- I’m thinking about buying my first home. Where do I start?
- Step 1 is to get pre-approved for a mortgage. A pre-approval lets you know how much you can spend and locks you in at the current interest rate for 90 days or more, allowing you to shop with confidence.
- Is there a “best“ time of year price-wise to buy a home?
- Prices depend on factors like supply, demand, and market conditions. Instead of focusing on the time of year, consider the number of days a property has been on the market as an indicator of negotiating power.
- Can I buy a home with no down payment?
- While private lenders may offer mortgages with zero down, it's generally not recommended due to higher interest rates. Saving at least five per cent of the purchase price is advisable. Additionally, consider leveraging the first-time Home Buyer’s Plan to borrow from your RRSPs tax-free.
- How does mortgage loan insurance work?
- Mortgage loan insurance protects the lender, not the borrower, against default in payments. If the buyer has a down payment of less than 20 per cent of the purchase price, the lender will purchase default insurance and pass that cost on to the borrower.
- How much will I need for closing costs?
- Closing costs typically range from 1.5 to four per cent of the home’s purchase price and include legal fees, home inspection costs, mortgage default insurance, land transfer taxes, and more.
- Should I lower the list price, or offer an incentive to sell my home faster?
- Lowering the listing price is recommended to attract serious interest from buyers. Setting the right price, competitive with comparable homes in the area, is crucial.
- What colour of houses sell fastest?
- The preferred house color varies depending on the community. It's best to choose a color that is prevalent in the area and complements the home's vintage.
- What should I look for in a lucrative investment property?
- Location is key for investment properties, considering factors like population, income, employment growth, infrastructure, transportation improvements, and appeal to potential tenants or buyers.
For expert guidance in finding your forever home, consider reaching out to Fardad Farhanian, a real estate agent who can help you find a place to call home. You can contact Fardad. He'll be happy to assist you in your home search journey!
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