If you are viewing this page it means you have decided or are deciding to purchase a home. What an exciting time! Although there are many wonderful things to look forward to, the process of buying a home can also bring a lot of headaches. Please read the following checklist to ensure your next purchase is a success.
1. Be Definitive About Buying - This is the very first step. It is very important that you are happy with your decision and have committed yourself to buying a home. This will allow you to find the right home at the right price, when the opportunity comes.
2. Find the Right Agent - Purchasing a home is a huge financial commitment. And it also takes a lot of research, time, work and knowledge of the real estate market. It is best to use the services of a real estate professional. Finding the right agent is crucial to any real estate purchase. You'll need someone who you know will have your best interest at heart and provide you with professional and well-informed advice. I will be there for you before, during and after your purchase to make sure all of your needs are met and the transaction is as smooth as possible.
3. Get a Pre-Approved Mortgage - It is important to know what your budget is when purchasing a home. Before the search starts, you must get a pre-approved mortgage to ensure the transaction moves smoothly. Please call me and I will set you up with a mortgage professional.
4. Hire a Lawyer - You will need to hire a lawyer to take care of all closing documentation and disbursement of funds on closing.
5. Hidden Costs - There are many hidden costs that every buyer should be aware of when purchasing a home.
- Mortgage Insurance Premium
- Appraisal Fee
- Home Inspection
- Status Certificate (Condos)
- Land Transfer Tax (First time home buyers are eligible for a tax rebate)
- Survey (Houses)
- Title Insurance
- Property Insurance
- Legal Fees and Disbursements
- Adjustment Costs
The following are some additional expenses you may encounter when purchasing a NEW home or condo:
- Development Charges
- Education Levy
- Park Levy
- Law Society of Ontario Fee
- Heat Pump Fees
- Pre-paid Occupancy
Keep in mind all new purchases come with a Tarion Home Warranty. This is also another cost that may be transferred to the buyer.
When purchasing a home in a rural area, costs such as water tests, septic tanks and soil testing may also be encountered.
If you can not afford the closing costs, speak to your lender about an additional loan.
6. Trust Your Instincts - It is important not to rush when purchasing a home. Going back to point number 1 - Be definitive about buying. I will educate you and give you all the necessary information. You must not be scared of putting in an offer when you see something you like. Hesitation can cause you to lose the right deal. I will provide you with relevant information, so you have the knowledge you need to make a well-informed decision. I will be there with you every step of the way.
7. Making an Offer - I will provide you with a Comparative Market Analysis to provide value and help with the offer process.
8. Closing - If an offer is accepted it does not mean that the deal is closed. Offers are presented with conditions by the buyer. Some frequently encountered conditions include conditions on financing and inspections, to name a couple. There are allocated times to complete these conditions. If all conditions are fulfilled, the deal becomes firm. Congratulations on your new home!
Please call me with any question you may have or if you are interested in buying a home. I'll ensure all your expectations are met in a friendly and professional manner.
YOUR COMMUNITY EXPERT