Obtaining a pre-approved mortgage from a mortgage broker is the first step in the home buying process. This will help save valuable time by only searching viable options.
Low interest rates mean more borrowing power and lower monthly payments.
The seller pays the negotiable commission upon a sale, so choosing a real estate professional to represent you when purchasing a home is FREE and will actually save you money.
You may be enticed to work with a listing agent - be weary as they have a signed, fiduciary duty to the seller client.
Working with a buyer’s agent will always keep your best interests at the forefront.
Listing price is not the same as sold price! The listing price is set by the seller and the seller’s representative. A sold price is what the market is willing to pay for that product at a certain point in time.
You will need to have a certified deposit within 24 hours of an accepted offer - approximately 5% of the purchase price must be liquid.
Typical other one-time expenses:
mortgage application and appraisal fee (if applicable +/- $300)
mortgage interest adjustment and take over fee (if applicable) due on closing
home inspection (optional +/-$500)
legal fees and disbursements, due on closing ( +/- $1500)
property survey, sometimes provided by the seller (optional as needed price varies +/- $2500)
Land Transfer Tax - in Toronto on $1,000,000 is approx. $33,000.
click here for more info on first time buyer tax rebates
adjustments for utilities and property taxes will be due on closing
mortgage insurance due on closing and ongoing for down payments < 20%
home insurance due on closing
moving costs and furnishings
necessary renovations and upgrades
Typical monthly expenses:
click here for my monthly mortgage payment calculator
ongoing maintenance/condo fees, (varies on size of unit, building, age, inclusions)
utilities (gas, electricity, water, internet, cable, security)
building and mortgage insurance
property taxes
Know your lane. Stay in it. If you are a handy person and have resources available to renovate a property efficiently, buying a fixer upper can be a good strategy. If you live a busy lifestyle and throwing a hammer is a bar sport for company events - then I strongly consider purchasing a renovated or turnkey product.
I am available and well-versed to discuss your desired neighbourhoods, commuter routes, public facilities & services, schools, parks, future development plans, lifestyle and market trends.
I am not afraid to tell a client when a purchase doesn’t make sense, and when it does, I help see all options
Now sharpen your claws and get ready to pounce - it’s called a house hunt for a reason!
This info is not to be construed as expert legal advice, tax advice, advice on zoning changes, engineering or environmental advice. Please seek independent professional advice on any of the above matters and concerns.