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Cardinal Creek Village Sales Office

(613) 830-8467

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Findlay Creek Sales Office

(613) 822-1101

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The Meadows Sales Office

(613) 692-0500

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Idylea & Westwood Sales Office

(613) 831-1357

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Kingston Sales Office

(613) 701-4000

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    First-Time Buyers

    First-Time Buyers

    The time has come and you’re ready to start looking for your new home, but where do you start? 

    The homebuying process can seem daunting for anyone, especially first time buyers. This guide will act as a helpful tool for any first time buyers looking to get an overview of the entire process along with helpful tips and resources to make for a much smoother experience.

    Understanding Your Needs

    Everyone’s lifestyle is different therefore a home isn’t one size fits all. You need to take into consideration not only your current needs but also your needs 5-10 years down the road. Keep in mind your space needs as well as your preferred level of maintenance and upkeep you’d have to do. Consider what neighbourhood suits your lifestyle with factors such as proximity to transit, schools, restaurants, stores, etc. are all things to keep in mind when deciding on what to look for in your new home.

    Where & When To Buy

    Buying a home isn’t just about the house itself, it’s about the community where you’ll be living and when you’ll make the move. Location and purchase timing can have a huge impact on affordability and long term value.

    Location

    Picking the right location to fit your lifestyle can make a world of difference. Factoring in if your community has or is nearby to schools, recreation, stores and services can help make life easier now and into the future while also adding value and resale potential to your property. You will also want to keep in mind if your community has room to grow along with you. For example early buyers in a new Tamarack community may see a bit of construction around them at first but that means potential for home values to appreciate as the community fills out.

    Timing

    Knowing what you want in terms of pre-construction and move-in ready homes will help you iron out a rough timeline for home ownership.

    • New Construction: opportunity to customize your home. These however will come with a longer wait period before moving in, often 9-10 months as the home is built, including possible delays.
    • Under Construction: curated designs move in varies between 3-1 months.
    • Move In Ready: Curated design packages, Full finished home, move within 30 days.

    Finances & Budgeting

    What Can I Afford?

    Getting your finances in order and having a plan for your budget is the most important step in ensuring your home buying process is as stress free as possible. Contact one of our preferred lenders.

    Mortgage Pre-Approval

    Maybe the most important step is to make sure you are pre-approved for a mortgage before you start searching for your new home. This will lock in your rate (most lenders will hold a rate for 90-130 days) meaning if rates rise you’ll be protected however if rates fall you may be able to readjust. This will save time and stress looking at homes that aren’t affordable in addition to strengthening your offer in the eyes of sellers and builders.

    Lenders use a mix of criteria to decide how much they’ll lend such as:

    • Income & Employment Stability: A steady job or stream of income is imperative. Documents such as T4s, pay stubs, or notice of assessment are all valid proof of employment.
    • Debt: Current debts such as car, student, or personal loans impact your debt-to-income ratio.
    • Credit Score: Having a strong credit score is advantageous however lower scores don’t always disqualify you. In Canada, a score of 680+ is considered strong.
    • Savings & Assets: Some lenders may want to see a reserve fund to cover emergencies.
    • Debt Service Ratios:
      • Gross Debt Service (GDS): Housing costs (mortgage + property taxes + heat) shouldn’t exceed ~32–35% of gross income.
      • Total Debt Service (TDS): Housing + all other debts shouldn’t exceed ~40–44% of gross income.

    Some common mistakes to avoid during the mortgage pre-approval process include:

    • Avoid Changing Jobs: Even if you have received pre-approval, a job change may affect final approval.
    • Avoid New Debt: Taking on large amounts of new debt such as a car loan or other large purchase can reduce your approved amount.
    • Pre Approval Doesn’t Mean Guaranteed Approval: Final approval will come after the lender reviews your chosen property, appraisal, and updated documents.
    • Shop Around: Mortgage rates and terms of lending vary between different banks, credit unions, and brokers. A slightly better rate can mean thousands saved over the life of your mortgage.

    Learn More About Pre-Approval Tips

    Helpful Tips & Reminders

    • Take Your Time: Buying your first home can be a stressful ordeal so don’t feel you need to rush. Always take time to pause and review to ensure you make a confident choice you’ll be happy with going forward.
    • Future Resale Potential: Proximity to shopping, schools, recreation, transit, etc. help a home’s value appreciate in the future. Community expansion and additions can also raise resale value.
    • Ask Questions: Whether it be your real estate agent or a member of Tamarack’s Sales team, don’t be afraid to ask questions. Clarification on materials, warranties, timelines, and more are all common questions and they’ll be happy to help!
    • Budget For Being A New Homeowner: A new home comes along with new expenses such as utilities, yard work, snow removal, and upkeep/regular maintenance are all new responsibilities that come with being a new homeowner.