Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment and 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. Always ask lots of questions.
A little research can go a long way! The real estate market is always changing. It helps to understand the market conditions and the impact it may have on you as a buyer.
Having a pre-approved mortgage will give you the confidence of knowing exactly how much you can spend on a home before you start looking. Pre-approval will help protect you against interest rate increases while you look for your dream home. If you don't already have one, Megan has an in house mortgage specialist to help you with your mortgage questions and needs.
Your down payment can be as little as 5%. If the down payment is lower than 20% of the purchase price, the mortgage needs to be insured. Please refer to your Mortgage Lender for more information.
When it comes time to make an offer, Megan can provide you with current market information and will assist you in drafting an offer which is called an Offer to purchase. Megan prides herself on her excellent negotiation skills. The attention to details and thoroughness is one of her many qualities that sets Megan apart from the competition!
An offer can be a firm offer or a conditional offer;
*The seller may accept the offer, reject the offer, or submit a counter-offer. If the seller accepts the offer you are binding to the purchase and sale agreement and conditions if any. If the seller submits a counter-offer than it will be your turn/decision to accept the offer, reject the offer, or submit a counter-offer. Rejected Offer, if the one who is deciding whether to accept, counter or reject the offer can’t agree with the opposite party than you will not have a firm deal and both parties can part ways.
Having the property inspected by a qualified home inspector will give you the added confidence that you've made the right decision. Megan strongly recommends this to her buyers for many reasons.
A legal professional (Lawyer) is there to provide and look over the legal documentation required to close your new home.
See Megan's chart on land transfer tax tab.
It is important to find the right Realtor. A good Realtor is someone that you are comfortable with; someone to look after your best interest!
It doesn't hurt to interview several real estate agents before making that final decision.
Note; The HST applies to newly constructed homes or substantially renovated properties, but does not apply
directly to resale homes. Indirectly it applies to resale homes such as; Real estate Commissions (seller pays),
Lawyer Fees, Home inspectors, Moving costs, etc.
First Time buyers of Resale homes or new homes could receive rebates, please refer to Megan's first time buyer
tabs and Government sites for more information.
