Mistake #1: Not Getting Pre-Qualified for a Mortgage
Before looking for your next home, take the time to get pre-qualified by the bank or mortgage broker you choose. This can save you hours of searching for homes in the wrong price range, or worse, purchasing a home and then finding out you don’t qualify for financing. Pre-qualifying gives you peace of mind, helps narrow your search criteria, and most importantly, gives your RE/MAX agent a negotiating edge by being able to alleviate the...
Home Purchase Expenses
There are many costs that homebuyers incur, especially upon purchasing your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest outlay is the down payment. As a first time buyer, this would likely represent only 5 – 10% of the purchase price. Be prepared to pay for additional costs, such as:
- Legal Fees & Disbursements
- GST and PST (if applicable)
- Land Transfer Tax
- Property taxes and adjustments...
Should I Buy a Condo?
As single-family home prices have risen, many consumers have been looking to condominiums as an alternative. First-time buyers like the lower prices of condos, which make the entry into real estate ownership market easier. Seniors like the low maintenance aspect and the ability to be in a community catering to their lifestyle. Others like the security advantages that the building provides, especially for those who travel frequently.
A condominium is a specific...
Benefits of Home Ownership
Pride of home ownership is the number one reason why Canadians want to purchase their own home. There is no landlord looking over your shoulder, and you are able to make home improvements knowing that any appreciation that results will be to your benefit. Homeownership also gives you and your family a sense of stability and security. It’s making an investment in your future.
In Canada, especially in the last few years, homes have appreciated considerably,...
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