Buying/Renting a Home/Condo

In today’s busy and complex world buying/renting a home can be very time-consuming and complicated, it requires a lot of knowledge about real estate. It’s one of the more important moves that you will ever make and you want to make sure that you do it right by working with an experienced, highly trained realtor. I will pre-screen the homes that might interest you so you only see the ones that best suit your needs. I will help you through every step of the home buying/renting process.

THE BUYING PROCESS:

Step:1
WHAT CAN YOU AFFORD?

• A. Determining how much you can afford is the most important step to buying a home.

• B. Once you are pre-qualified by either a bank or a mortgage broker, you will then be able to determine your maximum budget. The major difference between using a bank versus a mortgage broker is that the bank gives you what they can offer whereas a mortgage broker will shop many banks and financial institutions to get you the most suitable mortgage. Please let me know if you would like me to refer a mortgage broker to you.

• C. BUDGET: Download This Form Here.

OTHER EXPENSES TO BE INCLUDED IN YOUR OVERALL BUDGET WHEN BUYING A HOME:

Land transfer tax and legal fees; approximately 1.5 - 2% of the purchase price in all municipalities other than Toronto. (Toronto will be another 1.5%)

Home inspection costs normally run from $400 and up depending on what needs to be inspected.

On closing, there may be some minor adjustments for any unused portion of prepaid property taxes or utility bills.

Bridge Loan/Financing is a short-term loan that may be needed to cover the time gap between two firm sales when the closing dates don’t match. Buyers will do this when the property being purchased closes before the one that they sold. If this is something that you will be doing, find out what the cost will be.

It is also a good idea to allow $3,000 to $10,000 for any miscellaneous or minor repairs that you might want to do to your new home.

Here is the Real Estate Council of Ontario information about working with a realtor.

Step:2
THE BELOW WILL HELP YOU WITH WHAT YOU WANT IN A HOME AND WHERE YOU WANT TO LIVE

Dream Home Checklist

STEP 3:
FINDING THE RIGHT HOME:

CONTACT ME WITH WHAT YOU WANT. I WILL SEARCH FROM ALL OF MY DIFFERENT RESOURCES TO FIND YOU THE RIGHT HOME.

When looking at homes you may want to use this home comparison checklist:

SHOWING HOME COMPARISON CHART

STEP 4:
LOOKING AT HOMES

I WILL SEND YOU HOMES THAT MEET YOUR CRITERIA, YOU CAN THEN CHOOSE THE BEST ONES TO SEE. YOU MAY FIND THAT THE FIRST HOME THAT YOU SEE IS PERFECT OR THE 30TH HOME.

I WILL KEEP SEARCHING UNTIL I FIND YOU THE BEST HOME THAT SUITS YOUR WANTS, NEEDS AND BUDGET.

STEP 5:
THE OFFER:

Once you have found the right home, now it is time to buy it. I will prepare a detailed market analysis of the value of the home.

I will prepare an offer with the price that you want to pay, the deposit (apx. 2.5-5%), the closing/moving date and any conditions or terms that you will want in the offer. Please keep in mind that a bank draft for the deposit will be required within 24 hours of the acceptance of the offer.

IT IS ALSO VERY IMPORTANT THAT YOU DO NOT CHANGE YOUR JOB OR PURCHASE ANYTHING ON CREDIT PRIOR TO THE CLOSING AS THIS WILL AFFECT YOUR CREDIT RATING AND MAY CAUSE THE FINANCIAL INSTITUTION TO NOT GIVE YOU YOUR MORTGAGE.

VERY IMPORTANT!! DO NOT LEASE OR PURCHASE ANYTHING ON CREDIT BEFORE THE CLOSING!

ONCE THE OFFER IS ACCEPTED:

FOLLOW THIS BUYER’S CLOSING CHECKLIST