Make Decision For some buyers, purchasing a home is the biggest decision they will ever make. Buying a home is certainly a very exciting time, but it is important that you know all the facts and making sure buying makes financial sense to fit into your lifestyle.
Professional Guidance If you are looking to buy or sell, it is important that you get help and advice from a trusted real estate professional. Your real estate agent should act as a consultant and guide you through the entire buying process. That includes answering questions about the neighborhood, market conditions, schools, and helping you get the finance you need. Your agent will also assist you in acquiring a pre-qualified mortgage loan. This will show lenders you are committed to purchasing a home and make your financing arrangements a lot easier.
Start Search To begin the search, you should have an idea about the type home you want. Your real estate professional will use all of their resources to find homes that fit your criteria. You agent will also be able to advise you on “hot” markets and any good deals that are available. After touring some homes, your search will be narrowed down, and you will be one step closer to finding your dream home!
Finding your Dream Home After you find your dream home, your agent will begin the process to move in as quickly and easily as possible. The process usually begins with putting together an offer to the seller that is tailored to your needs. After the seller accepts the offer, closing is usually held within 30-60 days from the offer date.
Negotiations It is very likely that the seller will submit a counter offer. This should not discourage you. Your agent will help you assess the counter offer and help decide whether to accept the counter offer, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions. Your agent will be well-prepared to make this step easy and stress-free.
Financing Arrangements During closing period, you will be working with your mortgage lender to obtain the financing you require. Your agent will also be involved in this step by gathering the necessary property information that the lender requires to get that much closer to the end.
Close the Deal During the time of submitting your loan application you will be presented with cost estimates and the expected down payment. Your agent will review the closing cost estimate and provide you with an idea of how accurate the estimate is.
MOVE IN! Moving day! Is’ the most exciting step in the home buying process. Plan ahead and the pressure of your moving will be easier. Your agent’s work doesn’t end here. They will provide you a checklist of reminders to help make your moving experience a delight!
Have you decided to buy a home and you are wonder to choose between a new or resale one. Below are some advantages and disadvantages of buying new homes vs. resale homes. Those will help you make your best decisions.
Safety Standards: New homes are built with the most recent standards in energy-efficiency and safety. A new home is more energy efficient, with higher levels of insulation and a modern heating system. Most of the old homes are using materials that are no longer meeting today's standards.
New Home Warranty Program: You are most likely eligible for the New Home Warranty Program which will cover deposit protection, defects in materials and workmanship, building code violations and major structural defects. Timelines on the coverage may vary from province to province, so for that you have to contact your builder for details. If you are buying a new home in Ontario, you may want to visit Tarion Warranty Corporation website. This company is responsible for administering the Ontario New Home Warranties Plan Act.
New and Modern Structure: Brand new building materials in your home should not need modernising, updating, refurbishing or redecorating for several years to come. Everything is clean and new. In addition, all the cable lines are built inside the walls to save you wiring effort when you want to use it.
Choice of Materials: You can choose your dream fixtures, fittings, materials and colors from the builder's range. Also some of them offer you other choices or options at an additional cost.
Lack of Services: In new subdivisions usually there is a lack of services such as public transportation, schools, shopping malls, supermarkets and other amenities. Usually are available in established areas.
Distance: It is difficult to find a new home in the urban area of your choice; usually new homes are built outside of densely populated regions.
Taxes: Have to pay the harmonized sales tax (HST) on the price of your new home although this amount is often included in the purchase price. Usually higher property taxes in newly developed cities since the government need the budget to provide new public services.
Fixed prices: Nonnegotiable price for the new homes.
Timing: It can be delays on your move-in day because of different reasons such as strikes, material shortages, regulation changes and bad weather.
Construction Inconvenience: Living beside and area with constant noise and dust, while the area is under construction.
Neighbours: Unknowing the new neighbours and ending up in living near bad, troubled or noisy neighbours and have to deal with them every day, it is a misfortune for you.
Convenience: Easy to find a home in an area of your choice and public transportation, schools, banks, shopping malls, supermarkets, parks, and other amenities are normally available in established areas.
Ready to Move Into: Possibility to move in the house on the closing date in most cases. Be able to see the details of the home before making the decisions; things like lights, drapes, driveway, landscape, and air-conditioning are usually available for you.
Tax Savings: No Harmonized Sales Tax (HST) to pay on the purchase of a resale home, unless it was substantially renovated.
Flexible Prices: Negotiable prices. Most of the houses have the basements finished, while you have to pay an additional cost to finish the basement if you buy a new home.
Less Energy Efficiency: Less energy-efficient, higher cost for you on running air-conditioning in the summer and heating system in the winter.
Repairs needed: Old components and materials for the home and necessity to replace them.
Space Constraints: Old homes are usually small from the stairs to the bedrooms or closets, and less bathrooms than new homes. Many basements can be crawling space or do not even have 6-foot-high ceilings.
Decoration Challenges: Harder to decorate old homes than new homes because their materials and structures do not harmonize like new homes.
Structural Concerns: No able to identify the structural problems, until you are not moving in and live for a while. Even if you hire a professional inspector to inspect the home before buying, sometimes the former owners are very good in hiding this problems or repairing temporally in order to sale the house
Buyers will receive personalized guidance throughout the entire buying process:
Buying a new home should be fun and enjoyable, as well as financially rewarding. Use my expertise and experience to guide you through the entire buying process and assist you in making an informed and successful purchase.