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Why Buy A Home?

The Better Way to Buy a Home

Buying a home can be one of the most fun and exciting times in your life but with all the choices available on the market, were do you begin?

Make the selection of your home easier by starting with a checklist to narrow the field of possible houses. By identifying exactly what you want in a home before you begin your search, you can make the entire process run more smoothly. 

Then call on your expert Sales Professional for help in matching your needs and wants to the right home in your area. Now, you are ready to find exactly the home you re looking for! 

How to buy a home

It may matter more through whom you buy your home than the home you finally select. I will help you find the right home- and help you reach a satisfactory agreement.

I take your needs seriously and will follow effective systems to help you find your new home.  With my Home Buying System I'll help you:

  • Determine how much you want to spend
  • Establish a criteria for selecting homes
  • Obtain information about houses and neighbourhoods to help you make decisions.
  • Prepare for mortgage qualification
  • Close on the house of your dreams

How much house can you afford?

Most people have a general idea of how spending they feel comfortable spending. It's equally important how much the lender calculates you can afford.

Evaluate your financial situation as the lenders do. Housing costs include monthly mortgage principal and interest, taxes and heating expenses — known as P.I.T.H. for short. For a condominium, P.I.T.H. also includes half of the monthly condominium fees. For leasehold tenure, P.I.T.H. includes the entire annual site lease. Typically, your total monthly housing cost should not exceed 32 percent of your gross monthly income. Or, housing costs plus any outstanding monthly long-term debt should not exceeds 40 percent of gross monthly income

Ask how your lender determines the total monthly housing cost figure. It usually includes your mortgage principal and interest payments, property taxes and home insurance

Determine how much your financial institution is willing to lend you. Call on your Mortgage Broker for help during the prequalification process.

Know how much you can afford in monthly payments. Lenders factor in sales price and down payment on how much you can handle monthly

What type of house you want?

Next you'll want to define your needs, tastes and preferences for your new home.

Describe the style of house you like, whether it be two-story, contemporary, ranch of something else.

List your priorities in home features, such as a two- or three- car garage; gourmet kitchen; a family room or a formal dining room.

Think about your lifestyle. If you don't like yard work, ask me to show you condominiums, townhouses or garden homes with smaller yards.

Choosing a neighbourhood

Bricks and boards may determine the cost of a home, but a neighbourhood determines value.

Consider the identity of the neighbourhood. The overall impression given to an area is key to its value.

Drive through and around the neighbourhood. Value is enhanced by other well-maintained properties. Conversely, be cautious of areas with unkempt yards and houses, and business mixed in with residents

Pay attention to neighbourhood zoning. Good residential communities are zoned to keep out commercial and industrial users.

List which community services are important to you. Do you need to be close to shopping or a mass transit stop?

Get an idea of who lives in the neighbourhood by talking with people who live there.

Picking the right home

Your new house has to feel right-but emotions aside, it has to work right too.

Bring in a professional building inspector or appraiser to make sure the house is in sound condition. Use his or her report to make informed decisions.

Decide which flaws you can live with and which you'd prefer to repair. You may also be able to refinance some repairs in your mortgage.

Outside the home

  • Do trees and shrubs appear healthy? Are large trees at least 30 feet from the house?
  • Is the lot sloped for proper drainage? Are there low spots near the house?
  • Do outdoor electrical outlets have ground fault current interrupters to prevent shock?
  • Is the outdoor lighting adequate?
  • Are there outdoor faucets or a sprinkler system?
  • Are sidewalks and driveways in good condition? Will water drain off them?
  • Is the house's surface in good repair? Are there cracks where materials meet at two walls or at windows and walls?
  • Do windows, doors and chimney sit plump and square?
  • Is the roof free from sags and dips? Are shingles in good condition?
  • Are gutters in good shape, with tight seams and do downspouts point away from the house?
  • Do foundation walls have cracks larger than ¼ inch wide?

The floor plan

  • Is the home divided into three distinct zones for working, living and sleeping?
  • Are eating areas (including those outdoors) easily accessible from the kitchen?
  • Does traffic through the kitchen flow outside the work area?
  • Are the stoves, sink and refrigerator just steps apart in an efficient triangular configuration?
  • Do open appliance doors block doorways, cabinets or each other?
  • Do bedrooms have two uninterrupted wall surfaces for easy furniture arrangements?
  • Are baths accessible without having to cross a bedroom or other living space?
  • Does the main entry lead guests directly to the living room or make them figure out which way to go?

