Are you on the lookout for the perfect home and would
like to experience the comfort of living, contentment and fulfillment? Please click here.
GUIDE TO BUYING A HOME
Determine What You Can Afford
- Purchasing a home involves one-time costs and
monthly expenses.
- The largest one-time cost is the down payment.
It usually represents between 5% - 25% of the total price of the property.
- In addition to the actual purchase price, there
are a number of other expenses that you might be expected to pay for.
See table below:
Typical One Time Expense
| Expenses |
Paid by Purchaser
|
| Mortgage Application and Appraisal Fee |
At time of application |
| Property Inspection(optional) |
At inspection |
| Legal Fees |
On closing |
| Legal Disbursements |
On closing |
| Property Survey - (provided by seller most of the times) |
On closing |
| Land Transfer Tax |
On closing |
| Mortgage Interest Adjustments and Take Over Fee (if applicable) |
On closing |
| Adjustments for Fuel, Property Taxes |
On closing |
| Mortgage Insurance (and application fee if applicable) |
On closing |
| Home and Property Insurance |
On closing and On-going |
| Moving Expenses |
Date of move |
Typical monthly costs incurred with home ownership are mortgage payments,
maintenance, insurance, condo fees, property taxes and utilities.
Market Conditions
The real estate market is always changing. It
helps to understand how market conditions can affect your position as
a buyer.
My commitment to you is to provide you with
current real estate market conditions and explain their impact in detail.
Basic Understanding of the Market
| Buyer's Market |
Characteristics |
Implications |
Buyer's Market:
The supply of homes on the market exceeds demand |
High inventory of homes few buyers compared to availability.
Home on the market longer. Price tend to drop in this type of market
|
Your home may take longer to sell. Less negotiating
leverage in terms of selling price. |
Seller's Market:
The number of buyers wanting homes exceeds the supply or number
of homes on the market. |
Smaller inventory of homes. Many buyers; homes will
sell quickly. Price usually increase. |
You may have more negotiating leverage and obtain a
higher selling price for you property. |
Balanced Market:
The number of homes on the market is equal to the demand or number
of buyers. |
Demand equals supply. Homes sell within an acceptable
time period. Prices generally are stable. |
More relaxed atmosphere. Buyers have reasonable number
of home to choose from. |
Obtain a Pre-Approved
Mortgage
Having a pre-approved mortgage will give you
the confidence of knowing exactly what you can spend on a home before
you start looking. You will also be protected against interest rate
while you look for your new home and also offering the following:
- Competitive interest rates
- A 60 day rate guarantee
- Flexible prepayment options
The appointed mortgage specialist will answer your questions and help
you determine which financing terms and options are right for you. True
representation is assured in order to help you find the right home and
select the best financing possible.
Finalizing Your Mortgage
Once you've found the home you want to purchase,
there are some documents you'll probably be asked for in order to finalized
your financing. They will include:
A copy of the real estate listing of the property. If the home is to
be built, the mortgage lender will need to see the builder's plans and
details on lot size and location.
A copy of the offer to purchase or the building contract, if this document
has been prepared.
Documents to confirm employment, income and source of down payment (if
not provided at pre-approval).
Hire a Legal Professional
A legal professional is there to represent your
interest and to process the legal documentation required.
I will be providing you with the names of legal professionals who specialize
in real estate.
You will be well represented by myself or a legal professional on the
steps to be taken prior to acquire keys to your new home.
Have The Home Inspected (Optional)
Having the property inspected by a qualified
home inspector will give you the added confidence that you've made the
right decision.
You will receive a written report upon completion of inspection, and
estimated costs for necessary repairs (if any).
To order your home today Click here.
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