Buying a New Construction Home in Ontario: A Guide
Planning to buy a new construction home—whether for personal use or investment purposes—can be one of the biggest and most stressful decisions of your life if not properly planned. While the process itself isn't the worst, it can feel overwhelming with everyone trying to sell you their best deals. That's why it's crucial to remain firm about your budget and know exactly how much you can afford. In this blog, I’ll walk you through each detail of the process that I experienced, which might help you navigate your own journey. Phase 1: The Down Payment In most cases, you'll need to put down 10% of the home’s value as a down payment. For example, in my case, for a house valued at $820,000 , the required down payment was $82,000 . The good news is that these payments can often be spread over time, depending on how far away the closing date is. My house was closing in 1.5 years, and I had 7 months to pay off the full down payment. Phase 2: Closing and Mortgage Approval Your bu...