Incom New Demo Office

Phone:
403-555-0142
Toll free:
1-888-555-0155
Fax:
403-555-0175
Contact Us

Incom New Demo Office

Phone:
403-555-0142
Toll free:
1-888-555-0155
Fax:
403-555-0175
Contact Us

10 Steps to Buying a Home with

Whether you’re a first-time buyer or looking for your next dream home, the process can feel overwhelming — but it doesn’t have to be. Incom New Demo Office is here to guide you every step of the way.

12 Step Guide to Buying Your Home


Step 1: Is Buying the Right Move?

Choosing to buy a home is a big decision. To help you weigh your options, here are some key questions to consider when deciding between buying and renting.

How does buying build equity?

Each mortgage payment increases your ownership in the property. Rent, on the other hand, goes toward your landlord’s equity.

What are the upfront costs?

Buying requires a down payment, plus closing costs like legal fees, inspections, and land transfer tax. Renting typically involves a security deposit and the first month’s rent, making it cheaper upfront.

Who takes care of maintenance and repairs?

Homeowners are responsible for repairs and upkeep. Renters rely on their landlords for maintenance and property issues.

How does each option affect financial risk and stability?

Owning means long-term stability and control over your space, but it comes with market and interest rate risks. Renting offers flexibility and fewer financial responsibilities, but less control over future housing expenses.

If buying feels like the right step for you, let’s move forward.

 
 
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At Incom New Demo Office we uphold an ongoing commitment to providing an elevated level of personal service. Our clients come first, and as a result, they are able to achieve more than they ever dreamed with their real estate investment.

Because we expect more from our associates, you can expect more from us when it comes to the important sale or purchase of your property. When it comes to your next move, we want you to experience the difference exceptional real estate service can make.

Contact us today, for free real estate advice, to find your nearest sales associate or to find your dream home!

Step 2: Know Your Budget

Knowing how much you can afford is key to a confident home search. Be sure to plan for both one-time costs and ongoing expenses.

Estimate Your Homeownership Costs

Home Price
$700,000
 

Upfront Costs

Down Payment $140,000
Closing Costs $155,175
 

Monthly Recurring Costs

Mortgage Payment $3,029
Property Taxes $583
Home Insurance $58

Note: Cost breakdowns are estimates based on averages for first-time home buyers in Ontario and should be used for reference only. Actual costs will vary by individual situation.

Most lenders use two main affordability guidelines:

Gross Debt Service (GDS):

Housing costs (e.g., mortgage, taxes, heating, and 50% of condo fees) should not exceed 39% of your gross household income.

Total Debt Service (TDS):

Housing costs plus debt payments (e.g., car loans, credit cards, and student loans) should not exceed 44% of your gross household income.

Get pre-approved for a mortgage to lock in your rate for up to 130 days and show sellers you're a serious buyer.

Not sure what your budget looks like? Use our Mortgage Calculators to find out.

Step 3: Set Your Home Search Criteria

Before diving into listings, take time to define what’s important to you.This keeps your search focused and aligned with your needs.

Things to consider:

Location

Is the neighborhood safe, convenient, and aligned with your lifestyle?

Size

How much space do you need now, and what about your future plans?

Condition

Are you open to a fixer-upper with potential, or do you prefer a move-in-ready home?

Type of property

Are you looking for a detached home, a condo, or a townhouse? Each has pros, cons, and cost considerations

 

Step 4: Work with the Right Realtor®

In Canada, REALTORS® are licensed professionals who must follow a strict Code of Ethics. Choosing the right one can make or break your home buying experience. Stick with one REALTOR® who understands your goal and preferences.

See what clients are saying about working with , or connect with an expert to start your journey.

 

TESTIMONIALS

  • Buying a home can be overwhelming, but Allan made the process smooth and stress-free. He was extremely knowledgeable, always available for questions, and truly understood what I was looking for. Thanks to his expertise, I found a home I absolutely love! I’m so grateful for his help and would recommend him to anyone looking to buy or sell.

    Hailey Smith
  • I had a wonderful experience selling my home with Allan. He provided excellent advice and a clear strategy and was always available to guide me through the process. Thanks to his effort, my home sold quickly and at a great price. If you're looking for a realtor who is experienced, reliable, and results-driven, look no further than Allan. 

    Amy Jackson
  • Benjamin really brought something special to our home search. He found us this amazing loft that fit both our budget and style perfectly. His advice was always spot-on, and he worked so hard to make the whole buying process feel smooth and stress-free. Honestly, we couldn’t have asked for a better agent.

    Olivia Brown
  • With the market being as tough as it is, I felt really well taken care of. Benjamin was practical, honest and always there when I had questions. The level of care and attention to detail was seriously impressive. We’re so grateful for everything you did, it made a big difference.

    Daniel Betts
  • Charlotte totally got what we were looking for. We wanted a fun neighbourhood with good nightlife and easy access to transit, and he found us the perfect place. She really knew the area and gave us great advice along the way. The whole process felt surprisingly easy thanks to her, and we’re so happy with how everything turned out.

    Robert Lucas
  • As first-time homebuyers, we were definitely nervous and didn’t know what to expect, especially with how wild the market is right now. But Charlotte encouraged us to see as many places as we could, which really helped us feel more confident about our decision. She answered all our questions and stayed on top of even the smallest details. She was thoughtful, patient and clearly knew her stuff. We’ll absolutely be recommending her to friends and family. 

    Andrew Smith
  • Emma totally got what we were looking for. We wanted a fun neighbourhood with good nightlife and easy access to transit, and she found us the perfect place. She really knew the area and gave us great advice along the way. The whole process felt surprisingly easy thanks to her, and we’re so happy with how everything turned out.

