GUIDE TO BUYING
How to Find Your Perfect Home
Finding the perfect home is not a formula, it's a discovery process. By listening and understanding how you use your space on a daily basis, we can begin to find your perfect property together.
Everything You Need to Know
IS IT A GOOD TIME TO BUY?
The truth of the matter is that nobody can accurately forecast the future of real estate. We make predictions based on economic factors such as interest rates, supply & demand, politics and immigration etc. but these are projections. Historically, real estate has always been a good decision in the long term. The easiest way to know if it is a good time to buy, is to ask yourself if you are ready. Nobody can make that decision but you.
HOW MUCH CAN I AFFORD?
Speak to a mortgage broker. If you don't have one, I can refer you. You will be approved for a certain amount based on your credit, savings and income, and that is the maximum you can afford. Once you have been pre-approved we can start viewing properties. It is important that you do not finance a new vehicle or take out a loan during the interim period between pre-approval and purchasing a home, as it will negatively impact your borrowing power. Wait until after you purchase your home to buy that shiny new car.
WHAT OTHER COSTS DO I NEED TO CONSIDER?
When purchasing a new home, you will need to budget in some extra cash for closing. Some of the most common costs include a home inspector, lawyer, condo doc review (if applicable) and movers. Depending on your lender, you may have to pay for an appraisal fee if you are getting financing. Closing costs between $2000-$3000 are fairly standard.
HOW MUCH DOES A REALTOR COST?
Typically all of the realtor commissions are paid by the seller. So if you are a buyer, often there is no direct associated cost to have a realtor. Sometimes agents will ask clients for a retainer, or they will ask the buyer to "top up" their commission if the seller is offering below the standard commission.