Many of the same questions, hesitations and strategies connected with seeking out professional assistance in any field — whether you’re looking for a doctor, lawyer or accountant — come into play when you’re selecting a real estate agent. Some people find an agent through a family member or friend. This is often a reliable approach. But you might not always find the most compatible assistance this way. And in a transaction as important and intensive as buying and selling a home, that can be critical.
Glossary of terms
These are some of the words or terms used in a real estate transaction in Canada.
Amortization period: The actual number of years it will take to pay back your mortgage loan.
Appraised value: An estimate of the value of the property, conducted for the purpose of mortgage lending by a certified appraiser.
Assets:What you own or can call upon. Often used in determining net worth or in securing financing.
Assumability: Allows the buyer to take over the seller’s mortgage on the property.
Assumption Agreement:
A legal document signed by a buyer that requires the buyer assume responsibility for the obligations of an existing mortgage. If someone assumes your mortgage, make sure that you get a release from the mortgage company to ensure that you are no longer liable for the debt.
The cost of home buyer
- Purchasing a home involves one-time costs and monthly expenses.
- The largest one-time cost is the down payment. It usually represents between 5-20% of the total price of the property.
Why do you want to move?
To make the best remodel or move decision, it is important to understand all the reasons that you have to remodel and all the reasons that you have to move. This article reviews common reasons to move. As you read each of these reasons, consider how much it applies to you and note how strongly you feel about each one.
Your family size has changed. Of the many reasons to move, the size of your current home is the most common. Many young couples have purchased a cozy two- or three-bedroom, 1,000-square foot home that suits their situation perfectly. The home has a master bedroom, a guest bedroom, and possibly a home office. A single living area with couches and an entertainment center provides the couple with ample space for the two of them and their visitors. As they start a family, the first child moves into the guest bedroom and toys take over the living area. The perfect house for two becomes too small for three or more.
You are looking for better schools. Unless your children attend private school, where you live usually dictates which school your children attend. This is great for building a sense of community in the neighborhood as children can walk or bike to school together. A school nearby can also cut down on travel time for dropping off and picking up your children.
Renting VS Buying, Which is better?
Everyone needs a room to live. In most people’s case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have a rich family that can offer you FREE or Reduced Rent. The point is. We ALL have to pay for a roof over our heads.
Real Estate has always been considered a Long-Term Investment. The real question you need to ask yourself; do I really want to pay RENT for the rest of my life? Generally, a home makes financial sense if you are going to live in it for at least three, four, or preferably five years. When you buy you need to take into consideration the costs involved in buying and selling a home, from appraisal fees and home inspection to real estate commissions, all must be taken into consideration.
Buying a House
What Do You Want?
Begin by listing your needs:
- Living requirements (i.e. how many bedrooms);
- Family size;
- What you’re bringing with you from your old house;
- How close to schools, shopping and other services;
- The size of down payment you can afford; and,
- Price range.
It’s important to be realistic when you’re thinking about a down payment and setting a price range. You don’t want to be saddled with something you can’t afford. At this stage, it’s a good idea to talk things over with real estate sales professional.