Buyer Tips

ADVICE TO BUYERS

Avoid 9 critical mistakes that could cost you thousands of dollars when buying your home!

  1. Don’t “low-ball” your initial offer
    Vendors tend to give less of a counter offer (closer to list price), if they feel insulted.  We use a Comparable SOLDS Spreadsheet to sell your offer to the owners.  It’s a powerful tool. It works!
  2. Get pre-approved and Use a Mortgage Broker
    A Mortgage Pre-Approval Letter is FREE and can GUARANTEE your rate for up to 6 months. You can usually negotiate your mortgage rate between 1/2-1% off the posted rates.  Use a Mortgage Broker to make lenders compete.  When Lenders compete, You Win! Also a Mortgage Broker can request a rate from all lenders and only take a credit report ONCE.  Every time a lender does a credit check, your credit score goes DOWN (and your rate goes UP).
  3. Always do a home inspection
    A home inspection with a qualified engineer costs about $300.00 (approx). It could very well be your best money spent. You will know exactly what you are getting AND you can negotiate to have things repaired before close.  You save money!
  4. Compare Home By Size and Square Footage
    The price of a home can be bench marked by square footage.  We know the sq ft. price of a home so we exactly what to offer and what to pay.  Knowledge is Power!
  5. Prepare a down payment of at least 20%.
    When you have a down payment of 20%, you will save on CMHC insurance fees and avoid paying a higher interest rate.  This can save you tens of thousands over the life of the mortgage.
  6. Arrange an accelerated Bi-weekly OR weekly payment plan on your mortgage.
    You will save the most money if you opt for an accelerated weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years!
  7. Do A Final Walk-Through 
    Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
  8. Ask for Chattels When viewing a home prior to putting in an offer, take note of things you like and things you would like to have.  We can include these in the offer and use them as negotiating tools.  You may like the couch, a painting or the BBQ.  Ask for it.  It improves your bargaining position.
  9. Be sure to check into your lawyer’s fees ahead of time.
    These are separate from disbursements. Ask us to refer you to an experienced professional.

We’ve got your back.  Work with us and we’ll make sure you get the home you want, at the right price, with the right conditions along with extra chattels you were planning on buying anyway.  Let’s connect.  We’d love to talk.


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