Home purchasing is probably the most significant financial and emotional investment you’ll make in your lifetime. Sure, it’s exciting, but it can also be overwhelming. Asking the right real estate questions and getting answers from a trusted team of professionals can put your mind at ease.
Below are some of the most common questions buyers and sellers ask our Century 21 Fusion team.
How much do I need for a down payment?
In Canada, the minimum down payment depends on the purchase price. For homes under $500,000, you need at least 5%. Between $500,000 and $999,999, it’s 5% on the first $500,000 and 10% on the remainder. Homes $1 million or more require at least 20% down.
Should I sell my current home before buying a new one?
It depends on your financial comfort and local market conditions. Selling first gives you certainty about your budget, while buying first lets you move on your own timeline. We can help you weigh the pros and cons based on your situation.
What costs should I budget beyond the purchase price?
Buyers should plan for closing costs such as legal fees, home inspection, property tax adjustments, and title insurance. Sellers typically cover real estate commissions, legal fees, and any mortgage discharge penalties.
How is the asking price determined?
We analyze recent comparable sales, current market trends, your home’s condition, location, and unique features to recommend a competitive listing price.
Do I need a home inspection?
A home inspection is highly recommended for buyers. It can reveal hidden issues and give you confidence before finalizing your purchase.
Ready to take the next step? Contact a Century 21 Fusion REALTOR for personalized guidance through every step of your real estate journey.
Post written by Margaret Baker CENTURY 21 Fusion Realtor®