BUYING A HOME

Purchasing your first home can be intimidating but we will be there to walk you through the process from start to finish at your own pace. We will spend time with you to determine all of your needs from location, layout and amenities, to price, value and investment potential. As experienced Buyer Agents, we’ve helped many clients find the right home.

“Communication is at the very core of the buying process, and our proven formula will put you in the best position to succeed.”

We’ve developed a proven process based on communicating, educating and facilitating, which leads to a quicker, more enjoyable buying experience. We will help you select only those properties that fit your needs and budget, as well as point out the strengths and weaknesses of each property you choose to view. We will ensure that you achieve the desired results and find the perfect home or investment property in this ever-changing market.

Information and communication is at the very core of the buying process, and our proven formula will put you in the best position to succeed. Our hard work and network of contacts will help take the legwork out of your property search so that you can focus on properties that meet, and exceed, your expectations.

 

1.  How much can I afford?

There are many factors that determine how much you can afford when it comes to buying a home and having a mortgage. Key considerations include:

Family income
Principal and interest payments
Outstanding loan and credit card balances
Property taxes
Maintenance costs/condo fees
Money available for down payment
Closing costs such as legal fees, land transfer taxes, moving expenses, insurance and so on

 

2.  What are my down payment options?

Your down payment can be as little as 5% of the purchase price. However, a bigger down payment generally means lower principal/interest payments and lower interest costs over the life of the mortgage.

You may also be able to use your RRSP under the Canada Revenue Agency’s Home Buyer’s Plan. You and your spouse or common-law partner may each be eligible to withdraw up to $20,000 tax-free from your RRSPs for a total of $40,000 (to be repaid to your RRSPs within 15 years, or less under certain circumstances).

 

3.  Pre-arrange your mortgage

Some sellers understand that real estate is part of the capitalistic system of supply and demand and will carefully and realistically price their homes based on a thorough analysis of other homes on the market. These competitively priced homes usually sell within a reasonable time-frame and very close to the asking price.

 

4.  Decide on your “must-haves”

With your pre-approved mortgage in place, you have an excellent idea of how much you can afford. Next, do your research to find the location of homes that suit your budget and lifestyle. Think ahead so the home you purchase now will continue to meet your needs for at least five years, or have the potential to grow to meet your future needs.

You may want to consider:

The distance between work and home
Proximity to friends and family
Where your children will attend school or daycare

“As experienced Buyer Agents, we’ve helped many clients find the right home. We’ve developed a proven process based on communicating, educating and facilitating. Buying a home can be one of the most exciting and rewarding experiences, and we’ll be there to guide you through the process from start to finish.”

5.  Choosing an agent

If you’re buying a resale (existing home) or new home, you should use the services of a suitable real estate agent (I know a really good one!). Your agent will help you find the ideal home, write the Offer of Purchase, and negotiate on your behalf.

Remember that the agent’s fee is paid by the person selling the property, and not by you, the buyer.

 

6.  Line up professionals

Well before you sign an Offer of Purchase, be sure to arrange for the services of two key professionals:

(A) A qualified real estate lawyer:

Your lawyer will ensure your rights and interests are fully protected. Choose a lawyer in the process, and consider having your lawyer review every document before you sign it.

(B) A professional building inspector:

A building inspector will include a thorough on both new and existing homes of heating and air conditioning, plumbing and electrical systems, roof and foundation, insulation, framing and windows.

Make sure you get a detailed written assessment. And for peace of mind, make any Offer of Purchase “conditional” on the home passing inspection. This allows you to cancel the deal if a home is in worse condition than you expect.

 

“Jenny helped me find a home in a quick and timely fashion – providing insightful observations on various properties, highlighting problems and benefits in each property we looked at.”

– Ron T.

 

7.  Making an Offer to Purchase

As your agent, I will draft your Offer to Purchase and present the offer to the seller (“vendor”), along with your deposit cheque. It will be held in trust and applied to your down payment when the deal closes.

Once you and the seller are satisfied and your offer is accepted, it becomes a binding contract between you and the seller.

 

8.  Arrange your mortgage

Once the seller has accepted your Offer to Purchase, contact your mortgage representative to confirm the basic details for advancing your mortgage funds.

 

9.  Completing the transaction

As the closing day approaches, it’s not unusual to feel both excited and anxious. Keep in mind, your real estate agent, lawyer and mortgage representative will do most of the work for you to ensure a smooth closing.