First Time Buyers Are Making A HUGE Mistake

📅 Book An Appointment: https://calendly.com/tomstorey
🏠 Search Listings and Sold Prices For FREE: https://tinyurl.com/ListSoldPrices

💾 DOWNLOAD Our FREE Guide For Buyers and Seller: https://stan.store/thestoreyteam

Serious about buying or selling Toronto Real Estate? Interview the Storey Team. You'll be glad you did. https://storeyteam.ca/

[00:00] - Introduction: Why the advice first-time buyers receive is often the real problem.

[01:08] - Mistake #1: Not Opening a First Home Savings Account (FHSA). A breakdown of why this tax-free account is a must-have for getting into the market.

[02:44] - Mistake #2: Assuming New Construction is Always Safer Than Resale. Why resale properties are often a better option for the majority of buyers.

[03:49] - Mistake #3: Treating Your Pre-Approval as a Target. Why you should view what the bank is willing to lend you as a ceiling, not the mandatory spending amount.

[04:46] - Mistake #4: Ignoring Future Resale Value. An introduction to the "STAMP" formula (Size, Tenancy, Asking Price, Maintenance, Parking) to ensure long-term value.

[06:54] - Mistake #5: Forgetting About Additional Closing Costs. A reminder to budget for land transfer taxes and lawyer fees outside of the down payment.

[08:20] - Bonus Tip: Why You Should Rerun the Numbers. How lower prices, leveled interest rates, and adjusted stress tests might mean you qualify now even if you didn't before.

The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.