BUYING A HOME
Welcome to the biggest purchase of your life! I'm here to help you with the home buying process from start to finish, ensuring everything flows smoothly and without any surprises. I am your advocate, and my well honed negotiation skills, guidance & constant communication are exactly what makes the difference between an excellent REALTOR® versus an average one.
My preferred way to start any Buyer client relationship is by having you come into my office so that we can get to know each other and set a solid base. I will go over the home buying process with you and answer any questions you may have before we get to the fun part... viewings!
Here are some discussion points we will cover:
- Have you been pre-approved? 5% down is required for single family mortgages below $500,000. After that benchmark, minimum payments increase. Mortgage insurance also applies to any down payment less than 20%. With rental/income properties, the required down payment is typically 20%. For an owner occupied duplex 5% down is required. For an owner occupied triplex or fourplex it is usually 10%. I can recommend a list of competent and trusted mortgage professionals if you don't already have someone you are working with. Mortgage brokers keep up to date with the ever changing world of mortgage rates and qualification requirements.
Agreement of Purchase & Sale:
- What does an Agreement of Purchase & Sale look like? It's nice to briefly review this document before 'Offer Day' comes along. I will show you what clauses are and talk about things like firm date vs closing date among the other intricacies of real estate.
- How much you should budget for them? Types of inspections include: home inspection (approx $500), radon tests ($150-250 or $35 for an at home test once you take possession), sewer line scope (approx $250 + tax), furnace inspections (free with Scotia Fuels), septic inspections (approx $350 + tax) & well testing (approx $350 for flow test, approx $300-500 for mineral & bacteria test). Expect to budget around $1,000 to do the full range on a municipal service home and $1,500-$2,000 for well & septic serviced lots.
- Land transfer tax is 1.5% of the purchase price
- Legal costs range from $900-$1,300
- Title Insurance is around $300
- Condo fees
- Property insurance (can be paid monthly)
- Moving expenses
- Utility hookups
Buyer Brokerage Agreement:
All Buyers are required to sign a Buyer Brokerage Agreement before we write an Offer. This outlines my duties to you as my Buyer client, outlines how I am compensated for my work (the Seller almost always pays my commission) and also ensures your loyalty to me as your REALTOR®. If you're ever unhappy with the service you're receiving (there's a first time for everything!) these can easily be terminated.
Automated Listing Alerts:
This system will immediately alert both you and your REALTOR® to new listings so we can go see them as soon as possible. When Buyers 'kick into high gear' on their home search this is a valuable tool as it ensures that we can go see pertinent listings right away, and offer on them if they are a fit.
Types of Relationships:
We will review the differences between Customer vs Client vs Transaction Brokerage.
Area & Type of Home:
What are your wants/needs for a new home, condo or income property? What areas are you willing to live in? Not familiar with Halifax? I can give you insight into the pros and cons of each area.