My advice for you
Applying for a mortgage pre-approval is a critical step in purchasing a home. It helps set the stage for what's to come. Starting with getting an idea of what you can and cannot afford. Having a pre-approval also provides leverage in the buying process. Sellers for example, will see you as a serious buyer. It helps set you apart from other buyers and will also play a big role in the negotiation and therefore obtaining a better deal as it reduces the risks of not being approved for a mortgage.
Determine your needs versus wants
Identifying what you find to be critical in the decision making process can be quite difficult but imperative. For example: is being close to schools more important to you than a view? Do you prefer owning a newly built property over a smaller finished area? You get the picture. Taking the time and steps to define your needs versus your wants will not only help us find you the most suitable home but will also make the purchasing process more enjoyable!
Understand the costs
- Property Transfer Tax > Government Calculator
- Goods & Services Tax (only newly built properties)
- Legal/Notary Fees (varies $1200-1,500)
- Home Inspection (varies $500-$1200)
- Property Tax (varies)
- Mortgage application (varies $500)
- Zero real estate commission fees
Find the right real estate specialist
Real estate is one of the largest transactions that takes place in our lives. It is imperative to work with a knowledgeable and professional agent who has your best interest in mind. A good agent will have great communication skills, will educate and guide you throughout the entire process. You should never feel like you are being pushed into a sale. A smooth real estate transaction starts with the right agent who cares and understands your needs.