BUYING A HOME
Buying a house is one of the biggest purchases of your life.
Hayter & Associates Inc. can help you acquire the money management
know-how to buy a house you can afford at every stage of your life.
Where do I start?
Start with your budget. Some home buying expenses are one-time and some are ongoing – make sure that you know what you can afford before falling in love with that cute Victorian house on the corner. When planning your budget, make sure to factor in moving expenses as these are an often overlooked item in a home buying budget. The best place to start planning a home buying budget is by meeting with our staff who can help prioritize your wants and guide you through all the muddy waters of mortgage rates, deciphering your credit score and work out what you can afford.
How do I save for a down payment?
Our staff can help you create savings goals for this very large purchase. A good goal to start with is to save 20% of the purchase price. However, the bigger your down payment the less money you need to borrow for a mortgage, and avoid CMHC insurance charges. Our knowledgeable staff can help you create a plan to save for your down payment, and determine how much you need for your new home purchase. With simple and manageable tips from our staff on saving money for your down payment, you’ll be looking at houses in no time.
Other financial considerations
While the purchase price and down-payment of the home will be your major expense, there are many other financial considerations and decisions to make when buying a house. The world of Home Buyers’ Plans, federal and provincial tax credits, mortgages and their rates, can be complex. To help navigate these changing waters get in touch with us to tailor all of this specific information to your situation. Not everyone needs or qualifies for all programs, so it’s important to know what does and does not apply to you.
Who needs to be involved?
Your first step should be to meet with a member of our staff to create your personal budget. After that, you’ll need a competent lawyer – someone referred from a friend or who specializes in real-estate transactions. A knowledgeable lawyer will help with purchase and sale agreements, doing a title search, determining closing date and property inspection needs, and ensuring the mortgage documents are in place. Although real estate listings are publicly searchable, a realtor has expertise in the market and transaction process. There are many realtors out there, so make sure you interview a few agents before making your decision. Ask them if they are full time realtors, about their past experience, and whether they are familiar with homes in the area you’re looking at. Make sure they will do the “extra homework” in analyzing a prospective property.