Tips for Buyers

Did you know there are 3-stages to buying a home and the process starts well before you actually purchase?  The stages are Planning, Viewing & Offering.  Here are some tips to get you started.  

Secure A Mortgage Pre-Approval
Unequivocally, the first step in buying a home. Contact your bank or mortgage broker to apply for a pre-approval. This will help you get an understanding of what you can afford and how much a lender will approve you for. Most pre-approvals will lock you in at a current interest rate, for a pre-determined time, regardless if rates increase.

Also, when you finally make an offer on a house, you will likely only have 5 banking days to fulfill your finance condition. Having a pre-approval ensures all your documentation needed is in place for a Mortgage Commitment.

  • Ask your mortgage specialist about a Pre-Approval Letter to pass on to Sellers when you make an offer on a house. This ensures that you have a pre-approval in place, and you are ready to move forward with a purchase.
  • There is no obligation on your part with a pre-approval.
  • A pre-approval may mean dealing with existing debt first, before purchasing.

Ask About First-Time Home Buyer Incentives

There may be First-Time Home Buyer Incentives offered by the Federal Government so speak to your mortgage specialist about this.  

  • Home Buyer’s Plan
    Allows first-time homebuyers to withdraw funds from their Retirement Savings Plan (RSP) to use towards their first home.
  • Home Buyer’s Amount
    A $5000 non-refundable income tax credit that can be applied to certain qualifying homes.
  • First-Time Home Buyer Incentive
    Enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. Borrowers who meet the criteria can apply for a 5% or 10% shared equity mortgage with the Government of Canada.
  • Land Transfer Tax Rebate
    A rebate available to help first-time homebuyers offset the cost of this tax.

Work With An Experienced REALTOR® 

You will need the expertise of a committed and experienced Realtor® who has strong negotiating skills.  They must make you a priority and be able to guide you through the complexity of the buying transaction.  

Because purchasing a home is unequivocally one of the biggest investments you will make, by working with a trusted, successful REALTOR® will help ensure your transaction is a successful one.

Set Up A New Listing Alert
Once you have a REALTOR® on board, have them set you up with a Property Portal so all new listing that meet your criteria are automatically emailed to you.  This way you won’t miss out on any new listings as they hit MLS.  

Start House Hunting
You will now be able to start viewing homes.  The best way to educate yourself on the current market is to view houses first-hand.  On average, it takes 16 viewings before a buyer purchases a home.  

Know The Offer Documents
You can go over all buyer and offer documents in advance to ensure you have a solid understanding of the terms, clauses and conditions.  Your REALTOR® should take the time to review these with you in great detail.  

Location, Location, Location
Your REALTOR® should educate you on various neighbourhoods and specific locations. Property prices are always in a state of adjustments as market conditions, inflation, buying trends, interest rates and local factors are always changing and affecting the property’s value.   Make sure you discuss the potential re-sale value of your house with your REALTOR® in order to protect your investment.  Re-sale is a vital component when purchasing especially for military relocations when a Posting Msg is likely in 4 years.

Speak To A Certified Home Inspector
Most likely you will be using a Home Inspector for your purchase so talk to them ahead of time and get a feel for what a typical home inspection involves.  You, along with your REALTOR®, will be present for the inspection.  

Ready To Buy Your Home?

Contact me to discuss a successful buying strategy.