Tips on Buying
So, you've decided you want to own a home. It's a popular dream. For most people, with the right planning, it can become reality. But there is a lot to know before you begin moving. We'll take you through the planning process step-by-step, to determine exactly the kind of home that's perfect for you.
What Can I Afford?
There are two types of costs in buying a home -- the initial amount you will need for your purchase and the ongoing costs of paying back your mortgage along with monthly operating costs. The largest one-time cost is the down payment. It usually represents 5-10% of the total price of the property.
Typical One-time Expenses:
- Mortgage application and appraisal fee
- Property inspection (optional), due at time of inspection
- Legal fees, due at the time of closing
- Legal disbursements, due at the time of closing
- Property survey (if desired, not required to buy)
- Land transfer tax (see calculator)
- Home and property insurance, at closing and ongoing
- Moving expenses, due on the date of move
Typical Monthly Expenses:
- Mortgage payments
- Maintenance
- Property and content insurance
- Property taxes
- Utilities
Your Team and Their Roles
Agents
A real estate agent is a professional who can save you time and trouble. And possibly even a lot of money. You see, real estate agents have the home buying experience most people lack. They know all of the steps and they are good negotiators who will work on your behalf.
An agent will:
- Fine-tune your wants/needs list
- Get special computer access to listing information
- Screen houses so as not to waste your time
· Arrange appointments
- Offer helpful advice about the neighbourhood
- Introduce you to trusted contacts who should be on your team, such as mortgage brokers, lawyers, and home inspectors.
Above all, find a real estate agent who is a professional in the type of home you're looking for. A country home professional may not be the urban market specialist you need. And when speaking with your agent, be as clear as possible about your needs.
When looking for a real estate agent, consider RE/MAX. RE/MAX associates are the industry's top producers. They're the cream of the real estate crop.
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