HOME BUYER
FREQUENTLY ASKED QUESTIONS:
Do I need a real estate agent to buy a home?
No, but an agent provides expertise, standard contracts, market knowledge and negotiation skills to find the right home at the right price.
Real estate agents can inform you of tax exemptions you might be eligible for, inquire about zoning, permitted property use, and other aspects of the home, advise you on the best approach in competing offer situations, and guide you through the paperwork and closing process.
There are risks of representing yourself in a real estate transaction if you don’t have the knowledge and expertise required to navigate the sale. The seller will likely benefit from the services, opinions and advice of an agent on their side.
How much do I need for a down payment?
Usually at least 5% of the purchase price of the house. If you want to buy a home with a down payment of less than 20%, you’ll need mortgage loan insurance. This protects your lender in case you can’t make your payments. Canada Mortgage and Housing Corporation mortgage loan ensures you get a reasonable interest rate, even with your smaller down payment. To get mortgage loan insurance, you’ll need a minimum down payment. The amount depends on the home’s purchase price:
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If the home costs $500,000 or less, you’ll need a minimum down payment of 5%.
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If the home costs more than $500,000, you’ll need a minimum of 5% down on the first $500,000 and 10% on the remainder.
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If the home costs $1,500,000 or more, mortgage loan insurance is not available.
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What’s the first step of the home buying process?
You'll need to get a mortgage when buying a home. To know how much you can afford, you’ll need to get meet with a financial advisor (if you don’t have one, we’ll give you some recommendations) and get an initial pre-approved for a loan first. This information will guide our search process.Typically, around 30 to 45 days after acceptance. This allows for lawyer to complete what is required to close a deal. The lawyer must legally close the deal on the closing date. The length of the closing varies for each deal between the needs of the buyer and seller.
What kind of credit score to I need to buy a home?
A higher credit score can get you better lending terms. The lender will also determine a borrower's affordability by determining their Gross Debt Service (GDS) and Total Debt Service (TDS) ratios. The GDS ratio is a comprehensive measure of a borrower's monthly housing expenses. The TDS ratio is similar, but it includes all the borrower’s debt. TDS = (annual mortgage payment + property tax + annual total loans)/gross annual income.
What other fees are there (aside from the down payment and deposit)?
Mainly loan origination and closing costs at about 2% to 4% of the loan amount. You'll also have to pay for a home inspector, a home warranty, insurance, lawyers, home maintenance and more.
Should I buy before selling?
Depending on your situation, financials and market conditions, we can guide you to make the right decision for your specific needs.
What’s Included in Our Complimentary Staging
​Every listing comes with:
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A personalized home walkthrough and design consultation
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Furniture and decor accents when needed
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Styling support to highlight your home’s best features
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Light prep guidance to ensure every showing shines
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Professional photography — after staging is complete
How soon will I be able to move in after I purchase?
Typically, around 30 to 45 days after acceptance. This allows for lawyer to complete what is required to close a deal. The lawyer must legally close the deal on the closing date. The length of the closing varies for each deal between the needs of the buyer and seller.
When can I expect to receive the keys to my new house on closing day?
You'll get the keys to your new home on closing day once the transaction is complete and fully funded by your mortgage supplier. This can take up to 6:00 PM on closing day according to your agreement of purchase and sale.
Real Results from Real Clients
Ruth was great in giving staging guidance, very personable and professional and available when we needed her advice. Great photos of our home and she was persistent with open houses to get us top dollar. Great experience and will definitely work with Ruth again!
- Usman M
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I appreciate all the suggestions that Ruth had for us. I would not have known how to do certain things without her extensive knowledge. Ruth really made the whole thing quite easy and honestly a very pleasant experience as well.
- Steve M
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Serving the Communities We Know and Love
From Ayr to Paris, St. George to Woodstock, and everywhere in between — we know what local buyers are looking for, and we stage to match. Let us help you stand out in today’s market. [ Locations Served ]
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​Ready to Stage Your Home for Success?
Let’s talk about your next move — and how our staging can help you make the most of it. [ Contact Us Today ]