Your first home is a large enough decision without feeling that you are supposed to understand every step already.
What should you spend? How much cash will you need before closing? What happens after an offer is accepted? And how do you decide whether a house that looks good online is the right one to own?
I'm Jeremy McGraw, a Windsor-Essex Realtor and property owner. I help first-time buyers work through those questions in a practical order. My role is to help you search, compare, investigate and negotiate, while your lender, lawyer and inspector handle their respective professional work.
You do not need to arrive with all the answers. You do need a process that gives you time to understand the decisions.
By Jeremy McGraw, Sales Representative, RE/MAX Capital Diamond Realty Brokerage. Updated November 2, 2026.
Start with a comfortable budget
Before we focus on listings, I want you to discuss financing with a mortgage professional. Then we can search within a budget that also leaves room for the rest of your life.
A lender's maximum and your comfortable purchase price may be different. Alongside the mortgage payment, consider property taxes, insurance, utilities, repairs and any condominium fees. The cash required at purchase also includes more than the down payment.
Mortgage preapproval is useful preparation, but it does not guarantee financing for a particular property. The lender still needs to assess the purchase and applicable requirements. FCAC explains mortgage preapproval here.
I would rather adjust the search early than have you stretch for a property that leaves no room for ordinary ownership costs.
Separate the deposit, down payment and other cash needs
The deposit required under an accepted agreement is generally credited toward the purchase price on closing. It is not an extra purchase charge on top of that price. Its timing, amount and handling need to match the agreement, and the money may be needed well before closing.
Your down payment is the portion of the purchase price you contribute rather than borrow through the mortgage. Legal fees, applicable land transfer tax, adjustments, inspections, moving and initial repairs need their own allowance.
Here is a hypothetical cash-planning example in Canadian dollars, not a quote or recommended budget.
| Cash allocation | Amount |
|---|---|
| Savings available for purchase and transition | $70,000 |
| Down payment, including the deposit credited toward it | −$45,000 |
| Assumed closing and moving costs | −$12,000 |
| Initial work and purchases | −$8,000 |
| Cash remaining | $5,000 |
Whether that remaining amount is sufficient depends on the home and your circumstances. The example shows why using all available savings as a down payment can leave a gap elsewhere.
Try it yourself
Where does your purchase cash go?
Starts with the hypothetical example above. Put in your own numbers to see what would be left after the down payment, closing and the first few purchases.
- Committed at or soon after closing
- $65,000
- Cash remaining
- $5,000
Hypothetical arithmetic, not a quote or a recommended budget. Your lender and lawyer confirm the actual down payment, closing funds and timing. Don’t count a buyer program as closing cash until eligibility and timing are confirmed.
Check buyer programs without assuming eligibility
Ontario's first-time homebuyer land transfer tax refund and federal savings/withdrawal programs may be relevant. Their definitions and conditions are not interchangeable.
I encourage you to verify the Ontario refund requirements, CRA's First Home Savings Account rules and the Home Buyers' Plan with your lawyer, financial institution or tax adviser as appropriate. A benefit should not appear as available closing cash until eligibility and timing are confirmed.
Search around the way you will use the home
I ask buyers to separate necessities from preferences. Location, layout, stairs, parking, storage, workspace and the amount of maintenance you can handle often matter more over time than an attractive finish.
We can compare a detached house, townhouse or condominium without assuming one is automatically the right first purchase. Each brings different costs and responsibilities. My Windsor condo buying page explains the additional corporation and document review for that option.
During showings, I want you to look at function as well as appearance. If a property needs work, we should identify what can wait, what needs investigation and whether the funding is available.
Understand representation and the offer before signing
Before providing representation, I will review the applicable agreement and service arrangements with you, including scope, term and fees. RECO's information guide explains representation and the questions buyers should understand. Read the RECO Information Guide.
When you are ready to offer, we discuss the evidence for price, deposit, closing date, included items and conditions suited to the purchase. Financing, inspection and condo-document review can raise different questions. Competitive pressure does not make those questions disappear. RECO discusses competing offers and condition risks.
I want you to understand what you are agreeing to and what remains to be investigated. Your lawyer can advise on legal wording or concerns before you commit.
Keep the work moving after acceptance
An accepted offer starts another stage: satisfy the agreement's requirements, complete professional reviews, confirm financing and insurance, and prepare for the legal closing.
I help track the real estate deadlines and coordinate access where available. Your lawyer will confirm the funds and documents needed for closing. We also plan the practical move so that possession, keys and service arrangements are understood.
I do not assume a conditional purchase is complete simply because everyone has signed the first document.
Questions first-time buyers ask me
Do I need to be ready to offer before contacting you?
No. An early conversation can help establish the steps you need before actively shopping, including financing preparation and a realistic search brief.
Should I spend the maximum amount I am preapproved for?
That is a personal budget decision, not a target I set for you. I want the search to reflect the costs and commitments you are comfortable carrying.
Will a home inspection identify every problem?
No inspection removes every uncertainty. Discuss the scope and limitations with the inspector and obtain specialist advice where concerns require it. I help organize the property questions rather than certify the building.
Can my first home be one that needs renovations?
Yes, if the scope, funding and living arrangements are workable. My renovation-potential buying page explains how I assess that choice.
Work with me on your first purchase
Tell me what you are hoping to buy, your approximate timeline and where you are in the financing process. I can help turn a broad search into manageable decisions and explain what needs to happen before you move forward.
General real estate information, not mortgage, legal or tax advice. Financing, buyer-program eligibility and purchase costs depend on your circumstances and the property.
About the author. Jeremy McGraw has been a Realtor in Windsor-Essex since 2016, working with buyers, sellers and investors. He owns and has renovated property of his own, and works as part of SJ Real Estate at RE/MAX Capital Diamond Realty Brokerage.
Sales Representative, RE/MAX Capital Diamond Realty Brokerage
McGraw Real Estate · Windsor-Essex
519-982-8284 · jeremy@remax519.com