HOME BUYER CHECKLIST
Getting into the home buying market?
Check out this home buyer checklist from Rick Simioni.
Prior to buying a home:
- Get pre-approved through a Mortgage Broker (bring a recent pay stub, previous T-4 tax assessment) to see what you can afford.
- Have a sit down with me regarding your needs/wants in a home.
- Visit a bunch of homes that may be of interest to you.
Making an offer:
- Go over the offer details with me (conditions, inclusions, exclusions, closing date, etc.).
- Use a C.M.A (Comparative Market Analysis) to come up with a suitable offer.
- Contact your Mortgage Broker.
- Contact a Home Inspector.
After purchasing the home:
- Contact a Real Estate Lawyer.
- Contact a moving company to assist with your move.
- Call the utility companies to set up your new accounts.
Closing costs:
- Land Transfer Tax - Click Here For Details
- Deposit
Usually 5% of the purchase price - Home Inspector
- Title Insurance
- Lawyer
- Moving Company
As a general rule of thumb, your closing costs after purchasing a home are about 1.5% of the purchase price. The lawyer requires the purchaser to have that amount of funds available on the completion date, along with any down payment.
Additional Costs:
- Renovations & repairs:
A home inspection may have revealed some areas that need immediate attention. Don't forget to factor in these costs to the price of the home. - Property insurance:
This insurance covers the replacement value of your home and its contents. This is a must and will be required by your lender.