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To Own or Not to Own?
For many, home ownership is a compelling dream and
as Buyer’s you look forward to the freedom and security.
Finding the perfect home doesn't happen in one
day. There are a number of things you can do to simplify the process,
including financial parameters, potential neighbourhoods and the
desired features in your next home.
Barbara, George or Ben as your REALTOR® can help you analyze
all of these buying issues.
Making the Decision to Buy - Unfortunately,
even the so-called “experts” can’t predict accurately
when a market will reach its peak or lowest point. Remember the
primary purpose of buying a home; is to provide you and your family
with a comfortable place to live for several years or longer.
Deciding what kind of home you can afford
- match your financial capabilities with the home that meets as
many of your needs as possible.
Many first time buyer’s purchase what is commonly
known as as “Starter Home.” There is nothing wrong with
this approach. In fact, it’s good common sense to avoid buying
a home that will stretch your budget to its breaking point.
Investigating the marketplace -
You probably already have a general idea of types of homes available
in Sioux Lookout. The single family detached dwelling is the most
common.
As with many other decisions, the choice of a new
home or a resale home is a matter of weighing the pros and cons
and deciding what is right for you. If you and your Realtor have
done your homework, ideally you should only have to visit a handful
of homes to make an informed and wise selection.
If you decide that new is the way to go or you decide
on a resale home, Barbara, George or Ben have experience in these
areas and can work with you to fulfil your objectives.
If you are buying a vacant lot with the plans of
building in the future, or purchasing an investment property, the
team at Molstad Realty Ltd. can provide you with valuable information. |
Selling
to Buy another home - There are many things to consider
such as timing in the marketplace, buy first or sell first, financial
position, lifestyle, bridge financing, and closing date on Purchase
and Sale. Barbara, George or Ben have the qualifications and expertise,
and are committed to spending the time it takes to help you sell
more successfully - so you can focus on the things you do best and
enjoy the most.
Get Pre-approved - if you have
a pre-approved mortgage, it means a lender has reviewed your personal
financial information along with your credit score and has determined
that you qualify for a mortgage. The lender will advise you the
maximum amount that you qualify for in a loan and will discuss interest
rates, loan programs,and various types of mortgages. Being pre-approved
- can be an advantage to you as a Buyer.
Working with a Lawyer - One of
the best ways to find a Lawyer is to ask the people you do know
and trust - family, friends or business associates.
Making an Offer - You’ve
found the right home, one that satisfies your needs, most of your
wants . . . and best of all, fits your pocketbook. Now comes one
of the most important phases of your house buying experience: making
an offer to purchase the home. Basically an offer known as an Agreement
of Purchase and Sale is a precisely worded document that sets out
the terms and conditions between the buyer (you) and the seller.
Arranging a mortgage and other costs
- Get Pre-approved. If you are purchasing a home with less that
20% down payment, your mortgage application is required to be insured
by CMHC or Genworth Financial Canada.
Having the home inspected - Home
inspection services are available for a reasonable fee
Completing the transaction - The
process is known as “closing”. It is the point at which
the ownership and usually possession of the property is transferred
from the seller to the buyer (you). It takes place after the parties
involved agree that all legal and financial obligations have been
met. Several people, including you, will have a role in this process.
The big day arrives - Can you
hear the drum roll? If your lawyer arranged everything well, closing
day can almost be anti-climactic. The process in a lot of cases
is done electronically. Once everything is registered in the Land
Titles Office, your Lawyer or the Realtor will arrange for the keys
to be delivered to you.
Congratulations - You can now call
yourself a homeowner. (Yes, its OK to uncork the champagne, too,)
Making a Smooth Move - A bit of
planning an organizing can make the moving an non-stressful event.
Some suggestions are: Start packing as soon as you can to spread
the job over several days/weeks; use blank newsprint to protect
glasses etc.; tape, label and an inventory boxes as you pack; write
room destination of each box, and Pack “first-day survival
kit” of essentials you need during your first day in your
new home. |
Brokerage 
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