Frequently Asked Questions for Buyers
How can I prepare myself for the Real Estate market?
Getting a preapproval from your bank or a mortgage broker puts you in a great negotiating position and helps you determine how much you can afford. You will end up saving time in the end if you know how much you can afford.
How much money will I need to buy a home?
Deposit – to let the sellers know you are serious – typically the amount ranges anywhere from $5,000 to $30,000
Down Payment – getting a preapproval will help you determine how much money you will need to come up with to put towards your new home as well as your monthly mortgage payments in order to live comfortable
Closing costs – closing costs are typically 1.5% of purchase costs
What is involved in closing costs?
Is it necessary to do a home inspection?
Many buyers are already spending a lot of money buying their home and don’t want to spend the extra money on a home inspection, but the reality is a home inspection can save you money in the end. The problems that a house can encounter are not always visible and the home inspector is trained to locate any damage to the house.
Is it necessary to use a Real Estate Sales Representative?
Although it is not absolutely necessary to use a sales representative when buying a home, it is well advised. There are many clauses and contracts involved in the buying process and your sales representative will be there to hold your hand and advise you through the entire process. They will let you know about certain neighbourhoods, quality of schools, zoning, proximity to various amenities, and how much you should be paying for a particular house. Real Estate Sales Representatives facilitate the difficult process of purchasing a new home.