Real Estate 101 – First Time Home Buyers

If you live in or around Montreal, the last several years have been crazy in Real Estate.  The mortgage rates have been very low and it seems that anyone and everyone has been buying real estate.  From condos to houses, it is now so much more affordable to purchase a home.

Although everyone seems to be buying a new home, not everyone knows the steps to purchasing a new property.  There are several costs that home buyers are not aware of. Before you make an offer to purchase a  new house or condo, here is a list of things I think might help you. (This list is based for properties in Montreal, Quebec and surrounding areas).

1. Get a Real Estate Broker to work for you on the buying side. Many people think that if they do not use a buying broker, they will get a better deal through the listing broker.  This is not always the case.  The listing broker has been hired by the sellers to get top dollar for their property.  Hiring a buyer’s broker will help you negotiate a lower price and will help you ask the right questions to protect your investment. Your broker will work for you and not the Seller.

2. Make sure you have enough cash for closing costs.  Besides the price of the home, other costs come into play such as: notary fees, municipal tax adjustments, condo fee adjustments, inspection costs, moving costs and let’s not forget the much dreaded WELCOME TAX.

3. Ask for an inspection. One of the conditions that you should insist on is having a professional inspector inspect the property you are interested in purchasing.  You can expect to pay a few hundred dollars for a complete inspection, but it is well worth it, as it can uncover defects and problems that you would not have been able to see or determine yourself.

4. Review co-ownership documents. When making an offer an a condo, one of the conditions that you should insist on is reviewing the co-ownership documents, the rules and regulations as well as the financial statements and minutes of the last meetings.  These documents contain lots of valuable information that you should know prior to making a purchase.  You don’t want to have any surprises!

These are just a few, but important items that any buyer must consider when making an offer to purchase a home. There are so many other factors that go into purchasing a property. The right Broker will be able to guide you to make the right choice and ask all the relevant questions.

Monique Assouline is a Montreal Real Estate Broker at Londono Group.  For additional information or a more in-depth explanation, she can be reached at          514-219-5897.


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