1 - Should I consult a bank prior to searching for homes?
Absolutely! Many reasons explain this. Firstly, talking with a bank prior to your home selection can inform you of the amount range you can afford. There is no reason to consider homes listed for $500,000 if you can only afford up to $400,000.
Secondly, if you are a first-time home buyer, speaking to a bank before looking is strongly recommended, as there consists various 'first time home buyer programs' available.
Last but not least, consulting a bank prior to your search allows you to understand the range of costs associated with purchasing a home, information that is crucial before you make the 'big decision'.
2 - Should I buy or rent?
Purchasing your dream home can be a sound investment. However, renting can also be suitable at times, depending on the circumstances. The current interest rates are incredible and mortgage rates have never been lower! As such, it can actually be cheaper to undertake a mortgage now than paying rent.
There are other questions that you should consider prior to your home purchase. First is the duration you plan on staying in a home, if you were to purchase. If the answer is only several years, you are better off renting. Second, ask whether you are prepared to undertake the additional responsibilities of owning a home, such as home maintenance. Are you ready for that?
Make an informed decision. Contact me today and I will lead you to that.
3 - Do I really need a Realtor when buying a home?
When buying a home, it is highly recommended to have a Realtor to represent your best interests. However, not all Realtors are the same! Experience, trust, and most importantly, honesty are the key must-haves and these are characteristics I take in very seriously.
4 - Who pays the Realtor fees when buying a home?
The good news for buyers is that, there are no realtor fees on their burden. It's usually the seller who pays the commission.
5 - How is the neighborhood/area? How are the schools?
A commonly asked question is with regards to neighbourhood/area/schools. As a real estate professional, there are rules that I follow when selecting the right neighborhood for my clients, including growth of the local economy, amenities, taxes, and crime statistics among many others.
6 - How much deposit should I place prior to my home purchase?
There is no minimum or standard amount for a deposit. This needs to be negotiated between you and the seller as the market conditions dictate. For details, click here.
Have more questions? Contact Ali today.
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