Preparing to buy
For most people, buying a house is their biggest single financial investment. A typical purchase transaction includes land transfer tax (or welcome tax in Quebec), survey costs or title insurance premiums, your lawyer’s legal fee and various associated legal disbursements. We recommend that you review your financial budget on Your Move Profile for a full breakdown of estimated costs.
Here are some tips to help you be better prepared to find the ideal match between your financial situation, desired neighbourhood, and preferred housing style.
- Tip #1 – Identify your needs and wants. Decide if you prefer building a new home or buying a resale property. Is a house without a finished basement a deal breaker? Talk with your family about your ideal home, so you can determine what you need and what you can compromise on.
- Tip #2 – Get advice from a mortgage professional. There is more to consider than just the purchase price of the home when thinking about what you can afford. Get pre-approved for a mortgage before you leave for your HHT. This will help to focus your home search on properties you know you can afford.
- Tip #3 – Choose a realtor/broker® carefully. Choosing a realtor/broker® is an important first step in finding the right home for you. You want one who understands your needs and budget, and who knows the potential neighbourhoods. Their professional experience will provide an objective viewpoint that will help to remove emotion from the process. The TPSP Directory gives a list of participating realtors/brokers®. Keep in mind that there is no reimbursement made to a purchasing realtor/broker® under the Relocation Directive. It is expected that their fees be paid by the listing brokerage as this is standard practice in the real estate industry.
- Tip #4 – Do your own research, but also ask for professional input. The internet makes it easier than ever to quickly look at properties for sale in any area. While your realtor/broker® will certainly be doing a lot of this work themselves, looking online as a family can help to make everyone feel included in the search. Then, ask your realtor/broker® for recommendations or advice based on their expertise, ask them for comparable properties to your price range, both sold and on the market now, to discuss the market value of homes in the area.
- Tip #5 – Arrange Third Party Service Providers (TPSPs) before your HHT. Consider the inspections you will require when you place an offer. For example, it is industry standard to conduct a home inspection as a condition to most offers, so select and contact a home inspector in advance. You might also want a specialized inspection, such as pyrite, water/well, or septic systems. Organize all the TPSPs you might need. Before incurring expenses, check the Relocation Directive to confirm if they are covered.
We expect you have more questions. Your Knowledge Centre on Your Move Profile is an invaluable tool for other relocation information and guidance. Finally, the purchase of replacement residence section of the Relocation Directive has all the information you will need on potential purchase benefits. Take the time to review all the information available and familiarize yourself with what you’re eligible for.
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