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You have made the important decision to own a home. You have already started off on the right foot working with The Hacking Home Team. Now you can start your house hunting journey with confidence!
As you progress in your buying journey, there will be many questions that come with purchasing a home. Professional advice is key to making informed decisions. We're here to help you have a smooth move into your homeownership goals.
The term Realtor is a trademark identifying real estate licensees in Canada who are members of the Canadian Real Estate Association (CREA). A REALTOR® adheres to a strict Code of Ethics and Standards of Business Practices. The code of ethics us a firm set of rules, describing what kind of performance you have a right to expect from a REALTOR®. It's your guarantee of professional conduct and the best in service.
A REALTOR's Commitment to high standards if professional conduct works to the advantage of buyers and sellers alike.
A REALTOR is knowledgable about developments and trends in real estate. A REALTOR will get you the facts: comparable prices, neighbourhood trends, housing market conditions, and more.
The REALTOR is committed to ongoing education to increase competence and effectiveness in real estate trading.
Every REALTOR has been trained and tested. Their strict code of ethics ensures fairness to all parties in a transaction.
REALTORs pledge to be honest in disclosing property information and forthright in providing the facts needed to help you make one of the most important decisions of your life.
Only REALTORs, members of the Canadian Real Estate Association have access to the Multiple Listing Service, Canada's most powerful real estate marketing system.
This is why many buyers and sellers turned to a REALTOR, As a member of their local real estate board, a REALTOR has valuable data on the housing market. You can trust a REALTOR to protect your interest and to look after details. And all the while, you're an active partner in the process, working with a REALTOR, every step of the way.
An accountant may be able to help you optimize the value of your home depending on how you use your residence, and the potential tax implications.
The primary tax advantage of home ownership is tax-free capital gains you can generate when it comes time to sell your primary residence. You may be able to create some tax efficiency in the me
An accountant may be able to help you optimize the value of your home depending on how you use your residence, and the potential tax implications.
The primary tax advantage of home ownership is tax-free capital gains you can generate when it comes time to sell your primary residence. You may be able to create some tax efficiency in the meantime if you have a home-based business or home office. There may also be other options to created tax advantages. You should also understand the tax implications if you have rental income from your home. Since the rules can change, you should discuss your own tax situation with a tax accountant, who will be an expert on the subject and up-to-date on the rules.
Appraisals are typically required prior to funding an approved mortgage to ensure that the property value is in keeping with the value of similar properties in your area. Financial institutions can do an appraisal the traditional way with a full tour through the home. In some cases, if the home is included in a database of real estate ass
Appraisals are typically required prior to funding an approved mortgage to ensure that the property value is in keeping with the value of similar properties in your area. Financial institutions can do an appraisal the traditional way with a full tour through the home. In some cases, if the home is included in a database of real estate assessments, then an "automated" appraisal may meet their needs.
A comprehensive home inspection should provide a detailed assessment of the following items: roof and eavestroughs; exterior facing; structural components and insulation; electrical, heating, cooling, and plumbing systems; interior components such as condition of walls, ceilings, windows, doors, and basement or crawlspace. The report shou
A comprehensive home inspection should provide a detailed assessment of the following items: roof and eavestroughs; exterior facing; structural components and insulation; electrical, heating, cooling, and plumbing systems; interior components such as condition of walls, ceilings, windows, doors, and basement or crawlspace. The report should detail the condition of the components and any work needed, with an estimate of cost for repair. Keeping in mind that the home inspector doesn't have x-ray vision and can't see what's behind the walls and under the floors. He/She may also not be able to climb up on the roof in the middle of winter. So there are limits to the counsel they can offer. There are no credentials required to become a home inspector, so look for a reputable firm that has a long track record to be sure you're getting a reliable, experience perspective.
The inspection should give you a bigger-picture perspective of not only the structural characteristics, but also the quality of your home. It should identify structural deficiencies or problems like the presence of asbestos insulation or out-of-date wiring. A home inspection will tell you what you'll need to fix, and approximately how much it might cost. If you need the inspection condition on your offer to purchase, you may find that you're in a good position to use their report in your negotiation search the vendor to complete some of the repairs that are needed prior to closing, so that the cost sit with them.
