Home Buying Process

As a buyer, it’s important to get clear on your expectations when it comes to successfully acquiring your property. Asking yourself important questions can help you to set reasonable goals. Here’s a sample list of questions you can answer to get you started:

Why are you interested in purchasing a property? (e.g., relocation, marriage)

The timeline for purchasing a property is?

Do you currently own a property?

Do you need to sell your existing property before purchasing a new property?

How will you finance the purchase?

How much money have you set aside for the down payment and the closing cost?

Have you been pre-qualified for financing?

Are you open to looking at various types of properties (e.g., house or a condo)?

How many bedrooms do you prefer? Do you want an eat-in kitchen? A main floor family room? A dining room? A garage?

Do you have requirements (e.g., no stairs, ramps, or accessibility requirements)?

Is there a specific location you prefer?

Do you need proximity to schools, public transportation, or any other public amenity?

Material Facts Checklist:

A material fact is, “a fact that would affect a reasonable person’s decision to acquire or dispose of ” an interest in real estate. Below are some examples of common material facts to be considered for a buyer:

Structural conditions:
* age * roof leaks * mould
* foundation damage * insects
* electrical deficiencies * water seepage

Outdated hazardous materials:
* asbestos insulation * knob-&-tube wiring
* lead/Kitec plumbing
* underground storage tanks

Discrepancies in building and/or dwelling measurements cited in listings

Previous use of a property:
* grow-op (or other illicit activity)

* bylaws * land use * fence height

Private limitations:
* easements * restrictive covenants

Government limitations:
* HST * property taxes * expropriation plans

* renovations completed without permits

Nearby businesses that may impact quality of life (e.g., loud noise from an airport)

Additional Expenses to Consider:

Third-party expenses can be part of the home buying experience such as the costs of obtaining services from a property inspector, appraiser and a surveyor. Other expenses that a buyer may have to incur when buying a home include land transfer tax, remuneration, moving expenses and even adjustments made on closing.

See Below PDF – Canada Mortgage and Housing Corporation (CMHC) Homebuying Step by Step Guide

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