BUY

A PROPERTY

What expenses should you plan for buying a house?

The idea of moving into a new home is great, but have you thought about the cost? Whether it's your first time buying a home or not, it's essential that you take note of these fees so that you don't get caught off guard when the time comes.

The first goes to your home inspector, which is not mandatory, but having a property inspected before purchase allows you to buy a home with peace of mind. This cost is generally around $ 500 or more.

To buy a property in Canada, you must make a deposit of 5% of the purchase price. Usually this payment comes from the buyer's personal savings. If your down payment is less than 20%, you will need to pay for mortgage default insurance.

If you take out a new mortgage before the end of a term, be prepared to pay a mortgage penalty as well. This amount varies and ranges from hundreds to thousands of dollars.

Commonly called the (Welcome Tax), the property transfer tax is generally collected a few weeks after the signing of the deed of sale and is calculated from the price paid for the purchase or an amount calculated from municipal assessment. You must also provide for municipal and school taxes, which are recurring taxes that you will have to pay annually.

GST and QST taxes are reserved for buyers of new homes and represent a total of 14.975% of the purchase price. If you meet the eligibility criteria, you can still apply for a tax refund for a new home.

At the end of your real estate transaction in Quebec, you are expected to pay notary fees of at least $ 1,200 or more.

Finally, don't forget about extras such as moving costs, internet and cable costs, furniture and appliances costs (if necessary), and many more.

There is even more to buying a home. So why not contact Quebec real estate broker Stéphane Duhaime now at 450-802-8888 to learn more about how to find the home of your dreams.

Buying a house in the context of an overbid

In a case where properties for sale are on the rise, buying is not always straightforward. To make the best buy, it is essential that you, the buyer, have patience while trying over and over again until your offer to purchase is accepted.

This is because buyers overbid the sale price are in excess, but if these huge prices may seem attractive, the seller might decide to choose a second offer only because the latter would not be conditional on the sale of another property.

As a buyer there is something you should consider and that includes the purchase price, occupancy date, terms and availability of human contact (physical visit).

Before entering into a negotiation that could possibly escalate, it is necessary that you, as the buyer, consider the maximum price that you are willing to pay for the property. Also consider your borrowing capacity and obtain a mortgage prequalification because this document will be of added value in the eyes of the seller. Keeping these things in mind will help you know your limit in case of overbidding.

Remember that everything is negotiable, including the date of occupancy; however, in such cases, you would be making an offer that matches the seller's needs. The seller often chooses the buyers with the fewest purchase terms. However, before eliminating the clauses, try to check the implications and associated risks. You can contact a real estate broker, from the Stéphane Duhaime team, in such a situation.

Do not forget to visit the house in the presence of the owner, as this will allow you, the buyer, to ask the necessary questions and to start negotiations as indicated above.