Which features do you need?
Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what's most important to you.
What is the ideal Location?
Where you live obviously affects your lifestyle, it also is one of the most significant influences on the value of your home. Your choice of location may be somewhat limited by the price you can afford. Even so, make sure to consider such things as distance to work, schools, shopping and entertainment.
What kind of Home?
What type of property do you want? A single-family detached home is attractive to many people because it typically provides more living space and land. On the other hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living. Determine what type of home best suits your desired lifestyle and budget.
What is your Budget?
How much do you want to spend? Just as importantly, how much do you have to spend? Please note; as noted below, certain additional expenses apply on house purchases.
Please see a lender and get pre-approved for a mortgage, if you do require one. This will determine how much money you actually are able to spend. It will be my pleasure to advise, how to proceed with doing so.
It will be my pleasure to answer all of your questions and to assist you in navigating through this complicated business transaction to purchase your home. It is my legal and moral obligation to support and protect your interest. My promise to you… "I will look after your interest, as if it was my own".
I will employ various tools to find properties that meet your specifications. My best tool is the Real Estate Board's MLS® (Multiple Listing Service) electronic listing system. As a professional Realtor and board member, I am able to search through many properties available for sale in specific areas to find suitable listings. Searching to find those homes, which best match your requirements, such as choice of neighbourhoods and price range.
Once you have selected a property, I will arrange for a showing of the house. There are many things to consider. Does it have all the features you want? Is the neighbourhood what you expected? Try to picture your own furnishings in a room.
I will point out technical considerations, such as:
- What type of wiring does the house have?
- What about power outlets? Different appliances use different types.
- What type of heating system has been installed? Heating costs can vary drastically by type.
- Has the roof and been maintained?
- What condition are the windows and doors in?
- What about the plumbing?
There are many other things to consider as well. I will assist you along the way. If you are interested in the home, having a qualified home inspector look at the house is advisable. The older the home, the greater the need for a professional inspection.
Once you find a house you will want to make your home, I will assist you in making an offer. The offer will specify your price, suggest a closing date for the transaction, state when the offer expires and specific conditions you may wish to add to the offer. Some common types of conditions are.
- Getting a suitable mortgage (include the amount, interest rates and any other figures you feel important).
- Selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal).
- The seller providing a current survey, or a"real property report," showing that there are no encroachments on the property.
- The seller having title to the property (your lawyer will check this out when she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions).
- If there's a septic system, the seller having a health inspection certificate, stating that the system meets local standards.
- An inspection by a qualified home inspector, should you have any doubts about he home's safety and construction.
- Any inclusions of appliances and other items - basically, what stays and what goes.
You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. Note that the seller's agent, is bound by law to bring all offers to the seller's attention.
After your offer is accepted and all conditions met, the offer becomes binding on both sides. If you later refuse to honour the agreement, you may lose your deposit or might be sued for damages.
Before the property can formally change hands, there are still a few things to be done. Be prepared to furnish proof to your lender that you have insured your new house. On or before closing day, both the seller's and the buyer's lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account and then to the seller. Your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees. I will outline expected expenses ahead of time.
At this time, be sure to check with your lawyer that everything is, as stated in the contract.
Once you are satisfied and the keys to the front door are in your hands, there is nothing else to say, except welcome home!
No matter what type of home or property you are buying, there will be aditional expenses. Not all expenses below may apply.
- Land transfer tax.
- Mortgage broker's fee.
- Appraisal fee.
- Home inspection fee.
- Surveying costs.
- Mortgage insurance premiums.
- Mortgage lenders interest adjustment.
- Tax and utility adjustments.
- Legal fees.