Buyer's Guide

Empowering you with knowledge is cornerstone to our boutique experience. Here are a few helpful tips to keep in mind while looking for your next home.

Things to consider...

1. before Beginning Your Search

Budget

Consider how much you have to spend, and just as importantly, consider how much you want to spend. Note that purchasing a home includes numerous additional expenses above and beyond the list price:

  • Deposit (typically 5% of the purchase price)
  • Utilities
  • Mortgage
  • Maintenance/condo fee
  • Insurance
  • Property taxes

Location

Where you live has an impact on your lifestyle and it's also one of the most significant factors on the value of your home. Choice of location is sometimes limited by the price you can afford but it is still important to consider factors such as commute to work, schools, family, shopping and entertainment.

Consider the space

You should consider what type of property you would like to live in. A single-family detached home is desirable to many because it typically provides more living space and land. Alternatively, a condominium may be a more appropriate choice, since condos offer low-maintenance living.

It is important to determine what type of home best suits your budget and desired lifestyle, it’s even more important to partner with a realtor who take the time to understand your specific needs.

Consider the duration

How long do you intend to stay in this home?

Make a short list

Is it important for you to have an ensuite bathroom, an attached garage or a private backyard? Would you like a fireplace, a short commute, or maybe minimal work? Once you decide which features you would like, then it's time to prioritize the list.

 

2. During Your Search

We can help by using a variety of tools to identify properties that meet your requirements. One such tool is called Collab. It notifies users, in real time, as soon as an agent uploads a new property to the market. This is faster than MLS, which lags a day behind. When working with us, we'll make sure your search never loses momentum and we'll never waste your time offering listings that don't align with your goals.

 

3. Viewing the Properties

Once you decide to visit a property, we'll be your voice of reason. Does the space have all the features you want (now and in the future)? Does the location work for your lifestyle? Also, don't forget some of the more technical considerations such as:

  • Wiring
  • Plumbing
  • Heating/cooling
  • Power outlets
  • Foundation/structure
  • Roof
  • Windows
  • Water mitigation
  • etc...

Home inspections can provide an assessment of the technical aspects of a property and it is a good idea to have a professional inspection performed.

 

4. Making an Offer

When you find a property that you would like to buy, we'll help you put together an offer. This offer will include, the price you are willing to pay, the expiration of the offer, a closing date for the purchase of the home and conditions for the purchase.

Standard conditions to take into account, are:

  • Financing, which states you will be able to get a mortgage
  • Home inspection by a qualified inspector
  • Termite inspection
  • Others, as required

A deposit is given along with an offer. A deposit of appropriate value will show your good faith to the seller (typically 5% of the purchase price).

 

5. Acceptance of an Offer

Once an offer is accepted and all conditions are met, then the offer becomes binding on both sides. If either party then does not honour the agreement, they can be sued or the deposit lost; therefore before signing, be sure that you fully comprehend all the terms of the offer.

Before the property can formally be handed over from the seller to the buyer, a few more things must be done. You will have to show proof of insurance to the institution that provided your mortgage. On or before closing day, the lawyers from both sides will arrange to transfer the property title from the seller to the buyer. The mortgage will be transferred to your lawyer's trust account, and then to the seller. your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees. Also be sure to check with your lawyer that everything is as stated in the Agreement of Purchase and Sale (APS). 

Once this is complete and the keys are in your hands, then the home is yours!

 

6. Additional Costs

Purchasing a home is associated with some extra expenses , such as:

  • Legal fees
  • Real estate agent fees
  • Appraisal fee
  • Survey costs (if the seller didn't have a current survey)
  • A high-ratio mortgage insurance premium
  • An interest adjustment for the mortgage
  • Reimbursement to seller for the unused portion of any prepaid property taxes or utility bills
  • Land transfer tax in certain provinces
  • Mortgage broker's fee

When you partner with dutton+co., we work tirelessly to make sure the entire process is as enjoyable as possible - even the parts after the close. In our opinion, that's just good service.