First-Time Homebuyer Experience #2

Time for another look at a first-time homebuyer’s purchasing experience! Like we said in the first feature, there’s no better way to learn about the process then to talk with someone who has already gone through it.

Where and what did she buy?

Hedyeh Alam, a Torontonian woman in her late 20s, decided to purchase her first home at Tridel’s 300 Front St. West condominium. Going into her last year at George Brown for architecture, her appreciation and hands-on experience with the industry gave her the background she needed to find a place she is confident will prove to be a lucrative investment and exciting temporary home to her and Gooleh, her canine companion.

As well-established builders in and around the GTA, Tridel has a strong reputation for delivering quality products. Recognized for their commitment to excellent customer service by Tarion with the Builder of the Year 2013 Award, Hedyeh knew a Tridel condo in such a valuable location was a great opportunity, but it would take her about a year to save up for it, even with a generous contribution from her parents.

The homebuying process

Knowing that the value of her purchase would only increase in time, she bought the unit while the development was still in the preconstruction phase, taking advantage of incentive offers. As a young, recent graduate, Hedyeh says that the 710 square foot unit is the perfect size for her lifestyle, and as a first-time homeowner, she was able to take advantage of the GST/HST rebate program offered through the Canadian government.

Once the financial aspects were negotiated and sorted out with her parents, Hedyeh confessed that the hardest part about finding a unit was finding the perfect package: “Making sure the view from the unit is good, making sure you are eligible for parking and have access to a locker while finding a reasonably sized unit can be challenging, but once I decided on this one, I was happy to start picking finishes for it.”

Tips for first-time homebuyers

Even though Hedyeh’s training in architecture refined her search criteria in terms of knowing exactly what she was looking for in a home and future investment, her industry expertise did not prepare her for the confusing terms and conditions she came across when she was signing away her hard earned savings.

One thing she learned about that is particularly interesting from an investor point of view is that the unit needs to be kept for a year after the closing date to avoid having revenue Canada marking the property as an investment property; meaning, in order to maximize gains, you’re better off living in the unit for at least a year and then selling it. Hedyeh also advises new home buyers to buy in the early stages of preconstruction to save a little more on their homes and to make sure the unit comes with a parking spot!