For all of these reasons, an inspection is a way to protect the most important purchase you're likely to ever make.
If the seller does not have a Survey or Certificate of Location, you may need to get one for your mortgage application. If the survey in the sellers possession is older than five years, it may also need to be updated. Remember that you must have permission from the property owner before hiring a surveyor to go to the property. We can help coordinate this with the owner.
Your lawyer will represent your interests as you present your offer and will prepare the details required for closing. The lawyer prepares the transfer of title and title defect issues, and manages settlement on various disbursements. On closing day, you can expect your lawyer to hand you the keys to your new home, which have been receive
Your lawyer will represent your interests as you present your offer and will prepare the details required for closing. The lawyer prepares the transfer of title and title defect issues, and manages settlement on various disbursements. On closing day, you can expect your lawyer to hand you the keys to your new home, which have been received from the vendor's lawyer when the latter has received your deposit plus the mortgage funds advanced.
Mortgage insurance makes it possible to offer mortgage loan options with as little as 5% down payment. If for some reason you can no longer make your payments due to financial setbacks, mortgage insurance helps you cover the lenders losses. Canada Guaranty, Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Canada are the primary mortgage insurers in Canada.
A property insurer will cover the value of your home and the contents in the event of fire or other form of damage. If you have a mortgage, basic property insurance covering the replacement value of your house is required as a condition of advancing funds on the closing date. Property insurance costs will vary depending on the value of yo
A property insurer will cover the value of your home and the contents in the event of fire or other form of damage. If you have a mortgage, basic property insurance covering the replacement value of your house is required as a condition of advancing funds on the closing date. Property insurance costs will vary depending on the value of your home and the deductible you choose on the policy, and whether or not you have a home security system. A higher deductible means the insurer won't be paying out on smaller claims, so they can reduce the overall cost of the insurance to you. Read your policy carefully to understand what it covers and what it does not cover, so that you have no surprises down the road if your pipes freeze and burst, or lightning strikes.
Once you have found a home you would like to purchase, you need to present a vendor with an offer to purchase. As your home is a big investment and the offer to purchase is a legal document, it should be carefully prepared.
In an Offer to Purchase we will typically need:
The process of making an offer, receiving a counter offer and then revising it again is not uncommon. The whole process can seem like a roller coaster ride - exciting, but stressful. It's all apart of making the deal work best for you and the vendor.
Here's the process in detail:
Situation 1: the vendor accepts your offer. The deal is concluded.
Situation 2: the vendor may make a counter offer, asking for a higher price or different terms. You may accept, decline or further negotiate the sale.
Situation 3: the vendor may decline your offer. This would mean that the sale does not go through.
Your bank may require that the property be appraised at your expense. An appraisal is an estimate of the value of the home. The cost is usually between $300 and $450 and must be paid when you contract for those services.
This is part of your down payment and must be paid when you make an Offer to Purchase. The cost varies depending on your area, but it maybe up to 5% of the purchase price. If you wish to make a down payment of 5% and you give a deposit of 5%, then your down payment is considered to be made.
At least 5% of the purchase price is usually required for a high-ratio mortgage and at least 20% of the purchase price is usually required for a conventional mortgage.
Remember that this may be a condition of your Offer to Purchase. A home inspection is a report on the condition of the home and generally range from $500, depending on the complexity of the inspection.
This is a Home Buyers’ Tax levied by the Provincial Government when home-buyers become the new registered owners of the property they just purchased. This levy happens with each property transfer meaning someone could pay this levy a number of times throughout their lifetime of purchasing properties.
Must be paid upon closing. Your lawyer will also bill you direct the cost to check on the legal status of your property.
This is to reimburse the vendor for prepaid costs such as property taxes, filling the oil tank, etc.
This is required because the home is security for the mortgage. This insurance covers the cost of the replacing the structure of your home and its contents. Property insurance must be in place on closing day.
Your bank may ask for an up-to-date survey or certificate of location prior to finalizing the mortgage loan. If the seller does not have one or does not agree to get one, you will have to pay for it yourself. The cost is usually between $1,000 and $2,000.
It may be suggested that you obtain title insurance to protect yourself from loss caused by defects of title to the property.
