But new house generally have to pay GST and depending on the developer's workmanship, in the first year, you might still need to hire a contractor or D.I.Y. for repair (unless you want to wait for the developer to reinstate the deficiency) and replacement of some minor things such as door locks.
Buying a house - Advice please :)
- Thread starter amikety
- Start date
Even new houses have issues and some weren’t constructed very well. Good time to buy in Calgary. The mortgage rates are pretty low so not sure if I would wait just in case they went lower. If you plan to remain for at least 10 years these things don’t really matter a ton plus you need somewhere to live until you buy so you’d be paying rent.
Repairs are an on-going expense for all homeowners, regardless of the age of the home. But the repairs are done by professionals, not necessarily the home owners. Like most homeowners may paint or put up shelves and things... but repairing roof, plumbing, renovating a bathroom, replacing the doors/windows... this is all done by professionals anyway (so you're not exactly spending time doing it yourself).
Having a home in an area you like and which offers all good amenities (as you mentioned transit, accessibility, but also schools nearby, grocery stores, shopping, parks, etc.) will contribute to your overall quality of life. I had a clients that bought a new developer construction house way on the outskirts of town. Nothing had been developed there commercially, and initially they thought they were getting a very good deal but driving the extra 30 mins a day every day one way to work, or driving 30 mins to grocery, community centres, etc. started to take a toll on them. We eventually put that house on rent and moved them back into civilization!
It's a personal choice. Of course family time is important. But I think it has to be a balance
Seller/owner doesn't care how they receive the money... because it happens through a lawyer here anyway. If financing has been secured (and confirmed) ahead of time then usually it's fine to go through (no benefit to the seller to give a discount for cash).
What being a cash buyer can do is to tip the scales in your favour if there are multiple similar offers. Been there, done that.
Hello guys,
I am a new immigrant here in Calgary. I m planning to buy a house here in Calgary NW even i like one town house and deal is on going but I really don’t know how can I trust broker or anyone here to give them down payment. So i need your advice how can i deal with agent and broker what steps I should follow and what things I should avoid. I am first time buyer here and don’t know how it’s gonna work.
I heard they Calgary real estate market is very low so its best time to buy.
Please share your suggestions and thoughts
I am a new immigrant here in Calgary. I m planning to buy a house here in Calgary NW even i like one town house and deal is on going but I really don’t know how can I trust broker or anyone here to give them down payment. So i need your advice how can i deal with agent and broker what steps I should follow and what things I should avoid. I am first time buyer here and don’t know how it’s gonna work.
I heard they Calgary real estate market is very low so its best time to buy.
Please share your suggestions and thoughts
If you are buying an existing home through a broker, then at the end of the day, you would need to give a down payment cheque to make the offer. After the seller and its broker accept your offer, they will call you (or your broker if you have one) and prepare documents for you to proceed the closing. To close the purchase, you need a lawyer and remit the remaining balance to your lawyer. If you require mortgage, after approve, your bank will remit the money to your lawyer directly at closing.
But if you are buying a brand new home (or a pre sale), you give the down payment to seller directly. Usually there are three deposits that you need to pay at specific date according to the purchase agreement.
Before closing, you can hire a home inspector to identify any issues and defects, so you can decide to proceed or not.
Thank you for explaining so perfectly. But to go through the above said proposal are you needed to be present in canada. Ad i will not be available after three days can i still go through it all
Not a problem even if you have just two days in the city.
In those days, you need a professional realtor in order to make an offer after seeing Mr./Mrs. House. The seller might give you the response before or after your departure. Your realtor will guide you.
When you know the closing date, you can google to find your lawyer or ask your realtor to suggest one. The lawyer would tell you what you need to do to complete the purchase if you cannot sign the legal document in their Canadian office.
My husband has house fever and has pre-qualified for a mortgage based on his income alone. I don't have a SIN, so far as I know, I can't be on the mortgage (but I could be wrong - although I would be useless - no job either.)
As you may know, I'm American and clueless about what we would need to do to buy a house in Canada. My husband is equally clueless, although he's Canadian
I know minimum downpayment is 5%, 20% or more to avoid the extra insurance. Does anyone know the cost of the insurance?
What are Closing costs? - As in, what percentage of the sale and/or flat fee are they?
Do you need to pay the realtor earnest money? What is normal in Canada? Does the earnest money go towards the commission at the end of sale?
Can the commission come out of the mortgage funds or must that be money already in the bank?
Does property tax come built into the mortgage - where you pay a little extra monthly and the bank makes a payment to CRA for you at year end?
What percentage is commission for a realtor to sell my house fast Las Vegas?
Are there any extra fees/costs that I didn't mention? Title transfer, etc? Also, my husband wants to meet a mortgage broker. Do they charge any fees? What in the world is a mortgage broker? In the USA, we just go to our bank and see what we can qualify for - then try another bank if we don't like the answer!
I don't need hard numbers, just rough estimates. Oh, and you can be a dismal as you like. I'm trying to convince him to wait until I have a job so we can get something better than a shack. Thanks!
- Mortgage insurance typically costs between 1.75% to 4% of the mortgage amount if you put less than 20% down.
- Closing costs generally range from 1.5% to 4% of the purchase price.
- Realtor fees are typically covered by the seller, and earnest money (deposit) is around 1% of the purchase price, usually applied to the down payment.
- Property taxes are separate from the mortgage payment and are paid separately by the homeowner.
- Realtor commissions are usually around 5% to 6% of the sale price, split between buyer's and seller's agents.
- Other fees may include title transfer fees, home inspection fees, and appraisal fees.
- Mortgage brokers are typically paid by the lender and don't charge fees to the borrower. They help find the best mortgage rates and terms.