Buyer Guide

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Looking to buy a home?

If you’ve decided to buy a home, we can help!  Speak to one of our experienced Realtors® who can help guide you through the process from start to finish.

Here is some information to get you started…

Are you ready?

The first step to buying a home is to determine how much you can afford.  Buying a home is a huge commitment so it’s important that you speak to a mortgage specialist who can advise you if you’re eligible for a mortgage and how much you can comfortably afford.  They can also help you get pre-approved for a mortgage.

For an indication of how much your could possible borrow, check out the Mortgage Affordability Calculator at https://www.realtor.ca/calculator#v=payment

Do you have a down payment?

A down payment is the portion of the property’s price not financed by the mortgage. You will need a down payment of at least 5% of the purchase price of the home.  If your down payment is less than 20%, you will need mortgage default insurance.

Have you considered closing costs?

Closing costs are additional costs associated with buying a home and include the legal, administrative and disbursement fees.  Specifically, these could include:

  • Land Transfer Tax
  • Lawyer’s Fees
  • House Inspection Fees
  • Interest adjustments between date of closing and first mortgage payment
  • GST/HST on a new home or a home that’s been extensively renovated
  • Title insurance to provide coverage for losses related to title fraud, survey issues, problems with the title and challenges to the ownership of your home
  • Service charges from utility companies for hook‐ups on electricity, gas, internet and telephone services
  • Appraisal fees
  • Moving costs
  • Storage costs if you must leave your current residence before you are able to move into your new home
  • Furniture and appliances
  • Possible real estate commissions

What type of house are you looking for?

You may have an idea of what you’re looking for in your home but a Realtor® can help you find one that suits you and your needs.  You may want to consider:

  • Urban, suburban or rural?
  • Detached, semi-detached, townhouse, duplex, condominium?
  • Close to transport links?
  • Are there schools, shops, medical facilities nearby?

It may seem like a daunting task to buy a home, especially your first!  Feel free to reach out to us with any questions!  We are here to help!

Ready to make your next move? Contact Riversite Realty today!

Call 519.627.3381
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