Home Buying

There is a lot to think about when purchasing your first home, 2nd home or next home. Now is the time to start thinking, planning and dreaming. Let the Fun begin!!

Mortgage: Get preapproved ASAP a very smart decision. This will help in your decision process, you may be able to purchase that home you thought was impossible before, but with mortgage rates as low as they are now, it may be possible now?

What do we need?  What do we want? Review the check list of items off the Buyer Wants, Needs, Dream list, include any of your wishes and dreams as well

When deciding on a certain area, think location where you live, work and play.

Travel times, (your commute) the travel distance to work, schools, shopping, family and friends

Are you able to get rid of a car? Will you, could you use public transit?

Walking score, how close are you to amenities?

Amenities/infrastructure required in your future neighbourhood

Schools (school quality), hospitals, shopping, parks, hockey rinks, country club, golf courses, highways, public transit, airports, place of worship, distance to the cottage

Get to know your neighbourhood:

The best way to see, learn, a new neighbourhood is to get out into it.  Walk it, ride-a-bike in it, shop in it, visit the local stores, talk to the neighbours, visit the area during various times of the day and week, Traffic on a Saturday morning vs traffic Monday morning rush hour, it can be dramatically different, is it safe, is it noisy? Crime report, visit the local police station.

Buying into the neighbourhood:
Will you be able to move within the neighbourhood, able to move up (upsize) larger homes/down (downsize) smaller homes, condos, when or if the time comes?

Items of larger importance on a cost basis:
Roof, Furnace, Air conditioner, Electrical, Plumbing, Windows, Floors, Kitchens, Washrooms

Pre-Closing Costs


Home inspection
Appraisal, mortgage, survey

Closing costs
Balance of the purchase price, subject to adjustments

Condo maintenance fees
Mortgage high ratio insurance
Mortgage insurance life insurance
Mortgage registrations
Mortgage discharges, charges will be specific to your mortgage, found most likely in the mortgage documents, please discuss with your mortgage professional
Property valuation fee, appraisal fee please discuss with your Mortgage Professional
Mortgage Payment
Taxes: Land Transfer Taxes, Provincial and Toronto
Rebates; Land Transfer Taxes, first time buyers discuss with your Lawyer
Lawyer, legal fees, range depending on the amount of work necessary, required
Title insurance, optional, highly recommended to buy!!! Please discuss with your lawyer
Utilities adjustments,
Rental items? Hot Water tank, .... security system....
Accountants Fees, with possible investment properties
Capital Gains: discuss with your accountant
Lease income: rental property
Real Estate Fees
Prepaid property taxes by seller,
Land Surveyor
Insurance Home
Moving costs
Food/stocking the fridge
Decorating Painting, if required
Furniture, TV, window coverings, wait until your home has closed before purchasing any items,
Items: Snow shovel, Lawn rake, Lawn Mower, Patio Furniture, BBQ,  

These are only a few examples of closing costs to get a better understanding of the process please call Michael Andrew Fenn to discuss your specific situation,

These are only a few examples of Buying a Home, to get a better understanding of the process please call Michael Andrew Fenn to discuss your specific situation.