What to Consider Before Looking
Before you even start to look for a home, the first thing to do is seek financial advice and qualification. Make arrangements with your bank or seek advice for a Mortgage Broker or specialist. You can also check your credit rating by calling either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166.
Visit a financial institution and get pre approved for a Mortgage
To figure out how much you can afford with the new Mortgage rules, it’s more important than ever to obtain a pre-approved mortgage even before starting your search. Not only will a pre-approved mortgage reward you with interest rate protection during your home search, it will help give you a realistic perspective when determining your options.
Seek qualified, professional help here at Kindred Homes Realty
This helping hand won’t cost you a dime since the Seller pays the commission. Here at Kindred Homes Realty we have a successful and proven track record and we understand that every buyer has their own wants and needs. We are strong negotiators and confident in the home search process and will have your best interests at heart.
The Home Search
Understand the best location for your investment and weigh your options. Even if you have pre-determined notion of what kind of home you would like, keep an open mind and be prepared to see a variety of housing styles. Land Transfer Tax and the potential replacement of large ticket items such as roof, windows, or furnace may play a part in making such a decision. TIP: first time home buyers get a rebate of up to $2,000.00 for Land Transfer Tax.
Keep The Future in Mind
Buyers need to be aware of future developments that will positively or negatively affect resale value. For example, if there is a large vacant lot surrounding a subdivision of homes, consider if it will be a future school, strip mall or gas station. Here at Kindred homes we can research this before you make a purchase.
Advice on The Offer Process
Once you find the right house you want to make your home, here at Kindred Homes we can help you develop an offer. In the offer you should specify how much you’re willing to pay. State when the offer expires and suggest a closing date for the transaction. Conditional clauses are included for the benefit of all parties involved. Such clauses include:
- Getting a suitable Mortgage
- Inspection to be done by a certified inspector
- Selling your current property
- Your Lawyer approving the deal
You will need to present a deposit once the offer is accepted. An appropriate deposit will show your good faith to the seller. Note that the seller’s Agent, if they are represented by one, is bound by law to bring all offers to the sellers attention.
Get a Home Inspection
Most home buyers, even those who have bought and sold many times are not experts in construction issues, building costs, safety measures and many other items. Home inspectors are able to find things of concern that the buyer would otherwise overlook. Since this is going to be one the largest purchases of your lifetime the few hundred dollars you are going to spend on a home inspection is money well spent.
There are many details that only the buyer can resolve to assure a timely trouble free purchase and closing. The buyer Agent will council and assist throughout the process but the buyer will have the best overall result by being fully aware of all the aspects of the process and asking as many questions as possible along the way.
No matter the type of home or property you’re buying, plan on some extra expenses.
- Land transfer tax (a sales tax on property)
- Mortgage Broker fee (usually paid for by the bank)
- An appraisal fee
- A high ratio mortgage insurance premium (such as CMHC)
- Legal fee’s