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Tips To Ponder: Both Buyers and Sellers
Buyers really need to spend some time assessing if they can afford a property. A good mortgage broker can address this task for you. It is the single largest transaction you will be involved in - so do your "homework". Lenders usually allow up to 32% of your gross monthly income for mortgage payments, interest and taxes. Some lenders also factor in heating, insurance costs, and condo fees if applicable. If you have debt payments the lender will allow approximately 40% of your gross monthly payments including debt towards your carrying costs. Any more than this could leave you house poor.
A 20% down payment is required to avoid CMHC fees (Canada Mortgage and Housing Corporation). This is an insurance fee that can be tacked onto the mortgage payment to give the lender protection against default. CMHC fees can add up over the long term, so try to put down the 20% if possible. The minimum you can put down is 5%, but you may find your payments will be quite high. If however, you have a good income and not much of a deposit, a 5% down payment may be an option for you.
Other costs you can expect to pay are legal fees and disbursements, taxes will be adjusted by your lawyer to closing, property insurance, mortgage insurance (if under 20% deposit), life insurance, mortgage application fee, moving costs, appraisal fee, survey (if applicable), repair work, purchase of appliances if not included, utility deposits and hook up charges, etc. New homes may have a number of additional costs to the latter, such as development charges and levies, taxes on the appliances included, additional months maintenance fee to be put into the reserve fund, etc.
If you have an experienced lawyer who specializes in real estate law check over your contract, you should be protected. The lawyer can look into any hidden costs, if any. As a buyer you should definitely get a home inspection, even for a new home, as deficiencies can be found by a trained eye.
When selling a home use an experienced real estate agent who knows your market area! You will sign a listing agreement. This agreement is a legally binding agreement between you, the seller and the real estate brokerage, to put your home on the MLS system. This agreement is in effect until the expiry date.
There is also a "holdover clause", usually for any where from 60-90 days on average. This clause means that you agree to pay commission if a buyer was introduced to your property during the listing period and then decides to come back after the listing expires to purchase the property. After all the agent spent money and time marketing the home and should be paid for their efforts. If you list with another real estate company immediately after your listing expires, then the hold over provision does not apply.
Another very important thing you can do to compete in the market is stage your home. This can get you a better price if you take the time to do this! You don't need to spend a whole lot of money to stage your property. A fresh coat of paint goes a long way. Keep the colors neutral. Clean the inside and outside of your property. De-clutter so that your home looks like a model. In fact visit some model homes to get ideas. Less is better. Remove personal pictures and replace with a nice print or two. Clean out closets and cupboards. Put items into storage if you have to. It is usually for a short time anyway.
Have a lawyer review your contract as well, if you are uncomfortable with its terms. Buyers and Sellers both need to do their "homework"!
There are many free publications for you to access on the CMHC site for example. Google what info you need and you will find a plethora of excellent articles in cyberspace. Stick to government programs for the better articles.
Good Luck!
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