Deciding to Buy
Buying a home requires a great deal of preparation and we are here to help you. Here are a few things to consider before getting started:
Define your needs and wants: We suggest making a list of the things you need to live comfortably, such as the number of bedrooms and bathrooms you need, the proximity to work and even schools, and perhaps any storage needs. Once you’ve determined your needs, you can create a list of things you would want. This list could include a deck, finished basement or mudroom, and maybe even a pool. These lists will assist you when you start looking for homes.
Know the types of home ownership: It’s beneficial to know the difference between freehold (it all belongs to you), condo (you maintain the interior and pay fees for someone to maintain the exterior and common areas), and co-op (similar to condo, but instead you buy shares in the whole building and pay maintenance and repair fees).
Understand market conditions: At Kusnierczyk Realty Group, we are continuously observing market trends and continuing our education in the field of real estate. We are here to help you navigate the market and together we will work through the process to find the perfect home for you.
Choosing an Agent
At Kusnierczyk Realty Group, we understand that buying a home is a major purchase that involves much thought and emotion. We will always act in your best interest, while remaining completely honest and dependable. Here are some of the ways we can help:
- We can provide you with knowledge regarding the current market conditions
- We will guide you to homes that fit your criteria, providing up-to-date comparables
- We will inform you of other professionals you’ll need during the process, and help to coordinate any meetings if necessary
- We will negotiate with the seller on your behalf
- We will make sure all the required paperwork is fully completed, accurate, and that deadlines are met
- We will work with you to resolve any challenges that may arise
- We will provide advice on financing and supply you with any other relevant information you may need
Understanding Financing
Much like many things in life, the key to success is often found in planning ahead. Knowing the price range you can afford before you start shopping is the most important step, so here are some things to keep in mind:
Getting pre-approved: Not only will you be protected against rising interest rates by being pre-approved, you will also be able to know what you can spend on a home before you start shopping.
Knowing what you can afford: It is important to be realistic when it comes to financial matters when investing in a home. Three factors to be mindful of are your monthly mortgage payment, your down payment, and the amortization period or length of time it will take to pay off the loan.
Down payment: The amount of money you are able to put down on a home when you first purchase it will not only save you on monthly payments, but also the interest paid in the long run. It is important to determine the percentage of the total cost of the home that you’ll be able to pay
Finding the Right Home
At Kusnierczyk Realty Group, we are specialists in helping you find a home that you will love. Here are some things to consider when you start house hunting:
Choosing the right neighbourhood: Do you want to be close to schools, public transit, highways, or where you work? Those answers can make all the difference in choosing the area in which to look for your future home. Whether or not you’d like to be in close proximity to amenities such as grocery stores and doctors’ offices is another important factor to consider. It may also be beneficial to drive through neighbourhoods that interest you; are the homes and properties well maintained? As life-long residents of Sudbury, we are familiar with all areas and are able to provide you with current property values.
House hunting: Two sets of eyes are always better than one, so we always suggest visiting homes with a partner of any sort. Take pictures or videos, and don’t be afraid to ask tough questions regarding the home. While you’re house hunting, we suggest referencing your handy checklist of needs and wants.
Keeping an open mind: It is easy to become distracted by beautiful views, pretty furniture and decor, but it is more important to keep a lookout for things like the age of doors and windows, water leaks/stains, squeaky floors, and soggy areas around the yard that could indicate poor drainage. The home inspection you’ll later obtain will help, but it is also beneficial to start with your own observations.
Making an Offer
You’ve fallen in love with a house, and you want to make it your home. Before you start imagining your life there, it is important to remember that real estate is an investment. We are here to help you put together an Offer to Purchase that will help you attain the home of your dreams. Here are some things you should consider first:
Not all offers are the same: You could make an offer to accept the home exactly as it is, which would make it a “firm” offer. Your offer can also be “conditional”, meaning that your offer would not be accepted until the conditions you’ve set have been met. Such conditions could be a successful home inspection, approval of financing, or the sale of your existing home. The main factors to pay attention to on all offers will be the price, deposit amount, the terms, conditions, the closing date, and specific items that may or may not be included in the purchase price.
When you need to negotiate: It would be very convenient if your offer was accepted upon delivery, but it is more likely the seller will counter your offer; it may even be rejected. We will be there to help you every step of the way to make sure negotiations are impartial, respectful, and collaborative. In this step it’s important to remember your list of needs and wants; trying to remain firm on your needs and flexible on your wants. There may be instances where it is best to just walk away and maintain a positive attitude that your home is somewhere out there waiting for you!
Before Buying a Home
At Kusnierczyk Realty Group, we want you to feel confident that the purchase of your new home will a pleasant experience. In order for the whole process to move smoothly, we suggest that you speak with:
A home inspector: Hiring a home inspector is never money wasted! They will check your property for structural damage; perform a thorough examination of the heating and cooling systems, the plumbing and electrical systems, the roof, attic, walls, ceilings floors, windows, doors, foundation, basement and more. They will then provide you with a detailed report with all of their findings.
A lawyer: When you hire a lawyer who has experience dealing with Canadian real estate, they will ensure that the property complies with any building and zoning codes, ensure that utilities and property taxes are paid up. They will also review the mortgage agreement and agreement of purchase and sale. They will be very helpful in ensuring that any documents are ready for the closing of the purchase.
Closing on a Home
Closing day is when you officially take ownership of your new home. It is a very exciting time – although there are items to take care of first!
Closing costs: These are fees that need to be paid by or on the closing day, and include mortgage application fees, inspection fees, legal fees, insurance, registration, and more. At Kusnierczyk Realty Group, we will make sure to inform you of any fee(s) that will need to be paid well enough in advance, so that you can enjoy your moving day with the least amount of stress.
Home Moving Tips
Once your offer is accepted, a closing date will be determined. Although it might be intimidating and stressful to move, there are many things you can do to ease the stress; here are just a few:
Make a checklist: We recommend making a checklist that entails everything that needs to be done in the weeks before you move.
Packing your belongings: The simple task of labelling your boxes with the rooms in which the items belong in will allow for easy unpacking. It might even be helpful to create a floor plan for the movers so that they know where to place the boxes in your new home. Be sure to get competitive quotes from dependable moving companies, and perhaps even determine the cost of renting a moving van yourself.
Cancel your cable and utilities and transfer any rented appliances: In order to ensure a smooth move, we suggest cancelling your cable and utilities before moving out; if the situation calls for it, register the utilities for your new address.
Inform your key contacts: Contact your employer, Canada post, doctors, friends, family, etc. to inform them of your change of address. If you have children, it might be helpful to talk to them about the move, reassure them that they will maintain their current friendships, and ask them about what colour they’d like to paint their room. This will help them to be excited for the move as well!