BUYING WITH US
Buying a home is an important decision and often one of the biggest investments you will make. Whether it’s your first home or otherwise, our team is committed to ensuring you have knowledgeable and professional representation.
We will listen to your needs and show you homes that are within your specifications and price range. Once you’ve found the perfect place, we will guide you through the buying process.
OUR QUICK TIPS!
We’ve worked with lots of buyers and we’ve put together these quick tips for you to keep in mind when starting your search!
- Location is key and this is a real estate rule that won’t change.
- Supply and demand are constantly changing. Ask us about supply and demand in the current market and neighbourhood where you want to live. This will be a critical factor in determining value and in determining how quickly you will need to move once we find the perfect home.
- If a home needs renovations, be realistic about costs and always leave a buffer!
- No home is perfect. Figure out what’s most important to you and ‘give’ on those things that aren’t.
- Be realistic with your expectations. Too often, buyers spend months or years looking for the perfect home. It’s important to take the time to educate yourself on the market, but it’s equally as important to be able to recognize if your wish list and your budget don’t line up.
You’ll know the right home for you when you see it. It’s often an emotional response and not always logical. Our job is to be an objective medium in the process to ensure your needs and interests are met and protected.
EVALUATE THE NEIGHBOURHOOD
If you’re considering buying a home in a neighbourhood that you’re not familiar with, the best thing to do is drive or walk around! Consider the proximity to work and to places you often like to go to. If you have kids, are you happy with the schools? If you enjoy going out for dinner, are you happy with the selection of restaurants? Basically, ask yourself if this is a place where you will be happy.
It is important to be qualified or pre-approved for financing before you start looking for a home. This tells you what you can afford and provides you with a written confirmation for a fixed interest rate that is good for a specific period of time. To obtain pre-approval, contact your mortgage broker. If you need a referral for a mortgage broker, don’t hesitate to ask us, we know a great one!
HOME OPERATING COSTS
You can use the Mortgage Calculator on our website and speak with your mortgage broker about your monthly mortgage payments, but make sure you don’t forget about the other costs that need to be considered.
You will need to factor in annual property taxes and home insurance. In addition, you will have monthly utilities which typically include heating, electricity, water and solid waste management, cable and internet. Oh, and one more thing, budget for annual maintenance! Make sure you are able to put enough away for upkeep and repairs as needed.
ADDITIONAL COSTS OF BUYING A HOME
When buying a home, you will need to pay land transfer tax. This is due on closing and the tax is based on the purchase price. You can use our Land Transfer Tax Calculator to get a better idea of the cost. In addition, you should budget for a home inspection, appraisal fees, lawyer fees and title insurance.
When you make an offer, a deposit cheque must accompany the offer. The amount of the deposit will vary depending upon the value of the property, but usually represents between 5% and 10% of the purchase price. This is money that you will need to have readily available in the form of a bank draft when you’re ready to submit an offer. If it’s not presented with the offer, it’s due within 24 hours of acceptance. This deposit will be held with the listing brokerage and applied to the purchase price on closing.
MAKING AN OFFER
You’ve found the perfect spot! Now what? We will prepare an Agreement of Purchase and Sale, including any custom clauses you may require and negotiate the best deal possible for you! Depending on the property, you may want to specify that certain conditions are met. These may include financing, condominium status certificate review or a home inspection condition. When you’re ready to make an offer, we can discuss which conditions should be considered.
FREQUENTLY ASKED QUESTIONS
WHAT DOES IT COST TO HIRE YOU AS MY REALTOR?
The compensation that we receive typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use a Realtor in a traditional Sales Representative/Buyer relationship. In a Buyer agency agreement, there may be some cost to the Buyer, but even these agreements are usually worded so that we are compensated from the Seller.
CAN YOU GIVE ME INFORMATION REGARDING PROPERTIES FROM OTHER COMPANIES?
Yes, if that other company is a member of Multiple Listing Service (MLS) – which most real estate companies are. For Sale By Owner properties are not listed on MLS so we would need to inquire directly with the seller on your behalf for a FSBO and we would use recent sales from MLS to help you determine fair market value.
WHAT IF I FIND A PROPERTY ON MY OWN?
You should contact us and not the property owner or the Realtor listing the property. Having the address or the MLS number is very helpful and will assist us in gathering information regarding the property so that we can help you determine fair market value.
WHAT TYPE OF INFORMATION WILL YOU NEED FROM ME?
We will need any type of information regarding the property you are looking for that is important to you. For example, number of bedrooms, price, location and number of bathrooms are common criteria. Other considerations include the school district and type of home (condo, semi, detached, etc.).
CAN I GO TO AN OPEN HOUSE WITHOUT YOU?
You can go to open houses without us. However, you should inform the attending Realtor that you already have your own Realtor working for you.
SCHEDULE A CONSULTATION!
There’s a lot to know about buying a home or condo. You probably still have more questions and that’s what we’re here for. So, let’s set up a quick meeting to have a chat in person. Fill out the short form below to schedule a consultation!