Let me help you every step of the way. When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.
While at your side each step of the way, I will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. I will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.
I am always familiar with the current homes on the market, and I know neighborhood values well, so I can help you determine which properties are fairly-priced and in good condition before you start your search.
Your First Step
Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want to haves."
Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.
Your Next Step: Mortgage Pre-Approval
Once you have addressed the above needs, your next step in the purchasing process is to get pre-approved with your bank mortgage advisor or an independent mortgage broker. This can be done in person, over the phone or even online in a matter of minutes.
Call me and I will provide you with the names of several mortgage professionals who have excellent reputations and track records for for working hard to successfully acquiring mortgage approvals for their clients.
We Will Find The Right Homes For You
Once you've been pre-qualified and know what price range you want to stay in, I can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them.
I have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search my listings here at my website.
I Will Help You Every Step Of The Way
I will help you complete your financing and inspections, and close on the transaction. My top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.
Buyer Closing Costs
The following are estimates of costs involved in buying a residential property. The total amount needed for closing costs is usually between 3% and 5% of the total purchase price and is in addition to the down payment.
1. Legal Fees and Disbursements, including Title Search, Mortgage Documentation, Deed Registration and Title Insurance Policy. Needed At Closing
Approximate Cost - $1,200 - $1,500 + HST
2. Mortgage Insurance (This is applicable if the mortgage is more than 80% of the purchase price) and is usually added to the mortgage balance. Mortgage Insurance amount varies from between 4% down to 1%.
3. Mortgage Interest Adjustment Needed At Closing (The interest on your mortgage between closing day and the 1st payment date).
4. (a) Oil Adjustment - the average oil tank is about 900 litres - $800-$1,000 + HST
(b) Propane Adjustment - the average propane tank is 500 gallons - $400-$500 + HST
(c) Property Tax Adjustment - Pro-rated based on what the seller has already prepaid (Tax Year is April 1 to March 31)
(d) Condo Fees - Pro-rated
Needed At Closing
5. Leasing Assumption Needed At Closing Variable
6. Survey / Location Certificate - generally supplied by the seller / title insurance / there are other alternatives
7. Home Insurance - Prior To Closing $750 - $1,250
8. Land Transfer Tax (LTT) - Needed At Closing 1.5% of Purchase Price in HRM
9. Water Test (if on a well) $ 60-$300 + HST
Well Test $250-$500 + HST
Septic Test $350-$550 + HST
At Time of Service
10. Property Inspection (Buyer or Pre Sale) At Time of Service $400-$600 + HST
11. Miscellaneous - includes hook-up charges for Power, Phone, Cable, Water, Moving costs, Change Locks, Appliance connections. If Condo Ownership, there may also be costs for reimbursing seller reserve and contingency funds.
Needed At Closing Variable