Every home buyer has different wants, needs and concerns. Even savvy business people can become confused by the long lists of financing possibilities, contract stipulations, and closing issues and requirements. Our goal is to provide you with pertinent information, so that you can make informed decisions. I will walk you through the entire process, keeping you up to date with practical guidance.
As a real estate professional immersed daily in the business of real estate, I am knowledgeable in the fluctuations of the ever changing real estate market, and I recognize the likelihood that you may not be as familiar with the nuances of purchasing your dream home or investment property. You probably have a lot of questions, and if you’re going to feel confident in your purchase, you’ll need some answers!
For more information, please give me a call - I would be pleased to provide you more information to help you achieve your goals!
Tel: 604-916 3055
There are many costs that homebuyers incur, especially upon purchasing your first home that you should expect to pay. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs, such as:
- Legal Fees & Disbursements
- GST and PST (if applicable)
- Property or Land Transfer Tax
- Adjustments (reimbursed to the vendor)
- Property Taxes
- Utility Payments
- Strata or Condominium Fees
- Estoppel certificate fee
- Survey Fee
- Home Inspection Fee
- Water quality and quantity certificate
- Appraisal Fee
- Mortgage broker's fee (if applicable)
- Mortgage Loan Insurance Premium (if only 5% down)
- Mortgage Loan Insurance Application Fee (if only 5% down)
- Moving Expenses
- Renovations and repairs
- Furniture, paint, carpeting, window coverings, etc.
- Service and Utility Hook-up Fees
- Property/Condominium Insurance
- Mortgage Application Fee
- Deed and/or Mortgage Registration Fee
Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs may include:
- Mortgage Payment
- Water and/or Sewer Payments
- Electricity and Gas Services
- Cable and Telephone Services
- Property Taxes
- Strata or Condo Fees
- Repair/maintenance Expenses
- Homeowner's Insurance
Why Use A Realtor When Buying A Home
A Realtor can sit down with your family and help you decide what kind of property you really need, and what you can afford. They can then also help refer you to a lender most suited to your needs
A Realtor will help you find all suitable available properties, using the Multiple Listing Service and their comprehensive network of contacts. This includes properties that have not yet been advertised in real estate newspapers, and haven't yet made it to public-access websites. A Realtor will take care of all the legwork for you.
A Realtor is an invaluable source of information on current market conditions and the community that you're thinking of moving into. They will provide you with important details about school boundaries, zoning and utilities, as well as providing details on market values in the area.
A Realtor will walk you through your property purchase, explaining all the legal paperwork and your obligations when entering a property purchase. They will help you prepare a successful offer when you've finally found the home of your dreams, and then present the offer and negotiate on your behalf.
Finally your Realtor can then recommend other professionals such as lawyers, notaries public and home inspectors to make sure your home transaction completes as smoothly as possible.