Financing Options: Shop around for the best mortgage for your situation.  Most of us think “bank” when we start to think about mortgages.  But there are many other options and lenders and they all have various terms and repayment options.  You need to consider such options such as bi-monthly, or even weekly payments,  floating interest rates instead of a locked in rate – it all depends on what is right for your situation, so shop around.

You don’t think you can afford to buy a home?  Think again!  What are you currently paying for rent?  Wouldn’t you rather that money went into your own investment instead of somebody else’s?

Consider every possible source of cash. Do you have insurance policies or retirement savings that can be used to buy a home? Some Financial institutions are offering cash back options, that can assist you with your first purchase.  May sure you are dealing with an institution that is representing your best interest!  There are many options for mortgages these days.

Kris

Be aware of ALL the costs:  As a guideline, you should budget 2% of the cost of the home for your closing costs. Fees such as appraisal fees, land transfer taxes, legal fees, federal and provincial taxes all start to add up on your home
 purchase.   You will no doubt also want to think about window coverings and any updates you think are necessary. 

 There are  some incentives from  various government agencies for first time buyers and for other buyers too. Your real estate agent should be able to assist you with knowing the total costs.

Kris

Know what you can afford: Determine what you can realistically afford to pay for your home BEFORE you start to look.  I like to look at it from 2 perspectives- the price of the home based on your pre-approval AND the cost of that home on a monthly basis, including property taxes, utilities, etc. Nobody wants to be “house-poor”.

Kris

Think First: Don’t start looking until you figure out what you are really looking for.  There might be a big difference between the kind of home you “want” and the kind of home you “need”.  We all dream big.  To avoid wasting your time and to avoid the frustration and  the risk of regretting your choice later, realize that it’s important to satisfy your needs first and your  wants last.  In the long run, the greatest view in the world is not likely to make up for not having enough bathrooms.

Kris

When you put your offer in to the seller, one of the conditions should be that you have the right to a favorable home inspection report. 

 To ensure that you hire the right inspector, talk to your real estate agent, ask for recommendations, then make sure that the inspector is certified (at the moment, the home inspection industry is not regulated or licensed).  Ask the inspectors how many inspections they have completed and what type of report you will receive.  Also confirm how long it will take to receive the final report.

Buying a home is a significant investment and life event.  The more you can learn about your potential purchase, the better.  Don’t get caught blind-sided for the sake of $400 to $500!!

Kris

Just like finding any professional service,  there are steps to follow when choosing a top-quality, home stager with a proven track record.

The first thing you want to see is their portfolio of work. Make sure they have before and after photos, preferably at the same angle, but at least so you can see it’s the same room. If they don’t have before photos, it’s a big red flag and suggests it may not be their work. Any reputable home stager will have a good body of work showing before and after photos. You can usually find this on their website! If you can’t find a website with samples of their work, move on!

Ask for a list of references.  A good home stager always has references from clients and Realtors they’ve worked with and will happily supply you with them.

Make sure they give you all the prices up front so there are no surprises.

Always inquire about a timeline. If the job isn’t done in the timeframe specified, will the stager be charging you more or completing the work as promised at no additional cost? Again, always be on the lookout for hidden costs not agreed upon.

If you’re renting accessories: art, pillows, silk plants, centerpieces, bed linens, etc, you should know up front how much this will cost. If they can’t give you an exact price because it depends on the length of time you’ll be renting their inventory, ask how they determine their pricing so you’ll have an idea of what you’re being charged be it daily/monthly or whatever system they use as it does vary.

Kris