Things to Know Before You Buy a House
Before buying a home, contact your financial institution to ensure you have enough for the down payment and monthly mortgage payments. This is known as getting a ‘pre-approved mortgage,’ which many sellers prefer.
When making an offer, consider the following:
- Down Payment: A minimum of 5% of the purchase price is required, plus an additional 1.5% for closing costs.
- Real Property Transfer Tax: A 1% tax on the selling price applies, but first-time home buyers are exempt.
- Additional Fees: Be aware of appraisal fees and mortgage insurance.
It's crucial to get a home inspection as a condition of your offer. Look for inspectors in the Yellow Pages under ‘Home Inspection Service’ to identify potential issues.
Hire a qualified lawyer to ensure legal documents are completed correctly; fees may vary, so compare services. Each year, you'll need to pay property tax based on the home's value and location.
Lastly, we recommend finding a trustworthy real estate agent to guide you through the buying process. Having a reliable professional on your side can make a significant difference in navigating the complexities of the transaction.
