Call Elizabeth FIRST!
DIRECT: 613-266-0641
Did you know that you can have a Realtor® working for you and the Fees are usually paid by the Seller from the proceeds of the sale of the house? So, you have a professional on your side and working for you, but the professional fees are paid by the Seller in the end.
Make Sure You Get a Mortgage Pre-Approval!
Imagine finding your perfect home and then not being able to buy it!? A Mortgage Pre-Approval will provide us with a guideline of what you can afford. This is a must so that we can make your “Home Ownership Dreams a Reality!” (I can give you contacts to some great Mortgage Brokers)
Are you a First Time Buyer?
The Canadian and Ontario Government have allowed for rebates and discounts for first time Buyers.
The Canadian First Time Home Buyer Incentive (that can help increase your downpayment), may help you get to Home Ownership Faster. Click Here for More Information
Did you know that you Can use RRSPs for a down payment? The program requires you to payback those funds within 17 years. It is a great way to get started. Don’t have RRSPs? Consider planning for your future and get an RRSP loan to make you save. This will lower your tax obligations giving you a larger refund at tax time that can go towards your closing costs. Click here to read about the Home Buyer’s Plan
There is even a Land Transfer Tax rebate for First Time Buyers. Click Here for the Website
When you file your income tax for the year you purchase your first home, you can file for a Federal Tax Rebate. Click to see the link
Meet with ME for a Home Buyer’s Consultation (This can be done in person, by phone or via video chat)
Also a very important step in the process, this is when we prepare each other for exactly what to expect along the way. The following points should be covered and fully understood during this meeting:
- Your specific needs (number of bedrooms, baths, etc.)
- Areas of interest
- Your price range
- Your timeline
I tend to find out exactly what you’re looking for when the perfect home comes on the market – we move FAST!
I also tend to touch base often – when the purchase process is finished, expect to go through some “Liz withdrawals“.
House Shopping
This is the fun part!!! It is important to limit the number of homes you’re looking at in a day. If you look at too many homes, they begin to fuse together and you can’t distinguish one from the other. Make notes of pros and cons of each home. It is helpful to begin to narrow down the properties after each visit. For example, if you like house #3 more than house # 2, eliminate house #2 from the running. Remember, communication with ME is crucial. It’s just as important that I know which houses you don’t like and why, as which houses you do like and why. I will email you an initial MLS search and if any homes on that search interest you, we’ll go and see them.
Choose a Home
Once we have narrowed your search down to one or two homes that you really like, I will further research the area and home for you. I will then give you my professional opinion on the value of each home. The final decision will always be yours! Surprisingly enough, it’s going to be a pretty easy decision to make. You will KNOW when it is the right one.
Making an Offer and Negotiating
When making an offer on a property, it is important to decide ahead of time how much you are willing to pay for the house. You already know what fair market value is. Now you have to decide what price you will offer; how much deposit you will offer; what inclusions you want (everything is negotiable); when you plan to close; and what inspections you plan to have conducted. I will help you with all of these decisions.
When negotiating with any Seller, it’s best to remember not to take anything personally. I will give you advice about how to structure the offer and I will draw up the legal documents. Once your offer has been presented, the Seller will either accept you offer outright, reject your offer outright, or counter your offer. The counter process can go back and forth many times so it’s important for all parties to keep their cool and focus on the goal.
Fulfilling Your Conditions
As part of your offer, we will have asked for time to finalize financing (you were pre-approved, but the house was not), conduct inspections (house, septic, well), have your lawyer approval, check legal certificates (Condo papers) among other things. This is called a Conditional Offer. It is important that all deadlines be met (these are contracts that become null and void if dates aren’t adhered to) and that all conditions are removed exactly the way the contract describes. I am responsible for making sure this goes smoothly and is done correctly.
Closing on your home
This is the day you “sign your life away”, as most clients say. Not really. You will be signing all of the mortgage documentation and legal paperwork which can seem never-ending. Your lawyer will be able to explain every document to you in a clear manner. Do not ever feel intimidated. Your lawyer will help you understand everything. If you don’t understand, ask more questions. You will have to present whatever down payment and closing costs you were expected to pay (closing costs are approximately 1.5% of purchase price). You will have been told ahead of time what the costs will be.
Moving Day
This is the last and probably the hardest step in the home-buying process. A little bit of planning will make for a much smoother move. You will want to make arrangements with a moving company as soon as you can. Call at least three in order to get competitive quotes. They will usually ask to come to your home to get an idea of how much they will be moving and the distance they will need to travel. Be sure to change your address with the post office, your bank, and any creditors at least 30 days in advance. Call to order your utility hook-ups approximately 10 days prior to your move. Be aware that some utility companies will keep you on the phone for a long time.
Finally, Enjoy Your New Home!
