Buying with the Eden Murphy Team
Trust us to help you find your next home.
We know the Oxford County market! We can tell you when the best time to buy is, the steps to buying and what property will be your best investment.
We always negotiate for your best interest-not ours!
We live where we work and are part of the Oxford County community.
We get all the facts so our buyers can make informed decisions to make sure you buy the right home for you.
We work as a team, not just a 9-5 team, we’re a 24/7 team.
We communicate in whichever way suits your lifestyle be it text, e-mail, facebook, and we’re never too busy for a phone conversation.
We don’t disappear after finding you the right home, we keep in touch and you can always contact us (even after closing) for whatever questions or advice you may need.
Steps to Buying a Home
Getting pre-approved with a lender will require you to prove your income and credit history. Some lenders will lock in the interest rate they’ve pre-approved you for (typically valid for 90-120 days) so you don’t have to worry about rising interest rates while you’re shopping for you new home. Knowing what you’re lender is willing to lend you will save you time house hunting, seeing only homes in your price range. When you find a home and put in an offer having a pre-approval will show the seller that you’re serious and may give you more negotiating power.
Let the fun begin!
The first step to house hunting like a pro is to make a list of wants and needs, taking the time to do this initial step will make finding the right home more efficient and less daunting.
Now that you’ve narrowed down exactly what you’re looking for in your new home it’s time to start searching online and in person, this will require you to look past the current owners furnishings and taste and focus on the house it self. A staged home can wow you but keep in mind the contents aren’t included in the sale and you need to try to imagine your own furnishings in the space.
Making an offer can be both exciting and nerve-racking all at the same time. Depending on the current market (buyers vs sellers) that your purchasing in will dictate the type of negotiating required to secure your new home.
You’ve over come the hurdle of getting your offer accepted -now we move onto budgeting for closing costs, these are the associated costs of purchasing a home in Ontario and include legal fees, land transfer tax and your downpayment. If you want more details on closing costs check out our detailed list below.
Closing Costs: the cost associated with buying a home in Ontario.
Deposit: this is required along with your offer or within 24 hours of having your offer accepted.
Home Inspection: If you have decided to do an inspection on the property you will be required to pay the inspector upon completion of the inspection.
Appraisal: Your lender may order an appraisal on the property which is often covered by the lender but not always.
Legal fees: this amount will vary and can be discussed with your chosen real estate lawyer.
Ontario land transfer tax: this varies depending on purchase price http://www.fin.gov.on.ca/en/tax/ltt/
Balance of the purchase price: this is the balance owing, less your deposit, typically the majority of this amount will come from your lender and become your mortgage.
Property tax adjustments: If the seller of the property your buying has pre paid for their property taxes beyond the closing you will need to reimburse them
HST: If applicable – often not on resale homes.
Tarion Warranty: typically only on new homes and may be covered by some builders.
Adjustments for utilities: your lawyer will make adjustments if required and you will reimburse the sellers for any over payment.
CMHC insurance premium: If you have less than 20% downpayment you will pay an insurance premium, the exact amount will be determined by your loan amount and downpayment. https://www.cmhc-schl.gc.ca/en/co/buho/buho_023.cfm
Moving costs: This price will range depending on if you’re hiring a moving company, renting a U-Haul or simply compensating some good friends and family with beverages and pizza.
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