Step-by-Step Approach to Buying your Home with The Preferred Pair
Congratulations on taking this first step toward buying a home. Pride of Home Ownership is indeed one of life’s greatest joys and biggest accomplishments. It’s an exciting time and our hope is that this guide will bring clarity and peace of mind during your home buying journey.
Let’s get started! The first step is deciding where you want to live, what type of home you are looking for and what feature’s are “must have’s” or “would be nice to have’s” in a home. Invariably, there will be tradeoffs but rest assured we here to help sort through the options to find you the best house, at the best price and with as many of your wants and needs as possible.
Here are a few questions to help you get started!
Talk with a mortgage broker or Financial Planner. Independent mortgage brokers tend to offer the most options because they don’t just work with one bank. However, if you have a good relationship with your bank, contact them as your first toward finding the right mortgage for you. Having preapproval documentation can offer you several benefits:
We are partnered up with professionals who are here to serve you with the absolute best service and dedication. Contact us for more information to find out how these individuals can help you.
It’s important that you understand who’s interests Realtors are legally bound to serve in a real estate transaction.
The Listing Agent:
The Listing Agent is under contract with the seller to market and sell their property for the best possible price. Working with a listing agent means that they can:
Your Personal Realtor:
When you engage the services of your own personal agent – someone who is under contract to work solely in your best interest – you get all of the same services listed about plus your personal Realtor provides:
As your Personal Realtor, our job is to ensure you are an educated buyer in all aspects of your home buying process.
Our exclusive Home Buyer Service Program will empower you with the key market information and every possible advantage to ensure you become an educated buyer. Educated buyers are able to make informed decisions creating a stress free and enjoyable home buying process.
What to expect from our program and us:
Making an Educated Offer
After preparing an offer that protects you, follows your instructions and matches your schedule and needs. I will present and negotiate the offer on your behalf to get you the home that you want at the price and terms you want.
What happens after this:
It is highly recommended that a home inspection be completed prior to purchase to ensure that are no hidden defects that you were not made aware of. Average cost is between $300 & 600, depending on size, age and value of the house and if there are any suspected issues.
Land Transfer Tax:
This fee is payable to the provincial or municipal government upon closing, it is commonly a certain percentage of the purchase price on the property. In Ontario, the rates are as follows:
When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax. The maximum amount of the refund is $4,000.
This usually covers the cost of completing a title search, drafting the title and deed, preparing the mortgage documents, registration fees and other disbursements. These fees will be due at closing and typically costs $1,500.
Your lender will require you to obtain property insurance, as the home acts as collateral for the mortgage. Most lenders only require insurance that covers fire and weather-related damage in place on closing day. Annual premiums usually start at $500 and increase from there. Contact your insurance agent for rates; we have proven professionals that we can recommend to you if you do not currently have one.