Before You Make An Offer
You've found the house you want to buy. Step back for a while and think about it.Be objective. Consider these key factors. They will eventually determine whether this would be a good purchase:
Ask yourself these key questions about:
- The neighborhood
- Commuting
- Potential problems
- Inspections
- Are you familiar with the neighbourhood?
This means driving most of the streets, looking at traffic patterns, schools, shopping facilities, and more.
- Do you know exactly how you will get to work from this location?
How long will it take at rush hour, door to door?
- Have you personally researched any potential problems?
For example, the house is on a "flight path", but you have been told that airplane noise is minimal. Have you stood on the lot and listened?
- Have you inspected enough houses in the neighbourhood?
Have you drawn meaningful conclusions about their value and alternative options? For instance:
- Have you inspected (from the outside) houses that have recently sold and are similar to the one you want to buy?
- Have you personally looked through several homes currently listed for sale in the area?
- Have you been provided with sound, objective information on the history of the house and where it fits within the neighbourhood value range?
Consider other purchase expenses
Be aware of these costs
"Other Ajustments" would include additional money the purchaser is required to pay to the seller. These are usually reimbursements of expenses that the seller has prepaid on behalf of the purchaser.
The "statement of adjustments" covers these items. This statement, detailing adjusting figures and amounts owed by both parties as of the adjustment date, is usually prepared by the purchasers lawyer. These items are additional expenses that are not included in the down payment. Before committing your entire savings to such a down payment, you, the purchaser, should be aware of these costs.
Additional costs at purchase possession date can range from $1,000 to $3,000. I will make an itemized list of approximate costs for you.
Legal fees are especially important for you to consider. These will be explained later on in a separate section.
CONFUSED? Why not see our Glossary of terms?
This information was provided by RE/MAX House Calgary.
