More often than not, it’s the homes that pick their people. It’s a competitive market, and we understand that sometimes buyers have difficulty finding value in the homes they visit during their search. At Shirriff Wells, we believe that patience combined with a keen sense for identifying great opportunities is the key to a successful home buying experience.
As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in property values, can be a rapid and rewarding way to increase your net worth.
In contrast, the person renting over the same amount of time is left with no property investment but may have enjoyed lower living expenses and the chance to invest in other opportunities. To compare owning to renting, you have to add up all of the figures; the cost of your home, size of your down payment, utilities, immediate repairs, interest rates, insurance, and compare them with how much you are currently spending on rent. There is also a value on the enjoyment and satisfaction that you will derive from owning your own home. As your Realtor, we’ll help you weigh the pros and cons and offer guidance on whether or not to buy now, or wait and save for a larger downpayment.
The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price.
To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is less) as a down payment. If you don’t have the necessary time or resources to save a full 20% down payment, you can choose a high-ratio mortgage and buy a home with a down payment of as little as 5%. This option is called a high-ratio mortgage and it requires you to purchase default insurance. Whether you choose a conventional or a high-ratio mortgage, one thing is almost always certain: the larger your down payment, the more you save in the long run.
The RSP Home Buyers’ Plan (HBP) lets a first-time buyer withdraw up to $25,000 from RSPs for a home purchase.
The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn. If the full $25,000 is withdrawn, the minimum annual repayment is $1,333. If less than the minimum is repaid in any particular year, the balance is added to the taxpayer’s income.
Now that you have a better understanding of what you can afford, it’s time to start your search. Whether you’re currently in the market for a Realtor (you’ve come to the right place!), or want to casually browse on your own, our site is an excellent resource to start looking.
Hiring a Realtor is more than just employing a tour guide to take you to view potential properties. As Realtors we are experienced in arranging fair deals, and will assist you in negotiating your offer, acting as a mediator to head off potential conflicts between you and the seller, and we will draw up a legally binding agreement that protects your interests.
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With over 40 years combined real estate experience, Andrew and Lisa have helped hundreds of clients purchase their dream homes and get the most value for their properties when selling. Through successfully renovating and selling several of her own projects, Lisa has a trained eye for presentation and property enhancements, and her background in building and construction is a critical asset in preparing a property to go to market. She is a firm negotiator with have a soft touch for handling delicate sales and situations. When acting in a purchasing capacity, Andrew has a strong track record of interpreting sales data to identify exceptional buying opportunities for his purchasers. He is a marketing professional and a purchasing specialist with years of experience in a variety of sales based roles.
When they aren’t closing their next deal, you can find Andrew and Lisa actively participating in their communities. Both Andrew and Lisa are supporters of the Terrequity Children’s Foundation, and support various charitable events throughout the calendar year.
"While we had gone through other transactions in the past, we enjoyed Lisa's down to earth, practical approach to our needs. She knows the business like the back of her hand and guided us with ease and kindness. We highly recommend Lisa and will definitely be using her again!"
"Without Lisa's help, I really don’t know where we would have ended up. I know it is a Realtor’s job to find people a home, but I don’t think most people in this industry get challenged as much as I have challenged her these last few years. She has helped us find the home we are going to stay in for the next 20 years."
"Lisa was there for us throughout every step in the process of purchasing our new home. The whole experience was amazing - we could not have hoped for a better professional to be on our side. It's been an amazing/crazy journey since meeting Lisa 5 years ago after just arriving in Canada, until now when we have achieved our dream of having the perfect home to raise our family. Thank you!"
Now that you’ve found your perfect home, it’s time to make an offer. You’ve saved and budgeted and are able to come up with the downpayment – congrats!
However, purchasing a property is more than just the initial payment and a mortgage. In addition to these, there are a few other costs associated with your home, such as taxes, insurance, etc.
Your Realtor will draft your offer as well as communicate your Offer to Purchase to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property at the same time.
An Offer to Purchase is presented to a seller who may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, closing date, or any number of variables. Offers can go back and forth until both parties have agreed to terms or either side ends the negotiations.
Firm: Usually preferable to the seller because it means buyers are prepared to purchase the home without any conditions.
Conditional: Usually means there are one or more conditions on the purchase, such as “subject to home inspection”, “subject to financing” or “subject to sale of buyer’s existing home”. The home is not sold until all the conditions have been met.
There are six key components to the elements of an offer.
• Price: Depending on the local market conditions and information provided by me, your Real Estate Professional, the price you offer may be different from the seller’s price.
• Deposit: Your deposit shows good faith and will be applied against the purchase of the home when the sale closes. As your Real Estate Professional I can advise you on an appropriate amount.
• Terms: Includes the total price offered and the financing details. You arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.
• Conditions: These might include “subject to home inspection”, “subject to you obtaining financing”, or “subject to you selling your property”.
• Inclusions and Exclusions: These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house.
• Closing/Possession Date: Generally, the day the title of the property is legally transferred and the transaction of funds finalized.