Buying a Home
Ready to look for a new home, and not sure how to do it?
Determine what you want and what you can afford
Talk to a financial institution or mortgage specialist to be pre-qualified for a mortgage. This has two purposes; this will give you a good idea of what you can afford, and it will protect you from increases in interest rates for a certain amount of time. How much of a down payment do you have? You will require at least 5% of the cost of the property. A larger down payment can reduce your mortgage loan, interest on your loan and your repayment time. If you are a first time home buyer, you may be eligible for the Home Buyers’ Plan, which allows qualifying buyers to use a portion of their RRSP to help buy or build. When you’re ready to move forward, make a list of what’s important to you when searching for your new home. For example, how many bedrooms do you want? Do you want a big yard, or a smaller, low maintenance one? Or an acreage for your hobby farm? Do you need a garage? How important is a big kitchen? Do you want to be near or on public transit routes? What schools are nearby?
Engage your REALTOR®
As your REALTOR® it’s my duty to look out for your best interests. I’ll help you find properties that meet your preferences and your budget. Once you’ve determined what you want to see, I can make arrangements to go to those properties. When you’re ready to put in an offer, I’ll guide you through the offer to purchase process and any negotiations that may occur in that process. Once we find a property you want to put an offer on, we’ll sit down together, and complete the offer to purchase. Once your offer to purchase is accepted by the seller, it moves to the financial institute, and you’ll meet with them to the get the mortgage approved. I’ll ensure that your paperwork moves through their hands and on to your legal representative within the time periods specified in the offer. (You will need the name of a lawyer that handles real estate to include in the offer to purchase.)
View properties for sale
Attend open houses that interest you. We can arrange to see them again, if you want to have a second look. Let me know if you want to readjust your wish list, and we can readjust the list of properties you see. Going to see properties in person is important; what you see on the internet doesn’t always represent what you will see, smell or hear when you visit the property.
Be aware of one-time fees
There are several one-time fees you should be prepared for:
- Property inspection fee – if you decide to have a home inspection, you are responsible for this fee
- Appraisal fee – your bank may require this, and there may or may not be a charge for it
- Mortgage Insurance – whether you need it or not will be dependent upon size of the down payment
- Home/property insurance – you will need to have this arranged before the possession date
- Legal fees and disbursements, as well as these costs, calculated by the legal representative:
- Land transfer, deed tax or property purchase tax
- Any mortgage interest adjustments
- Any property tax adjustments