|
 |  |  |  |  |  |  |  |
 | ||
| Real Estate Salesperson (RECO) | 416-892-9524 | Mortgage Agent - Licence #: M08007679 |
| Buy or Sell -> Low Commission! | Every Problem has a Solution! | Lowest % Rates! - $0 Fees GUARANTEED I work for YOU, but the BANK pays me!! |
| Top 10 Home Shopping Tips 1. Decide what type of home fits your lifestyle: It's important for first-time home buyers to take some time to think about what factors are most important to you. Build a checklist of needs and rate them 1 to 10. 2. Pick your neighborhood: Check out prospective neighborhoods and assess the types, availability and price ranges you're looking for. When you find a neighborhood you like, take a closer look at the local amenities, schools and other features. 3. Use available resources: Canada Mortgage and Housing Corp. (cmhc.ca) is your friend. As Canada's national housing agency and a government-owned agency, CMHC not only is a provider of mortgage loan insurance and other policies and programs, it is also a wealth of information for research into housing. 4. Know your credit history: Knowing your credit history is a key first step to helping you determine what type of home you want and how much you can afford. Your credit history will be paramount to how much money you can get, and how good the terms of your mortgage will be. 5. Know how much you can afford: Buying a house essentially comes down to two key questions: how much down payment do you have, and what type of mortgage payment can you comfortably carry. The general rule for calculating how much of your household income should go to household expenses, including mortgage payments, is that household expenses should not exceed 32% of your gross income. 6. Get pre-approved: Being pre-approved means you actually have been approved for the purchase - to a certain loan amount - by a lender. This gives you some confidence when it comes to home shopping and negotiating price. It will also take a lot of the uncertainty out of the entire process because you'll have a better idea of how favorable you are as a candidate. 7. Assemble your team: Once you've decided where you want to live, determined how much you can afford and been pre-approved for a mortgage, you will need to seek out knowledgeable professionals. You'll need a realtor (real estate agent), mortgage broker or banker and a lawyer. Each of these will provide indispensable advice that will be uniquely tailored to your individual situation. 8. Take the time for a home inspection: You can't judge a book - or, in this case, a house - by its cover. A good home inspector will perform a comprehensive visual inspection, examine the home's foundation and roof, examine all the main mechanisms and systems (such as heating, plumbing, electrical and ventilation) and check the condition of windows and doors. This process will identify areas that might need replacement or repair, that have been repaired in the past, estimate the remaining life span of specific components in the house and provide a written report of the inspector's findings - all information you can use. 9. Uncover hidden costs: On top of the cost of your home, there are several other fees, charges, taxes and other amounts to complete the purchase. These 'closing costs' add up and there's no getting around them, so make sure to get an itemized list well in advance of your closing date. These can include deposit on the purchase price, land transfer tax, appraisal fees, legal fees and land survey or title insurance. 10. Keep your cool: The home-buying process is full of challenges and the best way to deal with them is to be prepared. Take your time, arm yourself with research and as much information as possible, and you will make the best possible informed decision. While it may appear overwhelming at times, don't lose site of your goal. Source: Canadian Real Estate Magazine, Spring 2009 |
© 2012 Simona Heather |
