We purchased our first brand new three-story, three bedroom, 1300 sq feet townhouse for $260 000 in east Toronto area (a little far from Toronto downtown area). We signed the all the paper documents, and the expected move in date is on December 01, 2014 😀 .
We were with our real-estate agent for 4 months, looked at a dozen homes and never found anything we really liked or we can afford to pay. After a long house hunting, our real estate agent advised us to look for new homes little far from Toronto area. His advised worked well for us, but did not work for him as he can get only 1% commission from builders 😀 .
Actually, the home was purchased by someone else from the builders and the buyer did some upgrade with the design center, but later he withdrew his purchase agreement with penalty for some reason. So, builders decided to resale the home as it is for little lower price with some conditions. The main condition is we cannot do any upgrades or changes, and have to go with whatever the previous buyer preferred to do because they already started to build the house.
The price was little lower than the other closes area. So, we tentatively reserved the house with $5000 deposit, and we were given two days to decide.
We were nervous and worried about buying our first home without seeing it. We spent a full day stressful discussion that involved looking at budgets and weighing the pros and cons about the house, and found there were more pros but the biggest con was the location as it is bit far from my work.
We looked at the floor plan, and it looks O.K for us. It was like a sweet deal for the price. Thus, we decided to buy our first home.
Today, we went back to the builders and signed all the paper works. And, we are asked to deposit another $10000 in next 8 weeks.
I know there are lots of benefits from government for the first time home owners and will discuss later once I learn more about them.
Now, we are the proud home owners, and planning put 20% down payment to avoid the mortgage insurance cost. We need around $55000 for the down payment and closing costs. Right now, we have only $20000 in cash. We still have little more than 7 months to save $35 000.
We went to the construction area without permission and took some pictures of our first tiny home 😀