Home Buyers

Let us be your guide to your next home purchase.

Home Buyers Guide

Let your real estate agent do the searching for you. The best buys aren’t in the newspaper ads; most great opportunities are on “hot sheets” that are available every morning to salespeople with access to MLS information.

As a homebuyer, you must work with your agent to find the home that’s right for you. Communication is key – tell your agent what you want, and be specific. Offer a detailed description of your property needs and wants. If you will absolutely not consider a house without a hardwood floor, say so. And if air conditioning is a “nice to have” rather than a “must have,” communicate that, too.

Be specific about where you want to live. If you refuse to live outside a certain area, it might take longer to find you a home, but your agent will know not to waste your time with anything not in your chosen neighbourhood. Tell your agent what you can afford. He or she can help you get a pre-approved mortgage so you know for sure what your price range will be. Communicate your likes and dislikes for each property you see. It will help your agent narrow down the possibilities. Commit to one salesperson. Respect and perform the terms of the purchase agreement. Keep an open mind. Agents know about those charming little areas that you’ve never even heard of. You might find your dream home in a completely unexpected place.

Costs & Typical One-Time Expenses

Buying a home involves both one-time costs and more regular monthly expenses. It’s important that you take both into account when you’re figuring out how much you can spend on a home. The largest one-time cost is the down payment, which usually represents upto 25% of the total price of the property. Then, in addition to the actual purchase price, there are a number of other expenses that you may be expected to pay for.

  • Mortgage application and appraisal fee (paid at time of application)
  • Appraisal fee (paid at inspection)
  • Property inspection (optional) (paid at closing)
  • Legal fees (paid at closing)
  • Legal disbursements (paid at closing)
  • Deed and/or mortgage registration (paid at closing)
  • Property survey (sometimes provided by seller) (paid at closing)
  • Land Transfer, Deed Tax or PropertyPurchase Tax (in Quebec within3 months following signing) (paid at closing)
  • Mortgage interest adjustment andtake over fee (if applicable) (paid at closing)
  • Adjustments for fuel, taxes, etc. (paid at closing)
  • Mortgage insurance (and application fee if applicable) (paid at closing)
  • Home and property insurance (paid at closing and on-going)
  • Connection charges for utilities such as gas, water and electricity (paid on date of move)
  • Moving expenses (paid on date of move)

Other costs may include landscaping, decorating, furnishings, appliances and repairs. Typical monthly costs include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

Calculators

Here are the best tools for selling your next home. Discover your mortgage payment, affordability and much more. If you’re thinking of buying a home or transferring or refinancing your existing mortgage, use these handy calculators to: Figure out how much you can afford to spend on a home, Determine what your mortgage payments will be and Compare different ways of paying your mortgage off faster.

Mortgage Calculator
Land Transfer Tax

Local School Boards

Hamilton and Oakville have a number of pre-schools, elementary schools, high schools, independent schools and post-secondary institutions. To find out more, explore the following links:

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