Buying a Home

BUYING A PROPERTY

Whether you’re a first-time home buyer or someone who already owns multiple properties, buying a home is a major life decision and a substantial investment.

With an ever changing range of listings to sort through and an intricate process to navigate, buying a home may seem intimidating. That is why many buyers choose to hire real estate agents to guide and represent them.

We work with buyers to find their ideal home and get them the best deal possible. We understand that every buyer is unique both in terms of their preferences as well as their financial goals, and we use every means at our disposal to make our buyers feel comfortable and informed throughout the home buying process.

10 WAY WE CAN HELP

  1. Be your personal source of knowledge about the buying process, individual homes, semis and towns, condominiums, new development properties, neighborhood amenities, and market dynamics.
  2. Help you clarify your real estate goals in relation to the local market and set your expectations on price, home size, and more.
  3. Provide you with access to a network of agents, sellers, mortgage brokers, real estate attorneys, and developers and keep you updated on off-market properties that have not been listed.
  4. Schedule showings that align with your schedule and keep you informed about new properties and open houses.
  5. Attend showings with you in order to facilitate a smooth showing process and give you a different perspective than that of the selling agent.
  6. Submit offers on your behalf and negotiate with the seller/seller’s agent to get you the best possible deal.
  7. Manage the contractual process and the back-and-forth negotiation between you, the seller, and the attorneys that represent each side.
  8. Give support and guidance in connecting you with the mortgage broker, inspectors and trades for renovations.
  9. Coordinate your closing and final walk-through.
  10. Be a future resource to you should you ever want information about the market or ever consider selling your home.

Additional Costs When Buying A Home

The purchase price of your home is only one of the costs you’ll encounter. Here are other possible costs you need to consider:

Mortgage Loan Insurance: If you are putting less than 20% of the house value down, you’re going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.

Appraisal Fee: lenders typically loan a percentage of the home’s purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.

Land Survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.

Deposit: A deposit normally goes with the formal offer to purchase.

Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.

Title Insurance: Provides coverage in case of problems with the property title among other things. The cost is relatively low, usually a few hundred dollars.

Application Fee: Some lenders will pass on the cost to process your application to you. These fees vary and some lenders will waive entirely if you have other accounts with them.

Mortgage Broker’s Fee: If you use a mortgage broker, a fee may be charged to arrange a mortgage on your behalf.
Home Inspection Fee: An inspection protects the buyer by revealing any problems in the property that you’d want to know before you move in.

Legal Fees: You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You’ll also pay for the disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

Land Transfer Tax: Use the LTT calculator accessible from the home page of our website. First-time home buyers qualify for a tax rebate. Ask us for details.

Goods and Services Tax: Resale (used) homes are exempt from HST, but it does apply to newly constructed homes and may qualify for a partial rebate depending on the sale price and of the home is going to be your primary place of residence.

Other Costs: These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments, and ongoing maintenance (condo fees, etc.), and utility costs.

Moving Checklist

Before you move, you should contact the following companies and service providers:

Utilities
⌧ Hydro/Electricity ⌧Heat/Gas ⌧ Water ⌧ Hot Water Tank ⌧ Cable ⌧ Telephone ⌧ Alarm System

Insurance Companies
⌧ Accidental ⌧ Auto ⌧ Health ⌧ Home ⌧ Life ⌧ Renters

Professional Services
⌧ Broker ⌧ Accountant ⌧ Doctor ⌧ Dentist ⌧ Lawyer

Business Accounts
⌧ Banks ⌧ Mobile Services ⌧ Department Stores ⌧ Newspapers

Government
⌧ CRA / Tax ⌧ Post Office / Mail ⌧ Schools ⌧ Drivers License ⌧ Health Card ⌧ Library

Subscriptions
⌧ Magazines ⌧ Newspapers

Miscellaneous
⌧ Business Associates ⌧ House of Worship ⌧ Drug Store ⌧ Dry Cleaner ⌧ Hair Stylist