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Buyer’s Home Guide

  1. Firstly, if you are using a loan to purchase you need to be pre-qualified by the institution of your choice where you will be securing the loan. You should also have saved 17.25% of the price of the home you are likely to purchase to cover your deposit and closing costs.
  2. Check the selling prices of comparable homes in the areas of your choice. Our website can facilitate this comparison and can give you a general idea of what you should expect to pay. Our website is home to the entire Multiple Listing System (MLS)database.
  3. See what you can afford. Use our mortgage calculator to get an idea of what your payment would be, get a sense of the maximum you should spend.
  4. Find out your total property taxes and maintenance costs where necessary, ask your Realtor and he/she will guide you. In some areas, what you’ll pay for your property taxes, maintenance and insurance can almost double your annual payments.
  5. To get an idea of what you’ll pay in peril insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won’t be obligated to get the insurance, but you’ll have a good idea of what you’ll pay if you buy,this however, is usually covered in the mortgage if you are getting one.
  6. Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include all cost to be incurred in the purchase of the property. This include taxes and duties charged by the government. Our agents will be delighted to give you guidance in this area. Closing costs ranges from 6% to 7.25% on most occasions that are financed through a mortgage. This also depends on your Attorney’s as it varies from Atorney to Attorney. Aside from Government costs, your closing costs include payments to three important professionals: Conveyance Attorney, Valuer and Land Surveyor. The Attorney protects you through the purchase, the Valuer determines the value of the property and the Surveyor verifies the location  and boundaries. Don’t be penny-wise and pound-foolish as many purchasers have been burnt in the past who have failed to use the services of these professionals.  It is highly recommend you commission theses services and in the case of a mortgage, they are mandatory requirements.
  7. Look at your budget and determine how a house fits into it. We recommend that buyers spend no more than 35% of their income on housing costs. Go much past 40% and you risk becoming house poor.
  8. Talk to our realtors about the real-estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon?
  9. Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labour-intensive and expensive. Plan your purchase and allow us to help you along the way. Contact one of our qualified licensed agents today!
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