Found 21 blog entries tagged as buying a home.

Agent helping someone buy a house

Many people dream of having their own house at some point. Owning a home is an excellent way to build financial security and equity. And while renting gives you the freedom to move when you want, the urge to own often rises to the surface. But how do you know when you’re ready? Here are six signs that it’s time to buy a house.

Your Rent is Increasing… Again

Both buying and renting have their drawbacks, but one of the great grievances with renting in recent years is rising rental prices. These make it difficult to have enough for monthly costs and save for the future. Unlike paying rent, owning a house builds equity, and the monthly costs are cheaper in many areas, even with extra expenses like property taxes and…

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When you’re looking to buy a home—whether it’s your first, something larger, downsizing, or an investment property—you need to think about your needs versus your wants. This way, when you meet with a REALTOR®, they’ll be able to better assist you in finding a home that suits you and your budget.

While you may think you really want to splurge for hardwood floors throughout your new home, you may actually need to have an extra bedroom for when family comes to visit, so there are going to be compromises you must make. Taking the time to narrow down your needs and wants will help make the house-hunting process even smoother, as you’ll already know what things you can and can’t live without.  

How do you define a need vs. a want?

While many people…

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Buying a home is one of the most complex and important transactions that most of us will ever undertake. As a homebuyer, you get to choose who will represent you throughout the process. When choosing to work with a real estate agent, you expect a professional who has experience in both the market and your preferred neighbourhood, as well as in the type of housing you are looking for.

But not all real estate agents are created equal, so there are factors you must consider when searching for the right agent for you.

Agency Representation

Agency Representation (or fiduciary representation), simply means that the agent you hire is legally bound to represent your interests. When choosing…

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Buying a new home is exciting, but depending on where you are on the property ladder, you may not be getting a move-in ready property. Although it can be tempting to jump right in to transform your space, it’s not always a good idea to rip down walls as soon as you close the sale. Here’s why you should put down that sledgehammer and take your time instead. 

1. You’ll learn about your home and its pain points

Whether you buy a total fixer-upper, an older home that needs minor updates, or a newly built place you want to personalize, it’s smart to play the waiting game before embarking on major renovations, says David Stevens, a REALTOR® in Victoria, British Columbia.

“I tell my purchasers I’d like to see them in the house for 12 months…

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Building vs. Buying a Home

In today’s market, you might be considering building vs. buying a home. This is certainly a viable option, but it has its advantages and drawbacks, just as buying a resale home does. There are many factors to consider, such as time-frame, location and design of the house. Let’s take a closer look at the difference between building and buying a home, so that you can make an informed decision.

Benefits of Building vs. Buying a Home

Customization of your home – This is a huge advantage of building a house. When you build a home from scratch, you have control of its various elements rather inheriting someone else’s preferences, from layout to materials right down to little things like what covers go on your light switches.

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How do you buy a home

What are the steps to buying a home? You’re starting to think about becoming a homeowner, or maybe you’ve even started to look at listings. Either way, you likely have lots of questions, from the general “how tos” to specific queries around financing, different home types and locations, to how to make an offer. To help simplify what can be a complicated process, we’ve outlined the steps to buying a house in Canada.

What Are the Steps to Buying a Home?

There’s a lot to do, but we’ve narrowed it down. Here’s our 10-step home buying process checklist to get you started!

1. Choose a real estate agent that’s right for you.

A home is a huge investment, so work with a realtor that’s knowledgeable, professional and…

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First-Time Home Buyer Incentive

Over the last two years, a new trend has formed in many parts of the Canadian real estate market: investors accounting for a considerable portion of the broader housing sector.

Indeed, with many investors purchasing single-family homes, acquiring townhomes and scooping up condominium suites, a chance at home ownership has become a challenge for many first-time homebuyers. Moreover, in an environment with little supply, the competition for residential properties was exacerbated by individuals or corporations adding to their vast inventory of homes.

Public policymakers have tried to intervene, but industry experts maintain that the only real solution is to build more housing. Until then, it seems that the Bank of Canada’s…

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Buying a home is no easy task. It’s likely the biggest investment you’ll ever make in your lifetime and there are so many things you need to take into consideration, like where you should live, how much you can afford to spend, and when the right time to move is. 

These are just some of the questions that buyers need answers to—and truthfully, just the tip of the iceberg when it comes to buying a home. With the help of a REALTOR®, you’ll be able to answer these questions for yourself and get a better sense of what the home buying journey looks like for you.

We asked a few REALTORS® for some of the advice they give to home buyers, whether it’s their first home or they’re downsizing, to help them feel more confident in the process. 

When is…

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When housing markets begin to cool after record highs, some homebuyers get cold feet. Imagine you buy a home for $1.2 million. When it comes time to close after you have signed your purchase agreement, you notice a comparable home down the street sells for $855,000. What happens when a buyer backs out of a real estate deal?

Some homebuyers choose to walk away when it comes to closing day, despite agreeing to purchase the property. Another common scenario occurs when a homebuyer backs out after overbidding in a hot market and going over budget. Once it comes time to close, the bank completes an appraisal and refuses the entire mortgage amount. The homebuyers need to come up with hundreds of thousands of dollars to close. They walk away because they…

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While a strong offer to purchase can help you get the home of your dreams, in today’s real estate market there’s more to buying a home beyond meeting or exceeding the asking price. Want to stand out among a sea of potential buyers? Consider including a personal letter so sellers can get to know you, suggests Pete Shpak, an associate broker and REALTOR® with Oakwyn Realty’s Lee and Pete Real Estate Team in Vancouver, British Columbia.

“When we’re doing the perfect offer package to present to a seller, it’s going to have a bank draft attached to it and a personal letter—we’re using this personal letter almost every time we’re in a competitive situation now,” says Shpak.

What to include in a personal letter to sellers

Shpak recommends…

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