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A Real Estate Sales Representative Serving Greater Toronto. Search MLS Listings, Find Homes For Sale and Sell Your Home.

Six Tips When Buying a Home

2 Comments

Tip #1 – Get Pre-Qualified

Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose.  This can save you hours of searching for homes in the wrong price range or worse, purchasing a home and then finding out you don’t qualify for financing.  Pre-qualifying gives you peace of mind, helps narrow your search criteria and most importantly, gives me a negotiating edge by being able to alleviate the sellers concern over financing. The latter is especially important should a competing offer surface.

Tip #2.  Shop For Mortgage Terms

Rates are negotiable! Banks will sharpen their pencils to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP’s, general account, savings etc. Posted rates should be viewed as a starting point. You need to know what the best rates are and this is usually done by getting competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc.  The time spent can save you thousands of dollars over the life of the mortgage.

Tip #3.  Get Professional Inspections

Nobody wants to purchase a home only to find out later there are defects, latent or otherwise.  Ensure you obtain inspections where needed e.g. home inspection, structural engineer, insect, radon etc.  If the inspection identifies deficiencies you may be able to negotiate the purchase price to cover required repairs or make your satisfaction of the inspection subject to the homeowner remedying the problem. I can advise you on inspections you should consider.

Tip #4.  Contact Kirby Chan, Your Professional Sales Representative

Kirby Chan can help you make a purchase with the least amount of problems.  I can ensure the price you pay is never above market value.  I can offer expert advice on what to look for, conditions to include, negotiation strategy etc. After all, I work for you.

Tip #5.  Sell Before You Buy

If price is important you should always sell your present home before buying another.  It has the advantage in letting you know exactly how much money you will have available for your next purchase.  Selling your home first allows you to place fewer conditions on your purchase which makes your offer more attractive to a seller.  They often will demand more money to take a “subject to” offer which takes their home off the market.  The other advantage is if you find a terrific house, chances are others will also find it attractive and you stand to lose it if you can’t make an unconditional offer.

Tip #6.  Know The Full Cost Of Buying

Know all the costs associated with your purchase.  Consider the following costs:   legal fees, transfer tax, property taxes, new home landscaping, fencing, appliances and window coverings.

Are you thinking of Buying or Selling a home and would like to discuss your options?
Contact Me, Just Click Here
or call me directly at (416) 305-8008.

Kirby Chan
Sales Representative
416-305-8008
Web : http://www.KirbyChan.com
Email : Info@KirbyChan.com

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Keller Williams Real Estate Service
17 Church Street, North York, On

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Author: Kirby Chan

I am a Real Estate Sales Representative servicing the Greater Toronto Area.

2 thoughts on “Six Tips When Buying a Home

  1. I’m happy that you recommend having a home inspected before buying.

    I was in a home today where an inspection turned up bare electrical wires in the attic of the home.

    Rats had chewed all the insulation off the wiring and there was a huge fire danger present.

    Without an inspection, the buyer would have paid dearly sometime down the road.

    Chuck

    • Thanks for the Comment Chuck. You are right, not getting a home inspection is really like playing with fire. Nowadays, getting a home inspection is really a no brainer, like title insurance. So what did your buyer do after the inspection?

      Kirby

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