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Dos and Don'ts
The best way to prepare to own a home is to educate yourself about the home buying process. Read the real estate sections of your local newspapers and property magazines. Determine what you want and need in a new house and make a list of priorities. Ask lots of questions of the seller and the real estate agent. If you think you are not receiving the answers that you want seek professional advice.
Do:
- Remember that the real estate agent you are dealing with is being paid by the seller and will have the seller's best interests as his or her professional goal.
- Project future needs. As children become older and move out your requirements will change.
- Walk the property boundaries looking for encroachments on the site.
- Review the section 32 thoroughly and then have them checked by a solicitor or conveyancer.
- Purchase home insurance once your offer has been accepted.
- Document all discussions.
- Save all you can for settlement costs and a down payment. Many lenders will not consider an application for finance without some evidence of a savings history and at least 10% of the purchase price as a deposit.
- Revisit your "wish list" and reconsider everything on it.
- Find out what you can realistically afford and consider buying a starter home that requires a smaller down payment with the idea of moving up in a few years.
- Look into whether you can apply for a First Home Buyer's Grant offered by the government.
- Some states also have local programs for low and moderate income families or first-time buyers, offering lower interest rates or down payments. These vary from state to state and last for limited periods of time.
- Check with parents and relatives for monetary gifts that can go toward a down payment or settlement costs.
- A 20% down payment can dramatically cut monthly costs and eliminate mortgage insurance premiums.
Don't:
- Accept as absolute truth statements by the seller or the agent.
- Look for a home without financing pre-approval.
- Make your moving schedule too tight.
- Buy the biggest home in the neighbourhood - it's usually the hardest to sell.
- Purchase without a quality home inspection, such as the one offered by Archicentre.
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T E S T I M O N I A L S
"Thank you for making the sale of father's estate properties so easy at such a difficult time."
"What can we say - an absolutely fantastic result. You handled all situations professionally, with good humour and a totally positive attitude."
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