1. Home Inspection
Having a home inspected by a certified house inspector can be your best money spent. Depending on the property size, inspection cost ranges from $350 - $600.
2. Closing Fees
Beware of unexpected closing fees. These include legal fee, transfer fee, adjusted balance of property tax, goods & services tax (GST), mortgage insurance, and moving cost.
3. Bi-Weekly mortgage payments
Choosing a bi-weekly payment instead of a monthly payment can save you thousands of dollars and shorten your mortgage payments by up to 4 years.
4. First Time Homebuyers
First time homebuyers can take advantage of withdrawing up to $25,000 from your RRSP. This can be used to increase your down payment and hence, save on CMHC Insurance fees.
Don’t be afraid to negotiate. A professional realtor will guide you through and help you find your home at the right price. A professional realtor will also find out the seller’s current situation (ie. whether there is a deadline or reasons as to why he/she is selling the property.)
6. Location… Location… Location…
Are you buying the property because it is closer to public transportation? Easy access to highways? Walking steps to local stores? A nearby school?
Whatever the reasons there are, choosing the right location and finding the right neighborhood are crucial. Find a location where you are most comfortable as every neighborhood has its own features.