You may be wondering.
When you start the process of looking for a house, it’s inevitable that you’ll start to come up with a whole list of questions. I like to think that any major undertaking starts to feel a lot more comfortable when you work in partnership with someone who has answers for your questions. For you, the details and considerations of finding and buying the house you want can be a lot to deal with. For me, it’s what I help people to do every day. So I am pretty comfortable with the processes involved.
Here are some examples of questions that I get pretty regularly.
There are a number of factors that tend to be most relevant and important to the buyers that I work with. One the one hand, you want your home to be a great investment and therefore I suggest buying a property in a great location. Though costs tend to bit a bit higher in these areas – it’s much more likely that you will benefit from stronger rates of capital appreciation and your home value will be insulated from any corrections in the marketplace. On the other hand, I strongly encourage first-time home buyers to buy a house that is going to require the least amount of capital improvements. The last thing you want as a first-time homebuyer is having to deal with expensive costs such as a roof, windows or even furnace replacements within the first couple years of ownership. My suggestion: buy a home in a great area and find something that will allow you to move in and turn on the BBQ.
AnswerRegardless of type of home or property you’re buying, it is prudent to be aware of these extra costs.
- A land transfer tax (a sales tax on property).
- Reimbursement to seller for the unused portion of any prepaid property taxes or utility bills
- Legal fees, and, if applicable, REALTOR® fees