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To buy a home, you need to be prepared and we are here to help you. Here are a few things to consider:
When thinking of buying a new home, one of the first – and most important – decisions to make is to choose a Realtor®. First, what does a Buyer's Realtor® do? A Buyer’s Realtor® represents the interests of the purchaser in the real estate transaction. He or she provides a variety of services to the buyer, including:
Like many things in life, planning ahead is the key to success. So, you should know the price range you can afford before you start shopping. Here are a few things to keep in mind:
You’ve fallen in love. But it’s important that you don’t let your emotions get the better of you when making an offer. Remember, real estate is an investment. Fortunately, your real estate agent is there to help you put together an Offer to Purchase and discuss all the details. Here are a few things you should know:
In addition to your real estate agent, you will now need to bring in a few pros to help get you to the finish line and make sure the investment you’re about to make is sound. Your real estate agent can put you in touch with these people and make recommendations. Here are a couple of key people you should be talking to:
Closing day is the day you officially take ownership of your new home. It’s an exciting time for sure. But there are a couple of details you need to keep in mind before you get handed the keys:
Closing costs – these fees need to be paid by or on the closing day and include mortgage application fees, inspections, legal fees, insurance, registration and more.
The day has arrived. And there will be as much excitement as there will be sore backs. But you can take the pain out of moving day by planning ahead. Here are some tips for a smooth move:
Buying a home can be a bit overwhelming. There’s so much to think about and do. So, it’s important that you have someone you can trust to make the process as smooth as possible and offer expert advice.
Royal LePage Terrequity helps Canadians find their dream homes and guiding them every step of the way – from determining what you can afford and showing you homes that match your wants and needs to presenting an offer and closing the sale.
It’s all about helping you find the right home in the right neighborhood at the best possible price.
Experienced REALTORS® may have better knowledge of the current market, superior negotiation skills and a Rolodex full of professional contacts, but they may also not have time for you. Don’t discount the rookie REALTORS® who may have a more open schedule, be willing to do a bit more hand holding, and are more tech savvy.
Many REALTORS® target a certain marketplace. If buying a condo, for example, it may not be the best idea to hire an agent who specializes in selling million-dollar estate homes.
Likewise, many REALTORS® work predominantly in a certain neighbourhood and can offer a deep breadth of knowledge about it, including information about the area’s schools, parks, or proposed developments.
Does the REALTOR® work as part of a team? Does he or she have an assistant? While a “yes” to either of these questions may mean that the REALTOR® has more time to spend with you it may also mean that you’ll be passed off to some one else after you’ve signed on the dotted line.
Ask if he or she is a part-time or full-time REALTOR® as it may affect how much time they have to spend with you and when. In any case, you should look for a REALTOR® that is available when you need them. Are they able to show you homes in the evening or on weekends? Can you reach them by phone or e-mail at any time?
There should be no hesitation here. A good REALTOR® survives on referrals and should have them ready. However, a list of satisfied clients is not enough. You have to actually call them. This is one of the easiest ways to make sure you’re getting a quality REALTOR®.
Before you house hunt, you have to REALTOR® hunt. Prior to committing to work with any real estate agent, you should interview a few possible candidates.
This gives you the chance to get a feel for the person and learn about his or her qualifications. When interviewing, make sure to ask these key questions.
In addition to the purchase price of your new home, there are a number of other costs. Understanding these costs will help you budget your home’s purchase and ensure a secure real estate transaction.
Appraisal. An appraisal is an estimate of the value of your home that your mortgage lender may require you to pay before securing financing.
Cost: $250 - $350.
Land Transfer Tax. The Land Transfer Tax is a one-time tax payable to the Government. It is calculated based on the purchase price of your home. First-time homebuyers can receive a tax credit on this expense.
Cost: Use the Land Transfer Tax Calculator.
Home Inspection. A Home Inspection is a report on the condition of the home and will identify any significant structural, electrical or plumbing problems.
Cost: Approximately $500
Adjustment Costs. Adjustment costs refer to costs paid for by the owner in advance that the buyer must rebate at closing. These include the proportionate share of taxes, utility charges, and condo maintenance fees, if applicable.
Cost: Varies.
Property Insurance. Property Insurance covers the cost of replacing your home and its contents.
Cost: Varies.
Survey or Certificate of Location. A Survey of Certificate of Location is a document specifying the exact location of the building on the property and describing the type and size of the building including additions, if any. The cost only applies if the seller does not already have a Survey, or if your mortgage lender asks for an up-to-date copy.
Cost: $1,000 - $2,000.
Legal Fees and Disbursements. A lawyer will charge for drawing up and registering the mortgage, preparing the Land Transfer Tax Affidavit, and various searches. The disbursements are out-of-pocket expenses the lawyer had to pay on your behalf, such as registration fees and photocopies.
Cost: Minimum of $500.
Status Certificate. Applicable to condominium properties only, the Status Certificate provides details of the condo’s by-laws, rules and regulations, and finances. It should outline the in-suite and common element restrictions and information on the condo’s budget and reserve fund.
Cost: Usually paid for by the Seller. Approximately $100.
All “Costs of Buying” outlined here are approximate and are intended for informational purposes only and can change without notice. They are in no way the definitive costs of purchasing a home. All Home Buyers should speak to a Realtor® and lawyer regarding the costs associated with purchasing a home.
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