Purchasing a Residential Property
This section is focused on a purchase for personal use.
Determining the type of property you wish to buy is the first step. Property needs vary at different stages of life. The best property for you is determined by your lifestyle, your family needs and your goals. Also your financial resources play a very important part in determining what you will buy. With the help of a professional REALTOR®, you will be able to narrow down the best location for the home that meets your current needs.
Your RE/MAX Hallmark Group REALTOR® can help guide you through these questions. It is important to define the following three key areas to save time and not create frustration for you by viewing properties that do not fit your needs.
- Determining the type of property to buy:
- Are you a first time purchaser? Down payment resources will determine what price you can be approved to buy.
- Are you currently a home owner? What equity do you have in your home?
- Do you prefer the lifestyle of a single family dwelling or would you prefer a condo apartment or town house?
- What amenities are important to you and your family?
- Would you consider leveraging your home investment by purchasing a duplex or multi family unit whereby you would live in one unit?
- What room needs do you have? Example: number of bedrooms, bathrooms, size of kitchen/ family room etc.
- Is this home to be for long term use?
- What are your parking needs?
- Would you like to buy a condo which provides certain conveniences in terms of services included in monthly fees?
- What is the timing of your need for a new home? Do you want a resale home or would you like to buy a home not yet built providing you with input into finishings?
Which residential property is best for you:
Detached- A home which stands alone and isn’t connected to any other home.
Semi- detached- A semi- detached home is similar to a detached except it has one wall which is shared with the house beside it.
Duplex- A duplex is a free standing home which is divided into two units.
Town house- Town houses are a row of houses which are connected by a mutual wall, similar to the semi-detached.
Apartment- A home that is generally one to three bedrooms in a building with other similar sized units. It may be a low rise or high rise building. Parking may be underground or not. Sometimes no parking is provided.
2. Financial Considerations:
It is important to talk to a mortgage advisor before starting your search. Your RE/MAX Hallmark Group REALTOR® can recommend mortgage professionals to help you. This advisor looks at your overall financial situation to ensure you are completely confident about what you can afford. You will also receive a pre-purchase mortgage approval. Remember that this does not mean you do not need a financial approval clause in your offer on a property. It means that you can afford a certain price of home. You would still need a financial approval clause in any offer to give your mortgage institution the time to approve whatever property you find.
If you are moving from an existing home to another home, you still need to contact your mortgage institution to inquire about the possibility of transferring your mortgage or any penalty expense of terminating your mortgage. Also, your RE/MAX Hallmark Group REALTOR® will likely ask to have your mortgage company complete a Mortgage Verification Document.
Knowing the style of home you wish to purchase, the amenities that you need close to your home and defining the price you wish to pay helps narrow down the location of your new home. Your REALTOR® will meet with you reviewing all the possible areas on the MLS® map that provide the needs you have defined.
Your RE/MAX Hallmark Group REALTOR® will ask for even greater detail of the above information before showing you properties. You will be asked to sign a Buyer Representation Agreement authorizing the REALTOR® to represent your interests. Please see the tab on this website titled “Buyer Representation”. This is part of the “full service” you can expect from RE/MAX Hallmark Group.
If you have any other questions about buying your next home, please contact us!