A guide to buying your first home in Toronto, GTA, and surrounding areas

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To many, owning a home is a lifelong dream. It is a milestone that many of us have and are trying to achieve. But, it can truly be daunting. The process in itself is understandably terrifying to any first-time homebuyer. Where do you even begin? What’s an appropriate budget? Where should you start looking?

First and foremost, take a deep breath. It is an exciting decision to make, but many can become overwhelmed. While the entire process can be nerve-racking, buying a home follows a similar process wherever you may be, whether that is within the Greater Toronto Area or in its surrounding regions. To help you get started, here’s a guide to follow when you’re buying your first home.

Phase 1: Finances

1. Evaluate your income and savings to set a budget

To set a budget to buy your new home, it is of course important to understand your income and savings to see in what range you can afford. Understanding your budget and what you can afford can later narrow down the areas and houses you can potentially buy, making it a bit easier to make a choice. Here, also ensure you have an understanding of your own credit score as this can affect mortgage applications

2. Deposit, down payment, and mortgage

Deposit to Secure the Home

Keep in mind that to get your home, you need to think about the deposit to secure the home, the down payment you contribute towards the price of a home, and the mortgage. Extra research might be needed as different areas and banks have different interest rates, as well as ensuring you have completed some pre-approvals on your finances.

Phase 2: The Dream Team

3. Pick your team

It can be difficult, time-consuming, and overwhelming when you’re buying your first home, so once you have an idea of your financial standing and budget allocation, look for real estate agents who can help you with the matter. As a first-time buyer, it’s hard to decide what to do next. Experienced real estate agents can help give you the advice you may need. You may also consider involving a lawyer, but this can depend on you.

Phase 3: The Hunt

4. Search for possible locations

Now, it’s time to hunt. Before looking into specific homes, think about the location and neighborhood you want to stay in. There are many factors that determine prices for homes, and location is one of them. Look into the price range of specific locations and neighborhoods so you can cross-reference it with your budget range.



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Over 5 years of expertise in the real estate industry.


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5. Find the home you’d like to buy

Once you decide on a location, look into the specifics of the houses you’d like to buy. Again, you can think about your budget range for this to narrow down your options. You can also view homes to make your decisions easier.

Phase 4: The Close

6. Evaluate the conditions and provide the deposit

Whether it’s the payment and agreement conditions to the quality check conditions and home inspections of your potential new home, ensure everything is laid out and clear. In this case, your real estate agent or lawyer may help evaluate and advise on anything that needs to be clarified.

Our Passion

and motivation comes from finding you the home of your dreams.

Our Team

works efficiently to secure your desired property.

Your Partner

in getting you though the entire process and paperwork.

7. Sign the deal

If you’re happy with everything, it is time to sign the deal! If financial obligations and conditions or any other requirements are met, this should go smoothly and you’re on your way to becoming a new homeowner!

The process of buying a home can be overwhelming to many first-time buyers. Combination Real Estate is experienced with all types of buyers, even if it’s your very first time. If you’re looking into buying your first home but don’t know where to begin, get in touch with us today!




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