Tips for first-time buyers home

You’re ready to buy your first home. Where to start?
You must first determine how much you can save for your down payment in addition to assessing how much you can afford to pay for running costs, maintenance, etc..

Then, you must obtain your bank mortgage pre-order to know the maximum amount you can borrow and the price range you can afford to pay for your home. This will be very useful when you start your research because your real estate agent can better identify the houses that you can really allow you to buy.

Then you must choose your team of specialists in the field of home ownership: the lender offering you a mortgage, a real estate agent, a notary or a lawyer, a building inspector, an appraiser and a broker insurance. See below for further advice.
Tips for first-time buyers home

*
How can I save for my down payment?
*
I am ready to begin my search for a house.
*
I found the house that suits me. Now what do I do?
*
My bid was accepted. What’s next?
*
General Tips

How can I save for my down payment?

Make a realistic budget to help determine the amount you save each month. . Consider all your monthly expenses and also provide for a number of contingencies. Remaining as close to your reality, you will ensure to meet your budget. Remember that even $ 100 per month can quickly turn into a substantial sum over time.

If you have an RRSP, you may want to participate in home ownership (RAP) and check if it applies in your case. Remember, the higher your down payment, the higher you do not borrow a sum of money. And if it corresponds to more than 20% of the value of the house of your choice, you will not have to pay the mortgage insurance premium (some exceptions apply).

I am ready to begin my search for a house.

Make a list of what you are looking for in your new home, taking care to establish your priorities. After preparing your list, and identified where you want to live, you’re ready to go in search of the ideal home for you.

Determine your preference between a new home and existing home, each option has its advantages and disadvantages. Once you have made your choice, you can visit new residential development, or to ask a real estate agent to help you find houses in the neighborhood that interests you.
I found the house that suits me. Now what do I do?

You’ve found a house that you really like and which seems to meet most of your needs. But before making a purchase offer, ask yourself some questions:

*
What is the amount of taxes?
*
What are the fees?
*
What is the cost of heating?
*
Access to transport is it easy?
*
Are there schools nearby?
*
The location is appropriate for all members of your family?
*
The shops are close enough for you?

If you are satisfied with the answers, ask your real estate agent to prepare a bid. Let him help you decide the amount of the offer you present to the seller. And planning a stage of negotiation on the price of the house, which is sometimes necessary.

Your bid should include: the price you offer, a closing date and certain conditions that you want (including the length of your offer to purchase, home inspection, arrangements for financing, etc.).. In addition, make sure that your quote refers to details of what you want to keep in the house, such as serial numbers of appliances, a description of the lighting and dressing of windows, etc..

Before submitting your bid to the seller, you might ask your lawyer or notary to take a look to ensure that your interests are well protected. Typically, the bid gives rise to one or more offers before-against the buyer and seller reach an agreement.

My bid was accepted. What’s next?

If your mortgage is already pre-approved, you still get final approval from your mortgage lender. The property selected must meet the requirements of the mortgage lender, and it may require an inspection or appraisal of the property. This is also the time to raise questions or concerns you may have regarding the mortgage.

Remember that choosing the right mortgage is as important as selecting the right house. It is therefore essential to make sure your mortgage meets your needs. When you need it already get your home mortgage loans here.

General Tips

*
Choosing a real estate agent
Your agent should know the neighborhood you are interested in and, ideally, there should be his office.

*
The choice of a notary or a lawyer
Consult your friends, family and coworkers to know the name of a notary or a lawyer who will advise you. Or, contact the Chamber of Notaries or the Law Society in your area. If you purchase a condominium home, choose a notary who is familiar with the condominium.

*
The choice of a building inspector
Get a reference from your neighborhood, contact the professional association in your province, for example the Association of Building Inspectors Quebec. The website of the Company Mortgage and Housing Corporation provides information on all aspects of buying a house on it a fact sheet on choosing a building inspector.

*
The negotiation of visits prior to the closing of the sale
If you plan to carry out renovation or painting, or simply want to plan the layout of your furniture in the rooms, it is possible to visit the property before taking possession.

*
Preparing to move
Make sure utilities are connected and that all devices in the house are in good working condition. If you plan to move the day when the seller leaves the house, logistical problems may arise. Get ready!

*
Confirmation of funding and availability of all costs associated with closing the sale
Make sure you receive your funding. Allow ALL closing costs. If you live in a province where there is transfer of property rights, make sure you can pay the amount due at the date of disbursement of funds. Other closing costs can include property taxes, heating costs, the costs of the certificate of location, assessment fees, legal fees, the insurance premium on the mortgage, costs of removal and the connection of utilities.

*
The closing of the sale
Take leave, even if you do not move that day. You will need to sign some documents and you will be more last-minute details.

*
Taking possession of your house
Take a tour of the house to make sure everything is in line with the bid. Otherwise, you can seek recourse.