First Time Buyer… A Few Things You Should Know

Are you a first time home buyer? Here are 4 things you should know:

1. You do not have to pay your realtor.
   • All MLS listed homes (so all those homes you browse on realtor.ca) have compensation included in the list price for both the Listing Realtor AND THE BUYER’S REALTOR. So pick a realtor to look out for you!
2. Get Pre-Approved.
   • Before falling in love with a home, make sure it fits your budget and financial goals. Getting pre-approved can save you headaches and stress. In a hot and competitive market, this will make sure you have a strong and solid offer to present.
3. Browse with your own realtor.
   • Have you been eyeing up a home online? If you are ready to start looking at homes in person, call your realtor! If you view with the listing agent, you may unknowingly divulge too much information that may not benefit you during negotiations.
4. There are closing costs to consider before putting in an offer.
   • Deposit – This forms part of your down payment but lets the sellers know you are a serious buyer.
   • Down-payment – This amount is typically 5-20% and will be determined with your lender.
   • Mortgage Insurance – If your down payment is less than 20%, you’ll need CMHC mortgage insurance as a requirement from your lender. This cost will be added to your mortgage.
   • Home Inspection – This is something I highly recommend so there are no surprise costs after you move in.
   • Lawyer Fees – To complete the transaction paperwork, register your name on title, register your mortgage on title, tax searches, etc.
   • Miscellaneous costs – Moving fees, utility hookups, property taxes, etc.

Please reach out if you have any questions about the buying process and I’d be happy to help out!

Stephanie Harder – Realtor®
Coldwell Banker Signature
306-241-1000
stephanieharderhomes@gmail.com