If the home has a well, you will want to have the quality of the water tested to ensure that the water supply is adequate and the water is potable. You can negotiate these costs with the vendor and list some in your offer to purchase.
Appliances, gardening equipment, snow clearing equipment, window treatments, decorating materials, furniture, renovations or repairs, paint, flooring, hand-tools, moving expenses, service hook up fees for utilities, condominium fees, etc.
When you make an Offer to Purchase, you will most likely add certain conditions to it, making it a conditional offer. This means that the contract will only become final when the conditions are met. The following conditions are generally standard in the Offer to Purchase, especially for first time homebuyers:
Once these requirements are met and your deposit paid, the conditions are removed and the Offer to Purchase becomes final.
After the mortgage has been approved and before the deal is closed, you must deliver certain documents and monies to your lawyer and the lender's lawyer. These include:
Your lawyer was still search the title to the property, check into any taxes or liens on the property, draw up and finalize your mortgage documents. A Statement of Adjustments will confirm all transaction details in balance of the down payment and adjustments. This payment to your lawyer Interest is due together with the actual cost of your lawyers fees, plus closing costs and disbursements.
Closing day is the day you get the keys and legally take possession of your new home.
Whether monthly, biweekly or weekly, be sure that you always make your mortgage payments on time. Making late payments may result in late charges and negatively affect your credit rating. Failure to make payments can even lead to more serious consequences like foreclosure.
A good way to prevent late payments is to have the amount automatically deducted from your account every month and put at least three months worth of mortgage payments in savings for emergencies situations. If you are having trouble making payments, discuss the situation with your financial advisor.
Besides your mortgage, property taxes and insurance, there are many other ongoing costs related to operating your home. They include maintenance and repair, cost for service such as security alarm services, snow removal and gardening services. If you have a condominium, some of these expenses may be included as a part of your monthly maintenance fee.
Even if you know how to do repairs yourself, there are costs involved. Every building has a lifecycle, which means that all parts of the building age and require major repairs or replacement at some point. For example, you might know that your roof will need to be replaced in a few years simply because of its age. Repairs like these are expected and can be planned for. However, many repairs are unexpected and can sometimes be costly.
Set aside an emergency fund to deal with unexpected problems ranging from major repairs to illness and job loss. A good guideline is saving 5% of your take-home payment and putting it in a special account.
Prepare a monthly budget and stick to it. You should monitor your spending every month and evaluate your progress in meeting your financial goals. If you continue to spend more than you're bringing in, you must find ways to cut back. If you were having trouble sticking to your budget, don't hesitate to talk to your financial advisor for advice.
Once you have finally settled in, you may start to view your home with a more objective eye. Perhaps there are things you'd like to change – the kitchen cabinets or flooring, for instance. Perhaps there are things that require repair, such as the plumbing or the windows. You will soon realize that maintenance, repairs and renovations are a normal part of homeownership.
By doing regular maintenance and taking care of small repairs right away, you'll avoid more costly repairs down the road.
What are the best things you can do is get to know your new home. Here are some things you need to know:
Your home is made up of various components that work together. These include mechanical systems (heating, air-conditioning and ventilation) and the building envelope (foundations, floors, walls, windows, doors and roof).
You need to learn enough about major mechanical systems of your home to be able to perform routine maintenance and handle various emergencies. Every adult member of your household should know the location of the following:
Remember that homes, like people, get old. It's a good idea to inspect your home regularly and replace or repair parts and materials that wear out with use and time. And remember that since different components of your home work together and affect each other, minor repairs can quickly become major ones if they are not immediately taken care of.
You may be able to do many of the repairs yourself. However, if you feel you cannot handle the job on your own, it is best to call an expert. No matter who carries out the repair, remember that the work has to be done well. Bad materials and poor workmanship will end up costing more in the end. Don't forget to keep records of any repairs and improvements you make.
Besides doing regular maintenance and repairing your home, you will also want to consider renovating or making improvements. These changes will not only make the home more pleasant for you to live in, they will also increase its value.
Here are some things to keep in mind when planning a change or renovation:
Overtime, some renovations can practically pay for themselves, especially if they result in savings on utility bills, a higher selling price or years of greater comfort and enjoyment in your home!