First-Time Homebuyer Experience #3

This time, we chatted with soon-to-be newlyweds about their first-time homebuying experience!

Where and what did they buy?

Still smiling from their recent engagement, Stephanie Rigato and Riccardo LoMonaco joined forces to buy their semi-detached starter home in North Brampton. With a little hard work and careful budgeting, these two local teachers set out to purchase a home in Brampton because they wanted the comforts associated with being close to their friends, family and work, but they also placed a lot of weight on finding a place that will eventually provide them with enough space to raise their own team of soccer players.

Keeping these factors in mind as they set out looking for homes in nearby cities, this area satisfied their needs because it is adequately saturated with a wealth of amenities like green spaces including parks, trails, sporting fields and a wide selection of schools.

Though the community they’ve purchased in is new (Landscapes by Tribute Communities), they are nestled in a developed city that provides them with access to the 400 series highways, has great shopping centres and plenty of mouth-watering restaurants (which was something they both liked). Having grown up in the community, they were comforted by the familiarity of the location, but didn’t want to have to deal with the headaches associated with time-consuming renovation projects, so they were relieved to find a new home that met their standards.

The homebuying process

They took advantage of a “first-time homebuyers” deal that saved them money on the cost of the home, helping them afford greater luxuries in upgrades. Since they did not receive financial assistance from friends or family, Riccardo recalls that one of the most difficult steps in the process was “deciding what our limits should be - budget creation,” he says “and risking the fragile housing market and it's impending crash or rise in borrowing interest rates.” With endless upgrade possibilities for features and finishes and the added pressure of simultaneously planning an extravagant wedding, they both agreed that these were their greatest challenges.

Grateful to have been able to live rent-free with their parents throughout the eight years of their courtship, the couple estimates that it took them about two years to save for a good down payment on the home. After their wedding, they knew they wanted to be able to move into a home of their own because, “renting seemed like a waste of money,” says Riccardo, adding that “this seemed like the first step to building the monopoly empire I someday aspire to. (seriously).” While Ric-Uncle Pennybags counted his hotels on the future horizon, Stephanie said she enjoyed the Décor Studio where she and Riccardo customized their new build to their liking.

Tips for first-time homebuyers

Like many first-time homebuyers, Riccardo and Stephanie were initially confused by some Tarion terms and conditions (Tarion features on our blog can be useful to first-time homebuyers). Paying close attention to the matters that affect new homeowners in particular, they’re finally all set for their move in date, which just so happens to be today!

Preparing to pop a bottle of champagne with his soon-to-be wife, Riccardo advises potential homebuyers to “Just do it, before you miss the opportunity and have to start from scratch again. It’s like jumping into a pool... You don't half-jump, because you might hit your head on the diving board on the way down.”

From all of us at Newinhomes.com, congratulations and all the best to Riccardo and Stephanie! Good luck in your new home!