While there are many benefits of home ownership, these are the main ones:
For most homeowners, their residence is their largest asset. It’s a solid investment plan, and one that has long yielded better and more predict able results than other investing alternatives. As you make improvements to your home and increase its value, as well as pay off your mortgage, you are increasing your overall equity.
It’s well known that capital gains from a family’s principal residence escape taxes unlike gains from other real estate, stocks and personal property.
How much do you want to spend? How much can you afford? This first step is critical to set a parameter for your search guideline. Our team has access to a preferred list of mortgage specialists and can help you consult a Mortgage Broker to indicate how much the bank will be willing to loan you.
It's important to specify your wants and needs to your agent . What do you want to achieve from your living space? What location? What size? What specifics? Parking? Pets? This will enable your agent to narrow your search to the most suitable properties.
On average, most buyers working with an agent will see between 10-20 properties, depending on market conditions and wishlists. Throughout this process, it's important to express your thoughts on the property to your agent so they can fine tune the experience.
The negotiability varies from property to property, but one thing is certain, until you have executed agreement by both the sellers and buyers, you don't have the property. A seasoned agent will be communicative and clever throughout the entire negotiation process.
Once you have agreed to terms with the seller, and an agreement of purchase and sale has been executed, you will provide a deposit to the seller's lawyer (typically 5-10% of t he purchase price. Until both parties have signed the contract , neither party is bound to the transaction so it is very important that all parties act quickly and in good faith toward contract execution.
Closing is the point at which ownership and possession of the property are transferred from the seller to you. It takes place once all the legal and financial obligations have been met . Closing the purchase will be a team effort : in addition to yourself, your lawyer and your lender will all be involved in helping close the deal.
* These are only estimates. Please confirm closing costs for specific transactions with your lawyer, mortgagerepresentative. The Debbie Penzo Team is here to ensure your experience is positive and seamless.