Your Guide to Buying a Home

Avoid 7 critical mistakes that could cost you thousands of dollars when buying your home!

1. Avoid “low-balling” your initial offer. The seller may feel insulted and may reject your offer completely without giving you a counter. Understand the current market value of the home, and comparable SOLDS. Your Realtor will glady assist you in this process.

2. A pre-approved mortgage can be done for 90 days for FREE. It is almost always in your best interest to use a Mortgage Broker. They have access to all the best rates and the service is free for you.

3. Be sure that you make arrangements with a certified house inspection service before you purchase a home. The costs will be approximately $350.00 to $450.00 plus GST depending on the size of the property. This could be your best money spent. Your Realtor can provide you with a list of companies.

4. 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!

5. Having a 25% down payment on a home will save you money on CMHC insurance fees.

6. 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!

7. Be sure to check into your lawyers fees (separate from disbursements), your agent will be able to refer you to reliable professionals.