Frequently Asked Questions
Kingston Home Buyers FAQ – Your Questions Answered
Welcome to our Kingston home buyers FAQ, where you'll find answers to common questions about buying a home in Kingston, Ontario. Whether you're a first-time buyer, relocating to Kingston or preparing for your next move, understanding the home-buying process can help you make informed decisions.
Explore questions about mortgage pre-approval, making an offer, home inspections, closing costs and working with a real estate professional. Jeff Ross, Sales Representative with the Penny Blake Home Team at RE/MAX Finest Realty Inc., Brokerage, provides local guidance to help buyers navigate the Kingston real estate market.
Ready to explore available properties? Search Kingston homes for sale and browse current MLS listings.
Am I Ready to Be a Homeowner?
First step - formal pre-approval so you know what price range you should look in, and how much of a down payment you will require to purchase your new home.
What Is Formal Pre-approval?
A formal pre-approval is the most accurate and involves you handing in the documentation required to be approved for a mortgage...always get a formal pre-approval!
What Do I Look for in Homes?
It may sound silly, but the correct price range should be first on the list, especially if you are a first time home owner. You do not want to be house poor. Location, location, location is obvious. Utility is next - try not to settle - does it check all the boxes?
Can I Ask You for Advice?
As long as you are not working with and/or under contact with another local Realtor, you can ask away. I'm here to help!
Is Renting or Buying Better?
I would prefer to own my home and have equity that can be used to purchase investment homes, or have for retirement, rather than pay off my landlords mortgage.
What Should I Offer?
Loaded question, especially if it is a hot market with multiple offers. In general we will walk you through all of the current comparable sales so you will be well informed on current value of houses sold in the area you intend to offer on a home.
Do I Need a Home Warranty?
A new build home will come with a TARION home owners warranty that covers different aspects and mechanicals of the house for the first 7 years. A resale home will not, so you should have an inspection included in your purchase agreement for a resale home. I would not disagree with an inspection on a new home either.
What Should I Expect at Closing?
Try not to book any installs for the day of closing. Keys usually do not arrive until the afternoon and installers will give you a range of time that may not work and then push you to the bottom of the list if they cannot get in to the house. Closing costs can be a surprise too. Speak to your lawyer, or we can refer you to one, who will be able to answer the question of closing cost amount.
More Resources for Kingston Home Buyers
Our Kingston home buyers FAQ is designed to help you understand the steps involved in purchasing a property. The following official resources provide additional information about financing, consumer protection and new-home warranties.
Mortgage Financing: The Financial Consumer Agency of Canada provides information about mortgages, borrowing costs and financial planning.
Working With a Real Estate Agent: The Real Estate Council of Ontario (RECO) provides information about consumer rights and working with registered real estate professionals.
New-Home Warranties: Visit Tarion for information about Ontario's new-home warranty protections and eligibility.