Let me help you every step of the way.
Winnipeg Home Buyer's Guide - 1
Prepare yourself for the house buying process
Avoid 9 critical mistakes that could cost you thousands of dollars when buying your home!
- Don't "low-ball" your initial offer
Vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home, and comparable SOLDS.
- A pre-approved mortgage can be done for 90 days for FREE
You can usually negotiate your mortgage rate between 1/2-1% off the posted rates with your lender.
- Have me arrange a home inspection
A home inspection with a qualified engineer costs just $300.00 (apprx.). It could very well be your best money spent. You want to know exactly what you are bidding on.
- Avoid buying the most expensive home on the street
The most advantageous situation is to purchase the worst home in a good area, rather than the best house in the worst area. "Location, Location, Location" is true!
- Prepare a downpayment of at least 25%.
When you have a down payment that is almost 25% it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees.
- Arrange an accelerated Bi-weekly payment plan on your mortgage.
On your mortgage, you will save the most money if you opt for an accelerated Bi-weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years!
- Take advantage of tax credits.
Place up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing.
- Try and stretch to the maximum you can afford, therefore you will not have to move as soon. You will save $$ on:
? Land Transfer Tax
? Legal Fees
? Mortgage & Discharge Fees
? Real Estate Fees
- Be sure to check into your lawyers fees ahead of time.
These are separate from disbursements. Ask me and I will be able to refer you to reliable professionals.
- When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.
While at your side each step of the way, I will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. I will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.
I am always familiar with the current homes on the market, and I know neighborhood values well, so I can help you determine which properties are fairly-priced and in good condition before you start your search.
Your First Step
Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want to haves."
Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west end); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.
Your Next Step: Loan Pre-Qualification
Once you have addressed the above needs, your next step in the purchasing process is to get pre-qualified with a mortgage company. This can be done over the phone or even online in a matter of minutes.
Call me and I will refer you to a mortgage professional that has an excellent reputation and track record for successfully acquiring loan approval for his/her clients.
I Will Find The Right Home For You
Once you've been pre-qualified and know what price range you want to stay in, I can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them.
I have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search my listings here at my website.
I Will Help You Every Step Of The Way
I will help you complete your financing and inspections, and close on the transaction. My top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.