Identifying The Right Property
Identifying the right property is not hard as you just have to understand your needs. You want a place that is close to your customers. First and foremost is the location. But you have to see the potential risk in that too. May be the location you choose is good today but is it also easily accessible to your customers? Also you have to see if there is an opportunity for expansion. Before you finalize the location, you need to do due diligence.
Commercial property is valued differently. You have to revisit your objectives and re-consider whether it is the right investment for your business. Talk to your team of advisors and get their opinion if it is the right investment.
Buying Tips
In this home buying section, I will walk you through some of the very important points to help you quickly set up the notes in your home search.
- Contact a mortgage specialist & get pre-approved
- Review Purchasing Costs
- Property Tax
- S.T (only on new property)
- Legal Fees (Lawyer fee etc.)
- Home / Condo Inspection (if applicable)
- High Ratio Mortgage Premium (only if borrowing over 80% of the purchase price)
- Deposit (minimum 5% & forms part of the purchase price)
- Review First Time Buyer Savings (Tax rebates / RRSP withdrawals / Tax Credit)
- RRSP tax free withdrawal
- Define your Search Criteria
- Needs Vs. Wants analysis
- Neighborhood analysis (likes & dislikes)
- Determine what your budget will get you in your neighborhood of choice
- View property details from listings in your neighborhood of choice
- Tour open houses of qualified homes
- Make an offer
- Draft Contract of Purchase & Sale
- Determine Price, Possession date & Completion Date
- Determine Subjects such as Inspection, Financing & Paperwork)
- Submit Offer (with Expiry time and date)
- Sellers Options (Accept, Counter or reject)
- Place deposit check into the Trust Account of your Realtors Brokerage
- Select Notary Public / Lawyer
- Prepare for the move