
First-time Home Buyer
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2021 TL Real Estate First Time Home Buyer Guide

Ready to buy your first home but feeling overwhelmed by all of the conflicting opinions out there? From the google search you did providing thousands of articles, your friend’s horror story, or your parents advice - even though they haven’t moved in 20 years – people are happy to give you unsolicited advice!

I’ve worked with many First Time Home Buyers and successfully guided them through the housing “fog” to home ownership – and they even enjoyed every minute of it!

Here is what Meghan Woodhouse, a First Time Home Buyer had to say about her experience purchasing in the Summer of 2020:

“Tarynn was quite frankly the best. From the moment she started showing me places she took an understanding to my needs and wants. I had no intention of purchasing right away but after one day with Tarynn I found my dream home and two days later it was official. Tarynn is professional yet makes you feel comfortable as if you are talking to a friend or someone you’ve known forever. I can’t thank her enough for helping me through this journey. She truly made the purchase and all other aspects of the transaction seamless.”

Where should you start?

 Honestly, call me! But if you’d prefer to read what I have to say first .. check out my Guide Below!

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    Work With A LOCAL Realtor®

    Make sure you are connecting with a REALTOR® who not only understands the Local Market you are wishing to purchase in, but lives and breathes it. Proper representation is so important, so that your Realtor can always be working in your best interest and giving proper advice and guidance. I won’t understand the Toronto Condo Market and don’t pretend to; just like the Toronto Agent may not be the best person to guide you through a rural house Southern Georgian Bay with a septic and well.

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    Get Pre-Approved For A Mortgage – Now – For Two Reasons:

    A) Know What You Can Afford – A Pre-Approval not only locks in the Interest Rate for a time period (usually 90 days), but will also tell you what you can afford and what you can’t. This will save you the disappointment of falling in love with a property that is not financially feasible.

    B) A local Mortgage Broker is just as important as your Local Realtor. An out of town Mortgage Broker may not understand the market trends in Southern Georgian Bay, how Rural Properties work or what about that Shoreline Road Allowance? They may red flag a property when it is actually a norm in our area.

    Don’t know a Local Broker, interview my Preferred Partner: Tim Ward, Mortgage Broker - The Mortgage Centre Hometown Financial

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    Deposit?

    Make sure you can access your Deposit! A Deposit is typically due within 24 Hours of an Accepted Offer and depending on the purchase price can be tens of thousands of dollars. If your Deposit money is invested or in a RRSP; you will not be able to access it within the allowed time period.

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    Be Ready For A Multiple Offer Situation

    To date in 2021, most homes are selling in multiple offers, or what some call a “bidding war”. You could be competing against several other buyers, which is why having your financing and deposit organized is crucial if you hope to be successful. Want my bidding war advice? Let’s talk!

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    Closing Costs

    There are several costs above and beyond the purchase price of your home. Some of these include:

    • Lawyer Fees – The Amount varies due to the complexity of the purchase, but plan for $1500-2000.
    • Ontario Land Transfer Tax – The amount varies due to the purchase price. But as a First Time Home Buyer you may qualify for an Incentive.

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    COVID-19 Protocols

    Be ready and willing to follow all COVID-19 Protocols. Including zoom calls, virtual showings, masks, sanitizing and limited time in the homes you are viewing. Our goal is to keep everyone as safe as possible.

TL Real Estate First Time Home Buyer Guide

Buying your first home is an exciting time – but can be very stressful too!  The best you can do is be informed and choose your REALTOR® wisely.

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My goal is to combine knowledge, passion and skills to exceed each client’s expectations, and most of all, to show I genuinely care. Real Estate can change your life, and because of that, I want to create an experience worth talking about.

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Tarynn Lennox
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Royal LePage Locations North
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Thornbury, Ontario N0H 2P0
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