Finding the Perfect Home
Purchasing a home is both an exciting and potentially stressful venture. There is often a lot of added responsibility when you own your own home. The property search, while met with a lot of enthusiasm, can quickly become frustrating and cause a lot of friction in your personal life. Where should you search? What type of dwelling would best meet your needs?We are here to help! Simply tell us what you are looking for and we will go to work searching for your eventual dream home. We will start with a short list of properties, which will make your search manageable and practical. Whether you are a first time or seasoned buyer, the process of buying a home can seem daunting. We would be happy to sit down with you to walk you through the home buying process.
Costs Associated With Buying A Home
There are a lot of expenses to every potential home buyer should consider before, upon and after the completion of a home sale. We recommend starting a household budget, if you haven’t already. What can you afford? How much do you spend now? What are your other monthly expenses?Important things to consider when buying a home are:
- The Deposit (typically 5-20% of the purchase price)
- A Property Appraisal/Home Inspection
- Legal Fees
- Taxes (Property Transfer Tax as well as GST on new homes)
Even after the sale is complete, there are considerations involved such as monthly strata fees, moving expenses, insurance, locksmith fees as well as maintenance and decorating expenses.Estimating the cost of buying a home is an important step in determining what you can afford. The last thing you want is to be stretched too thin. We’ve seen a lot in our 20 years of experience and we are here to share that knowledge with you.
Making an Offer
You’ve found the home of your dreams. Making an offer on a home is one of the biggest decisions you will ever make. Because it’s a purchase that you will probably only make a handful of times in your lifetime, it can be unfamiliar territory to most people. You don’t know always know what questions to ask. But we do. We are here to help you understand the procedures involved, and help you understand the documents that you will encounter. We will be by your side as you complete the process of making an offer on a new home.
Understanding your Legal Needs
It is common practice for the buyer to engage a lawyer or notary public to prepare the documents necessary to transfer the legal ownership. Among other things, he or she will protect your interests by:
- searching the title in the Land Title and Survey Authority Office registration system to find if anyone other than the seller has any legal rights to the home and to see if there are any registered easements or restrictive covenants
- preparing the documents to transfer ownership from the seller to you, including the Property Transfer Tax return
- ensuring that the seller’s old mortgage has been properly discharged, if this is required
- confirming that all payments for which the seller is responsible have been made
- arranging for you to sign the transfer documents
- preparing a Statement of Adjustments outlining all monies owed by you and the funds you will need to complete the transaction
- delivering the final amount due to the seller and ensuring you are registered as the owner in the Land Title and Survey Authority Office
Calculating your Mortgage
A mortgage is a loan to finance the purchase of your new home.Many banks and credit unions will prequalify you for a specific size and type of mortgage loan before you begin searching for your new home. Taking the time to apply for a pre-approved mortgage will allow you to know how much you can afford to spend.Typically, no more that 35% of you gross monthly income should be spent on shelter. How much do you spend now? Once again, we need to ask the question, what can you afford? What are your other financial obligations? A mortgage calculator is a great tool that can help you better understand what you can afford. Generally speaking, you should always make you cash down payment as large as possible.