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What locations should I choose?
First and foremost, always work with a local Realtor®.
Your local Realtors®, live, work, shop, raise families and truly understand their hometown and surrounding areas. They are the same people you see at your school events, local restaurants, churches, parks, gyms and stores. They are your neighbours. If you are moving in to a new town, be sure to look for a local Realtor® who comes highly recommended by people in the town or people who have worked with them before. Be sure to check their Google Reviews, Rank My Agent and Social Media reviews. By means of an example, our team members live on the border of Loyalist Township & Kingston and Gananoque. We have expertise stretching as far as Belleville, North to Hwy 7, The Frontenac Townships and Islands, Kingston, Gananoque & Brockville. Much beyond that we would refer you to a local colleague in other areas who know their towns best. If your Realtor® can’t tell you the best pizza, wings or hairdresser in town, find one that can.
In terms of location for your next home, ask yourself some questions;
Do you want a rural or urban home?
Is there a proximity to family or work that is important to me?
Is access to public transit important to me or my children?
If school district is important to you, what catchment area do you want to be in?
Are the average home costs within my budget including property taxes?
Are there relevant employment opportunities for myself and my family in the area?
How safe is the area?
What is the age and demographics of other people in the area? Will I be happy and comfortable there?
Is there proximity to amenities that are important to you? Hospitals, restaurants, stores, banks, churches, parks, gyms, airports etc?
Moving and buying a home is the largest financial transaction you will likely make in a lifetime. You should always follow sound data and guidance and have a professional local Realtor® partner you are working with.
What conditions should I include in an Offer?
So you have found the perfect home and you are ready to make an offer, that is so exciting! However, before you get caught up in the excitement, ensure your Realtor® is writing a sound offer for you, with important conditions. An offer typically goes through two phases:
A Conditional Agreement of Purchase & Sale which expresses the intent of all parties to move forward with the Contract, however before the sale becomes firm some conditions must be met and due diligence completed for the protection of all parties.
A Firm Agreement of Purchase & Sale which is a full legal binding Contract.
What conditions should be included?
If you are purchasing an urban home, we highly recommend the following four conditions:
Financing - Even if you have been pre-approved by your Lender, they essentially need to agree with what you purchased and how much you offered to pay for the purchase price. You will need to send them the Listing and the Agreement of Purchase and Sale for final approval.
Review of documentation including things like a survey, utility bills and rental contracts
Ability to insure - You will want to get home insurance quotes and make sure the costs align with your budget and expectations to have good insurance in place
Home Inspection - It is always recommended that you have a home inspection so you have full knowledge of what you are purchasing. The home may not be perfect which is okay, this will also give you an idea what repairs and renovations you may want to plan for in the upcoming years and a priority list.
If you are purchasing a rural home, we also always recommend:
Testing of the quantity and quality of the well supplying water to the home
Inspection and pumping of the septic tank and systems
Selling or buying a home is the largest financial transaction you will likely make in a lifetime. You should always follow sound data and guidance and have a professional Realtor® partner you are working with.
Do you know a good Inspector, Appraiser & Mortgage Agent?
Any professional Realtor® you work with should be very well connected in their community and industry. When you work with the STAGE ONE REAL ESTATE TEAM, we have a preferred partner in all of the adjacent industries. These partners have all been fully vetted and align with us in terms of professionalism, qualifications and values and always put the clients best interest first. We are happy to make a referral to you to any of these professionals and can say with confidence they are the best at what they do. Our Clients are always delighted with their assistance. When you think of your home, all you need to do is “remember your Realtor®” and we can connect you to anyone you need to know from an amazing Mortgage Agent to where to to get the best pizza in town for your first night in your new home!
Selling or buying a home is the largest financial transaction you will likely make in a lifetime. You should always follow sound data and guidance and have a professional Realtor® partner you are working with.
What additional expenses should I plan for?
There are two big ones, people need to remember to plan for.
The first being Land Transfer Tax. Typically in Ontario, Land Transfer Tax is paid by the Buyer. It is a fairly complicated calculation but let’s say on an average $650,000 house in Ontario (not including Toronto), the Land Transfer Tax would be $9475.00 (at time of writing). First Time Home Buyers may be eligible for a rebate of a portion of this tax.
For Sellers, their largest expense will be Real Estate commission which based on a Google search, in Ontario is on average 5% of the selling price. This amount can be different by Region, Agent, Brokerage and service offering package a Seller opts for. That said, the big callout is that although the sale of a resale home in Ontario does not attract HST, real estate commission does. We always highlight this for our Sellers and ensure they are aware upfront so they can plan for it. There should be no unpleasant surprises at the closing of your sale.
In addition to these two costs, all parties should plan for lawyers fees, inspections, moving costs, utility hook ups, mortgage discharge or porting fees, appraisals and property tax adjustments.
Selling or buying a home is the largest financial transaction you will likely make in a lifetime. You should always follow sound data and guidance and have a professional Realtor® partner you are working with.