    Alexander Grahm
  • Emma really brought something special to our home search. She found us this amazing loft that fit both our budget and style perfectly. Her advice was always spot-on, and she worked so hard to make the whole buying process feel smooth and stress-free. Honestly, we couldn’t have asked for a better agent.

    Tylor Hill
  • Working with Ethan was a fantastic experience! From the very beginning, he took the time to understand exactly what we were looking for and helped us find the perfect property. He was knowledgeable about the area, kept us updated regularly, and made sure we had all the information we needed to make an informed decision. We couldn’t be happier with the service and results! 

    John Smith
  • Ethan has been fantastic! I inquired about some apartments, and he jumped right on it and sourced many emails with possible choices. I am amazed at his level of dedication!

    David Jones
  • As first-time homebuyers, we were definitely nervous and didn’t know what to expect, especially with how wild the market is right now. But Lucas encouraged us to see as many places as we could, which really helped us feel more confident about our decision. He answered all our questions and stayed on top of even the smallest details. He was thoughtful, patient and clearly knew his stuff. We’ll absolutely be recommending him to friends and family. 

    Sharron Tate
  • Lucas really brought something special to our home search. He found us this amazing loft that fit both our budget and style perfectly. His advice was always spot-on, and he worked so hard to make the whole buying process feel smooth and stress-free. Honestly, we couldn’t have asked for a better agent.

    Roman S.
  • I can’t praise Nora enough! Finding trustworthy tenants for my townhouse was seamless with her. She’s professional, friendly, and quick to respond, with deep market insight. Jennifer explained leasing clearly, always prioritizing my needs. She’s exceptional, going the extra mile – I’d happily work with her again!

    Norman Smith
  • With the market being as tough as it is, I felt really well taken care of. Nora was practical, honest and always there when I had questions. The level of care and attention to detail was seriously impressive. We’re so grateful for everything you did, it made a big difference.

    Nicolos Cage
  • I had a wonderful experience selling my home with Sophia. She provided excellent advice, a clear strategy, and was always available to guide me through the process. Thanks to her effort, my home sold quickly and at a great price. If you're looking for a realtor who is experienced, reliable, and results-driven, look no further than Sophia.

    Chloe Perez
  • Sophia was such a lifesaver. She helped us find a spacious home that was perfect for our family, even with our long wish list. She was incredibly patient, knew the area inside out, and made the whole experience feel exciting instead of overwhelming. We honestly couldn’t have asked for a better agent. 

    Emilia Clarke

Featured Listings

Step 6: Find a Real Estate Lawyer

A trusted real estate lawyer protects your legal and financialinterests throughout the transaction. Start by asking friends, family, or a Incom New Demo Office agent for recommendations.

While your lawyer handles the legal side, don’t miss opportunities on the market.

Here’s how your lawyer helps:

Review the Agreement

Ensure all terms in the Agreement of Purchase and Sale are accurate

Run a Title Search

Confirm there are no liens, unpaid taxes, or legal claims against the property

Handle Closing Costs

Calculate and pay land transfer taxes, title insurance, and prepare legal documents

Register the Property

Transfer ownership and register the property in your name with the provincial land registry

Coordinate Mortgage Funds

Work with your lender to transfer mortgage funds to the seller on closing day

Step 7: Make an Offer

Found the one? The team at Incom New Demo Office will help you craft an offer that aligns with your needs and stands out to the seller.

What’s in an Offer?
  • Purchase Price
  • Deposit (often 5% of the price, held in trust)
  • Conditions (typically home inspection, financing, and sometimes a sale of your current home)
  • Inclusions (items to remain in the home e.g., appliances, blinds, fixtures)
  • Closing Date and Irrevocable Period
Types of Offers
  • Firm Offer: This means you’re ready to buy the home as-is, with no conditions; be sure everything checks out before going this route.
  • Conditional Offer: It includes specific conditions that must be met before the deal becomes binding.

The seller may accept, reject, or send a counteroffer. Don’t worry — Agents at Incom New Demo Office will negotiate the best terms on your behalf.

 

Step 8: Get a Home Inspection

Even if a home looks great on the surface, an inspection can uncover hidden issues that could cost thousands to fix later.

Tips

Attend the inspection if possible. it’s a great opportunity to ask questions, learn about the home’s condition, and pick up useful maintenance tips.

If the home doesn’t pass or you decide to keep looking, stay in the loop with our Just Listed alert. It’ll help you spot your perfect home the moment it’s available.

Step 9: Finalize Your Mortgage

Your offer has been accepted — congrats! Now it’s time to lock in your financing.

You’ll need to:

 

1

Agreement

Submit your signed Agreement of Purchase and Sale

2

Financial Documents

Provide your financial documents such as proof of income, tax returns, bank statements, and a void cheque

3

Mortgage Terms

Review and confirm your final mortgage terms, including the loan amount, interest rate, and amortization period

Tips

Between now and closing, avoid major financial changes like taking on new debt, changing jobs, or making large purchases. These can put your mortgage approval at risk.

Hold off on big financial decisions, but keep your home search moving. Set up a PRICE DROP alert to catch any deals that come up.

Step 10: Closing the Deal & Moving In

You’re almost home! As closing day approaches, your legal and financial team will handle the final paperwork.

Before closing, make sure you have:

  • Mortgage approval and insurance
  • Finalized legal documents and title transfer
  • Fund ready for closing costs (typically 1.5% - 4% of the purchase price)
  • Utility and services set up

Once everything is signed and processed, you'll get the keys and can officially move in. Schedule a final walk-through, book movers, and celebrate this exciting milestone!

 

CONTACT US

 

Let's Talk!

Have questions or just curious about the process? The team at would love to chat and help you figure out your next step.

Have Questions?