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Eight things to know when buying your first home
August 2, 2023 | Posted by: Angela Robinson
Thinking of buying your first home? Here are 8 crucial things to consider before taking the leap into homeownership!
1) Build Your Support Team: You'll need a reliable team to guide you through the process. Get in touch with a realtor, home inspector, real estate lawyer, and of course a mortgage broker like us!
2) Title Insurance vs. RPR & Compliance: Understand the difference between a Real Property Report (RPR) and title insurance. Both have their benefits, so weigh your options wisely.
3) Insurance Is a Must: If you're financing, your lender will require home insurance to protect the property. For condos, get your own insurance to cover your unit's contents.
4) Be Prepared for Extra Costs: Remember to budget for adjustment costs, home inspection fees, and lawyer charges. These expenses are part of the home-buying process.
5) All About Holdbacks: Learn about holdbacks and how they can protect you if there are outstanding issues the seller needs to fix after the closing date.
6) Closing Delays Happen: Be ready for possible delays and extra costs. Plan a buffer period before moving into your new home.
7) After Purchase Responsibilities: Congratulations on your new home! Don't forget to pay your mortgage, property taxes, and keep your insurance up to date to avoid potential legal issues.
8) Final Considerations: Homeownership comes with responsibilities. Take care of your property, abide by local bylaws, and ensure your Enduring Power of Attorney and Will are up to date.
Remember, each province might have different processes, but these tips generally apply across Canada. Get in touch with us today at 780 701 3888 or marc@albertamortgagepros.ca