– Firstly, you will need a home buying squad. Ensure that you pay attention when assembling your squad: Real estate agent, mortgage broker, property lawyer and obviously a shoulder to cry on.
– When it comes to getting a mortgage, you are looking at a lot of paperwork to fill out and hand over. If you are planning to purchase a home with a partner, ensure that both of you have all your affairs in order. Gather your employment letters, bank statements, debt statements and income tax returns for the last couple of years.
– Putting in an offer, negotiating and meeting all of the conditions is very exciting but also very stressful. Prepare yourself for an emotional rollercoaster.
– Inspections are not cheap, but they are well worth the peace of mind. For example, if you are planning to purchase in Nova Scotia, you should get a radon test. Radon is a naturally occurring gas that is released when uranium breaks down in the ground. Radon can have very negative effects on your health if the levels get too high and stay undiluted.
– You may need to take some time off work in order to get the deal done. You will need to meet with your lawyer, sign documents, be there for the inspections and do a lot of running around to get your bank and tax documents. You will also be packing up all your things and moving, this will all take time.
– Try not to get your hopes up about moving into your new home on closing day, or getting deliveries, repairs etc done either. Most closings do not actually happen until later on in the day, as money, documents and keys are being moved around the city, province and sometimes the country.
– It is pricey to furnish your home. Going from a 1-bedroom townhouse to a four-bedroom house means much more furniture and much more money. Try convince your parents to buy a new lounge suite and to give you their old one or call up your aunt to see if she will donate anything to your worthy new-home cause.
At Michael Krawitz we specialise in a range of services including property law.