Basement to attic

  • Do basement walls have large cracks that indicate a shifting foundation? Mildew stains that indicate dampness/flooding? Is an unheated basement's ceiling insulated?
  • Are exposed beams and joists in good condition?
  • Is the attic well-insulated?? Is there any evidence of water damage from a leaky roof?
  • Are floors springy or are they even and sturdy?
  • Are walls (particularly at door frames and windows) free from large cracks?
  • Do all doors and windows work smoothly?
  • Are bath fixtures in good condition? Does the faucet's water flow remain steady when toilets are flushes? Does water drain well?
  • Are there enough well-places electrical outlets in the room? Does the service to the house match its current electrical needs?
  • Is the capacity and recovery time of the water heater adequate for your family? Does the water heater show signs of rust?
  • Do kitchen appliances seem to be in good condition? Do any come with the sale? Will your appliances for in the present spaces if need be?
  • Do furnace and/or air conditioning unit(s) appear well-serviced? Is the blower quiet?    Available financing?
  • Will you need to find your own financing? Ask your Real Estate sales professional for recommendations?
  • Will the seller finance the mortgage for you? At what rate and for what term?
  • Is the present mortgage assumable?

Making your purchase

When you find the perfect house, your sales professional will take you through a step-by-step process to make the purchase. You know the seller's asking price, now it's your turn to make some important decisions.

  • Decide how much you should offer. Consider factors such as the home's length of time on the market, reasonableness of price, availability of financing and other costs.
  • Know what happens to your earnest money. This deposit is held by a third party such as Listing Brokerage. If you buy the house, it is applied to the down payment or closing costs. 
  • Decide what type of deed you want. You'll most likely specify that the seller convey the property to you with a general warranty deed that transfers ownership rights (title) to you.
  • Decide what conditions you want to place on buying the house. Your purchase may be made contingent on obtaining financing, a building inspector's satisfactory report or selling your present home.
  • Spell out what you're buying in the contract. Common items to be specified include appliances, light fixtures, shades, and drapes, storm windows,etc.
  • Determine what special provisions should be included. Read all the small print carefully.
  • Decide who is your lawyer, the closing date and the possession date.  Allow yourself plenty of time for financing and all the paperwork in the transaction.

Extending an offer

At the end of this stage, you'll have a contract of sale that spells out the details of the transaction.

  • Pay special attention to details at this stage; resist the temptation to hurry.
  • Decide what you're willing to give the seller and what you want in return. This information forms a document called a Agreement of Purchase and Sale.
  • Make an earnest money deposit to show you're serious about buying the home.
  • Your sales professional will take the offer to the seller or seller's agent. The seller will either accept, reject, or counter offer with changes in some of the terms.You may either sign or counteroffer at this point.
  • Sign the document when you both agree to the terms; it becomes a valid contract.

Finding financing

Once you learn the seller has accepted your offer, you have one key job: Line up financing. Shop around for the most competitive financing package.

Questions to ask the lender

  • Does the financial institution offer different types of mortgages?
  • Will mortgage insurance be required for loan? How much principal must be paid before the insurance requirement is dropped? What are the premiums and are the premiums refundable if you prepay the mortgage?
  • What fees will be charged at closing like appraisal fee, credit report, etc.?

What the lender will ask

  • What is your total monthly income (including alimony, child support, savings interest and dividends)?
  • What are your assets? These include bank accounts, stocks and bonds, real estate, retirement funds and so forth?
  • What are your liabilities? These include installment loans, charge cards, auto or real estate loans and other debt?
  • What are your anticipated housing costs?
  • Copy of the Agreement of Purchase and Sale.
  • Can you provide credit references, including account numbers and balances on loans?
  • Employment information (Letter of Employment, copy of pay stub).

Settling up with the lender

Within three days of applying for the loan, your lender should issue you a good faith estimate of the fees charged for closing.

Loan origination fees are a percentage of the loan that cover the lender's administrative costs. The loan discount, called points (with each point being 1 percent of the loan), is extra interest paid to the lender to make up the difference between market interest and the interest of the loan.

Other charges at closing may include the Title Insurance or costs of a survey, appraisal or inspection, as well as the lender's services in obtaining mortgage insurance for you. If you assume a mortgage, you'll pay an assumption or transfer fee.

Charges for fees include title searches and recording and transfer charges

Reserved deposits, property taxes and possibly mortgage insurance are paid at this time.

Commissions and other fees include a variety of services, such as document preparation, notary services, handling the schedule, warranties and others.

For more information go to CMHC website http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_002.cfm

What happens at closing

Discuss and resolve any issues or problems before closing.

Here's the day you've been waiting for. The papers are in order and money has been exchanged. You're handed the keys – the home is now yours!

A Word About Agency

Whether you are a seller or a buyer, your agent is required to deal ethically and fairly with you and the other party in your transaction. If you are a buyer, in most instances the agent with whom you have worked – the agent who has shown you homes and assisted you in the home-buying process – is technically a "seller's agent" because the seller is paying the agent's commission. If you are working with a seller's agent, you must decide for yourself what offers to make or accept.

Usually a buyer works with a "buyer's agent" who is legally obligated to represent the buyer. The manner in which buyer's agents are compensated varies, but buyer's agents are able to represent the buyer and negotiate on the buyer's behalf.

Why Buy A Home 

 Why Buy A Home


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