I AM HERE FOR YOU

SUPPORTING YOU EVERY STEP OF THE WAY

TIPS ON BUYING A NEW HOME

Understand the total cost of buying
As you prepare to purchase a new home, it’s crucial to be aware of all the expenses involved in the process. Your real estate agent and lender can help you understand the costs associated with securing a mortgage, paying land transfer taxes, and other fees. It’s also important to consult with a lawyer to obtain a comprehensive breakdown of closing costs. Be sure to get quotes from several moving companies to determine the cost of relocating, and consider any additional expenses such as purchasing new appliances, window treatments, or furnishings for your new home.

Be specific and realistic
The worth of a property is determined by its geographical location, physical arrangement, visual display, available facilities, and modernization. Unless you have boundless funds to create your ideal abode on your ideal plot of land, you will likely have to make concessions.

Having a clear understanding of your priorities is key to determining which concessions you can make in order to find a home that suits your lifestyle. Some factors are deal breakers – your real estate agent can help you pinpoint those areas, enabling you to focus on the best possible property choices while disregarding those that do not fulfill your needs, objectives, and long-term plans. Your objective is to locate a home that provides the most comprehensive value within your financial constraints.

What Professionals Should You Call On?

As buying a home is likely the most significant financial commitment you will undertake, it is imperative to have a group of experts assisting you every step of the way.

Your Realtor® will play a critical role in assisting you in your search for a home. Their responsibilities include: guiding you towards your dream home, composing a Purchase Offer, advocating for you during negotiations to secure the best possible price, equipping you with essential details about the locality, and scheduling and organizing the home inspection. In essence, they are there to save you time, hassle, and money.

When it comes to choosing a real estate agent, do not hesitate to inquire about their services and potential fees, particularly if any exist. While sellers typically pay an agent’s commission, some agents may charge buyers for their services.

Lender/Mortgage Broker

If you have not completed the pre-qualification process for your mortgage, it is essential to locate a reputable lender to assist you throughout your home purchase and for the entire duration of your mortgage term.

Keep in mind that there are many different types of institutions that provide mortgage loans, such as banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies, and finance companies. Therefore, it is recommended that you shop around and consult with multiple lenders as the terms and options available can vary.

A mortgage broker may be a valuable resource for certain individuals. Unlike lenders, mortgage brokers do not work exclusively for one particular institution. Instead, their objective is to seek out the lender with the most favorable terms and rates that align with the homebuyer’s preferences.

There are several ways to find a suitable lender or mortgage broker, such as seeking recommendations from your real estate agent, friends, family members, or other reputable professionals within the industry.

START YOUR PRE-APPROVAL PROCESS EARLY!

Lawyer/Notary

It is crucial to engage a lawyer who can safeguard your legal interests in the home buying process. This includes verifying that the property you intend to purchase does not have any building or statutory liens, charges, work orders, or cleanup orders associated with it. Your lawyer will also scrutinize all legal documents, particularly the Offer to Purchase, prior to your signature. Working with a lawyer or notary during the transaction will provide you with peace of mind and help ensure a smooth process. You may contact law associations to obtain referrals to lawyers or notaries who specialize in real estate law.

Lawyer or notary fees for real estate transactions can differ substantially and are typically determined by the complexity of the deal. It is recommended that you shop around and obtain quotes from multiple lawyers or notaries, and carefully consider their qualifications and experience before making a decision.
Remember that a lawyer/notary:

• Should be a licensed full-time lawyer/notary.
• Should be local and understand real estate laws, regulations and restrictions.
• Should have realistic and acceptable fees.
• Can explain things in plain language.

Home Inspector

To ensure that you are making an informed decision when buying a home, it is recommended that you have the property inspected by a knowledgeable and reliable home inspector. This can provide you with valuable insights into the condition of the home and any potential problems that may need to be addressed.

The role of a home inspector is to thoroughly examine the property you are considering buying and provide you with a comprehensive report on its condition. This includes identifying any issues or potential problems, as well as highlighting any necessary repairs or maintenance tasks. By working with a qualified home inspector, you can make a more informed decision about whether a particular property is the right choice for you.

Every inspection should include an evaluation of at least the following:

• Foundation
• Doors and windows
• Roof and exterior walls
• Attics
• Plumbing and electrical systems
• Heating and air conditioning systems
• Ceilings, walls and floors
• Insulation
• Ventilation
• Septic tanks, wells or sewer lines
• Any other buildings such as a detached garage
• The lot, including drainage away from buildings, slopes and natural vegetation
• Overall opinion of structural integrity of the buildings
• Common areas (in the case of a condominium/strata or co-operative)

At present, there are no national standards or certifications for home inspectors, which means that the quality of inspections can vary widely. That’s why it’s important to do your research and hire an inspector who is qualified and experienced. Look for inspectors who belong to reputable associations or organizations, such as the Canadian Association of Home and Property Inspectors. Home inspection fees typically start at $450, but may be higher depending on the size and condition of the property.

                          

Insurance Broker

If you need insurance coverage for your property, including property insurance and mortgage life insurance, an insurance broker can assist you in finding the appropriate coverage. Property insurance is required by lenders as it serves as security for your loan. The cost of your property insurance will depend on the value of your home, as it covers the cost of replacement. In addition, your lender may suggest purchasing mortgage life insurance, which provides protection for your family in the event of your death before the mortgage is fully paid. Many lenders offer this type of insurance, with the premium added to your monthly mortgage payments. However, it’s important to compare rates between insurance brokers and lenders.

It’s important to note that mortgage loan insurance, which may be required for high-ratio mortgages, is not the same as property or life insurance.

TAKE THE NEXT STEP IN YOUR JOURNEY

I am excited at the prospect of collaborating with you and assisting you in achieving your dream of homeownership. Don’t hesitate to contact me to initiate the process and begin working towards your goals. Here are some of the benefits I can provide:

• Expert guidance and support throughout the home buying process
• Access to a network of trusted professionals, such as lenders and home inspectors
• Customized solutions tailored to your specific needs and preferences
• A commitment to delivering exceptional service and exceeding your expectations.

Now Get Start with Me! Connect with me to get answers to all your questions. You can call at 519-902-6938 now or email me at ymkim5@hotmail.com. or send me a message with fill in following forms.