Buying Your 1st Home
Buying your first home is a dream come true. Keep that dream alive and give us a call. The home buying process is fun. We'll help ensure you are totally organized and fully prepared to make a great decision. There are many combinations of homes and locations from which to choose. In fact it can be overwhelming and you might miss out on that perfect home if the agent working for you isn't highly experienced.
You need to be organized, focused and have your financial house in order, understand all associated costs of owning a home & what types & conditions of homes are available at what prices. Check out Our Winning Buyer's System to get more information
We can't stress enough how important education is in the home buying process. Just as with all things in life the better prepared you are & the more qualified the people you work with are. The better the results you're going to get.
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Questions for Prospective Homeowners
Are you ready to buy?
- Have you been pre-approved for new financing?
- Have you contacted a professional Real Estate agent to assist you?
- Do you fully understand all associated costs of owning a home?
- Are you educated to the market & home costs in your area of interest?
- Have you researched all potential housing options carefully?
- Do you understand the offer process & what's required of you in time & money?
Canada's New Mortgage Incentive 2019
How much can I afford?
Make an appointment with your banker/broker to fully understand how much mortgage you qualify for and what the monthly costs of that mortgage will be. Then take that information then sit down with us and review all your housing choices and potential associated costs. Once prepared the whole process is fun & exciting.
What CASH will you need to come up with?
The minimum down payment is 5% (talk to your broker/banker on what portion of your down payment will go to mortgage insurance fees (CMHC FEES). All mortgages with less than 20% owners cash involved in the purchase require by law mortgage insurance. The fees vary depending on amount down you have. From 5-10 % down insurance fees are 4+ % of purchase price. from 10-15% fees are 3.10+%. From 15-20% 2.80+%. Over 20% down there are no insurance fees.
When making an offer you will require funds for down payment (bank draft that goes in with the offer). This amount varies depending on purchase price. A $300,000 property would require around a $5,000 deposit and a $600,000 one around $10,000+. The deposit is money required at the time you are making an offer and is held in trust for the buyer until all conditions are removed then it becomes part of the purchase price. If all conditions are not removed the deposit money is refund is whole to the buyers.
Potential home inspection fees are $350.+ based on home size..
If condo document inspection applies, fees are in the $500. range.
On closing you will have lawyer fees and any cash difference required to repay current owners back expenses paid by them that you will get the benefit of. This might include a few days of taxes or condo fees.Normally not a lot.
What type of home best suits?
Single family home: These type of properties allow you the greatest freedom to do what you want. The yard is yours for building what ever suits your needs as long as it complies to area restrictions. You will be responsible for all insurance, utilities and maintenance costs and in most communities single family higher than a condominium.
Condominium: Condos come in all shapes and sizes. From single level apartments, town homes right to large single family properties. The majority fall into the first two groups. When owning a condo there are rules for all to follow but all the outside maintenance is done for you through your condo fees. The rules apply to all so you're less likely to have problem neighbours. Condo fees usually cover insurance for the structure, reserve funds (for down the road maintenance) and day to maintenance and depending on style some utilities. Condos are usually smaller but can get you into a highly desirable community at less cost than most single family homes. Condos have much less owner maintenance & are much easier to lock and leave.
Which is best for you?
You need a good agent who will work hard for you. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.
When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.
Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defence against future legal troubles.
Making an offer. This can be a maze of buyer, seller, chattels, deposit, conditions, deadlines and completion dates. We know exactly how to properly deal with each of these and will be happy to teach you about making successful offers, so you too understand exactly what's going on. Offers and negotiations can be tricky and having the kind of experience we have will be a huge help in getting TOP results.
Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, mold and property defects. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with major problems. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.
Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.
From the first interview that determines your requirements to the moment that you receive the keys, we are there for you. Don't hesitate to contact us if there's something you don't understand. Purchasing a home is far more complicated than most people realize! We're there to make it simple so you can enjoy the whole process and focus on finding that perfect home.
Contact us for more information about first time home purchasing.