Tips for Buyers

Finding the perfect home doesn’t happen in one day. It takes careful planning and lots of work. Fortunately, there are a number of things you can do to simplify the process, and the Mitchell Enns Team can help you every step of the way!

Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Is your lifestyle best suited to a house or a condo? Once your list is complete, decide what’s most important to you.

Where you live obviously affects your lifestyle; it’s also one of the most significant influences on the value of your home. Your choice of location may be somewhat limited by the price you can afford. Even so, make sure to consider such things as distance to work, schools, shopping and entertainment.

How much do you want to spend? We strongly encourage you to get preapproved for a mortgage, so that you will avoid disappointment and focus your search. Also, don’t forget there are numerous additional expenses (detailed below) that you’ll pay to complete the purchase of a home.

When visiting a property, think about:

• Does it have the features you need?
• Is the neighbourhood what you expected?
• Can you picture your furniture fitting in?

We'll help with the technical details:

• What type of wiring and power outlets are there?
• What kind of heating system? (Costs vary.)
• Are the roof and foundation in good shape?
• What condition are the windows and plumbing in?

Need Help? Consider hiring a home inspector for peace of mind.

No matter what type of home or property you’re buying, plan on some extra expenses.

• A land transfer tax (a sales tax on property) in certain provinces
• A mortgage broker’s fee
• An appraisal fee
• Surveying costs (if the seller couldn’t come up with a current survey)
• A high-ratio mortgage insurance premium
• An interest adjustment. (Mortgages are normally calculated from the first of each month. If your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.)
• Reimbursement to seller for the unused portion of any prepaid property taxes or utility bills
• Legal fees, and, if applicable, REALTOR® fees