March 22nd, 2018 | Buyers
The Buying Process: Post-Purchase – Buyers Spring Training Seminar.
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A huge congrats to you!
At this point we’re 50% of the way there, until closing, we have a few items to consider and for you to make appropriate post-purchase arrangements.
- Lawyer & Title Search. Approximately $1200-$1800
- Land Transfer Tax & Additional Cost(s). Rebate for first time buyers up to $8,475 (Provincial $4,000, Toronto $4,475)
- Buyer Visits. 1-2 visits prior to closing to measure & show family & friends
- Home Insurance. This will need to be arranged prior to the closing date
- Utilities & Transfers. Set up your accounts & schedule installs as these services book up fast
- Movers. Beginning & end of the month is the busiest time, so book early to get the date you want
- Are you an Investor? You will need to get tenants and understand the LTB.
- Are you planning to Renovate Prior To Move-In? Ask yourself “What, how much, who do I call, how long will it take, how do I manage it?”
This seems like a lot to do, but don’t worry we will be holding your hand throughout all of this. To prepare you better for this journey, here are some common Buyers regrets, so you won’t have any!
Avoiding Home Buyers Regret
A survey of first-time buyers concluded that buyers didn’t regret how much they paid for a house, but others things after the sale:
- 2 Biggest Regrets (60%): Not having a bigger down payment and not thinking about the associated cost of home ownership.
- The Amir & Aleks Regret Factor: missing on the “right” house because the buyer was not ready (mentally or financially).
- 29% of buyers didn’t budget for ongoing costs: maintenance and utilities.
- 1/8 of the buyers overlooked one time fees associated with buying such as LTT (Land Transfer Tax), legal fees, title insurance etc.
So the big lesson here is … Budget, budget, budget!! And don’t forget…
- Utility costs (heat, hydro & water).
- Save up a reserve fund for your future home repairs (roof, furnace etc.)
- Property taxes – you can’t avoid them.
- If you are buying a Condo – there are maintenance fees to pay, all utilities are not usually included (hydro is common, approximately $50-$100 monthly).
Other Seminar Notes:
Now that you know the process from start to finish, ready to begin your buying journey with us?
