Selling your property
You feel you’re ready to sell your house or property, yet you wonder how much you should ask for it? Unfortunately people often make the mistake of under estimating its value. Our team has developed a great expertise in that area, thoroughly investigating the different markets as to get a good value of your property on the current market.
We are here for you, so call us because our passion is to make people happy. A member of our team will be glad to answer to any question you have.
Tips for buyers
Buying a property is not just a piece of cake. That is why we provide you with a number of practical tips. It is very important to first be pre-qualified for your mortgage and thus get an garanteed interest rate for a determined period as to avoid interest rates fluctuation.
Pre-authorization will also show the exact amount you may invest as to respect your budget. Take time to determine your needs concerning the site, the desired dimensions inside, the size of the land, etc.
We will be pleased to get you through the exciting adventure of buying a property.
Fees related to the purchase of a property
Fees related to a purchase will be according to the kind of building bought ; (Condo, indivised coproperty, bungalow, apartment building) whether new or old. You may have some one-time fees in the year following the purchase , for example ; your cash down, legal fees, land transfer tax, inspection fees, G.S.T. and Q.S.T. (on a new house only). Other fees will come at regular intervals, such as ; mortgage payments, municipal taxes, schoolboard taxes, insurance and maintenance fees (on condominiums or indivise coproperties only). In the following text, you will find a detailed explanation of any fee related to the purchasing of a property.
Expenses in the first year
Before purchasing, it is important to know of any expense you may have to meet during the year following . You will then be able to target your research according to your budget.
Once you have found your dream-house, it is strongly recommended to have an inspection done on the building after your offer has been accepted . The inspection can cost between 300.00$ and 800.00$ whether it is done by a home inspector or a qualified engineer (the latter usually more expensive than the first one).
As for legal fees, that can vary between 1000$ and 1500$ depending on the notary.
Periodic expenses
Some expenses may be monthly and others annually.
For instance, the municipal tax comes annually but can be paid in 2 payments. The invoice runs from January the 1st to the 31st of December each year. As for the School tax, it runs from July the 1st to June the 30th which means during school time. You can mention your financing institution to include these amounts in your monthly instalments.
As for the mortgage, it can be paid by month, by week or even every other week depending on your own preference and your bank. We suggest you consult your lender as to see what solution is the best for you.
Besides, there are insurance renewed annually yet that can be paid throughout the year.
Finally, if you bought a condominium or an indivise coproperty, you will have to pay monthly maintenance fees. Those fees are kept in a reserve fund in case the building needs repair. In many Coproperty Co-operatives, part of those fees are used to grow the reserve fund, pay common insurance as well as for common maintenance. You must check with the Co-operative what the maintenance fees cover.
