Real Estate

Buyers Guide

Home Buyers Information

Before you begin the search for your new home, determine your needs and implement this step-by step plan to make the home buying process less stressful before you hit the streets. From choosing the type of home best suited to your needs up to the day of moving, this Buyers Guide ensures an enjoyable, informed experience.

Mortgages | The Offer | Closing | The Move

Mortgages

There are many things to consider while you are preparing to buy your home, here are a few things you should consider:

  • Don't hesitate to ask why the seller is selling. At the same time, you don't want the sellers to know what your time deadline is or what your motivation is to buy...they may try to take advantage of your weakness.
  • You may want to go through a broker - look at the pros and cons and determine if this is what you want to do.
  • What type of mortgage best suits you and your families needs? Do you want to pay weekly, bi-weekly, or monthly?
  • What is the mortgage interest? Is this your first home?

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The Offer

Here are some items you might want to address in an offer:

  • The proposed selling price - which is your offer
  • Any home inspection contingencies
  • The amount of your deposit that is being tendered with the offer
  • Any concessions you wish the seller to make (washer / dryer included etc)

Since an offer can become a contract quite quickly, it is important that you understand how they are two sides of the same coin. You need to work close with your REALTOR® at this time.

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Closing

Real Estate transactions involve many several transfers of money and specific costs to different parties - although unique to each sale and individual, the most common are (talk to your REALTOR® to find out a more detailed listing):

  1. Attorney/Lawyer fees (yours and your lenders if applicable)
  2. Property taxes (to cover tax period to date)
  3. Interest
  4. Title insurance
  5. Any Documentation preparation fees

Before you sign any closing documents you should have your attorney/lawyer review your papers and closing documents to ensure your interests are protected. Your REALTOR® might assist you on selecting a lawyer, or you could find your own. Here are some questions you should ask when looking for a lawyer could be:

  1. Will the lawyer be representing anyone other than you during the transaction?
  2. Will the lawyer be paid by anyone other than you in the transaction?
  3. What is the lawyer's charge for negotiating the agreement of the sale and of reviewing the documents?

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The Move

  1. Document an inventory of your belongings before you pack. Also, decide whether moving yourself or whether hiring a professional moving company is better for you and your needs.
    • Add up all the moving costs you may incur such as boxes, truck rental, gas, and insurance. Compare this cost to the cost of hiring a professional moving company.
    • Also take into account if you will have the time to pack, move and unpack your belongings. If you can take the appropriate time off of work, will you have enough people who would be willing to help you? Will you be driving the rental truck, and if not do you know someone who could?
  2. If you choose to hire a professional moving company consider these options:
    • Look at a few different companies and what they offer, get written quotes from each to compare. Perhaps a family member or friend will refer a company.
    • Movers are limited by law regarding what they can give you for lost or damaged goods. To cover potential damage, check your existing homeowner or renter's policy.
    • Determine if you want to do the packing or unpacking - some companies offer this service for an additional cost.
  3. Once this has all been decided, make another list of the little things people often forget to keep in mind on the day of the move (some may have to be done a week before the move):
    • Have copies of new address handy for those helping you
    • Complete a change of address with the post office and let others know of your address change (lights, water, phone etc)
    • Keep some cleaning supplies out so you are able to clean after the house is empty
    • Leave some toilet paper in the bathrooms of both the new and the old house
    • Reserve the elevator in your building if you live in an apartment
    • Double check closets, drawers, shelves etc to be sure nothing was left behind
    • Carry important information, currency and jewelry yourself
  4. Make arrangements for your pets. Most times the animals can be moved in your personal vehicle. Remember to keep the food, food dishes and water dish out as well. Also keep in mind that some animals can get vehicle sickness - for longer moves, see your vet.

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