Five Steps to Buying a Home
in the Quinte Real Estate District
1. Selecting your buyer agent
The buyer's agent is legally responsible for representing the best interests
of the buyer in a real estate transaction just as a seller's agent represents
the interests of the seller. The buyer's agent is usually paid from a
portion of the commission paid to the listing agent by the seller. As
your exclusive buyer agent, I will help through all the steps necessary
for you to purchase a property in the Quinte Real Estate District.
2. Determine your price range
How much do you want to spend on a house? What down payment can you make?
What can you afford in mortgage and tax payments? All these questions
must be considered when you begin to look at properties. Mortgage lenders
use a formula to determine how much they will provide for a mortgage.
Most will lend up to 75% of the appraised value of the property as long
as the total monthly mortgage payments and taxes do not exceed 30% of
your monthly income.
First time buyers may qualify for assistance from a Canada Mortgage and
Housing Corporation (CMHC) loan that permits the buyer to make a lower
down payment. Or you might borrow from your RRSP to assist with the mortgage
loan. Mortgage pre-approval by your bank will place you in a better bargaining
position when the time comes to make an offer. We can discuss these and
other options in detail to determine the price range that works best for
you.
3. Your ideal home
How large do you want your new home to be? What style of house do you
prefer? Do you want an older Victorian home in the Village of Tweed? An
established cottage on the lake or a rural lot where you can build your
dream house? Do you fancy a large farmhouse with acreage near Stirling
or a newer bungalow closer to Belleville, Ontario? There is a wide variety
to choose from in the Quinte Real Estate District. It's often a good idea
to make a list of the essential features you'd like your new home to have.
Pay special attention to the location. You can usually change the small
things that you do not like about a house once you move in but one thing
you can't change is its location.
4. Choosing suitable properties
After we have determined your preferences in location and style of house,
we can start to look for suitable properties in your price range. I will
search through the Quinte Real Estate Board MLS and private sale listings
and make suggestions about which homes we might view. I will set up appointments
for you to see the properties at your convenience. Afterward, we can discuss
the houses, compare them to your wish list and further narrow your search
until we find the perfect match.
5. Preparing the offer
When you find the property you like, we will compare its price with recent
sales and other real estate listings of similar properties in the area
before making an offer. Pay special attention to other factors such as
closing date, items included and excluded in the sale, and the availability
of a satisfactory survey. Any offer should be upon conditional approval
of a home inspector, final mortgage approval, and confirmation of water
supply and septic system in order to protect your interests.
As you buyer's agent, I can guide you through these steps to help make
your home buying experience an enjoyable one. Please contact
me to arrange a meeting to discuss your needs.
©2004 Rick Kennedy.
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