TINA SORICHETTI, REALTOR® /Real Estate Broker 1-866-447-4434
are you ready to get started?
There’s a lot to know when it comes to buying a home in Ontario. Understanding the details of the local community, identifying the size of home, style of home and setting are all contributing factors to how much you are willing to pay, when you are the Buyer. Of course, organizing a budget will be easy to achieve once you have these details in line. Whether you’re a first time buyer, looking for a bigger house or downsizing, Tina is here to help you every step of the way. Tina's goal is to provide you with expert, caring, and candid advice throughout one of the most important transactions in your life. That is her commitment to you - always here to help guide you through the real estate market. What you Need. When you Need it.
Making an Offer
The current market that you are working in will dictate, to some degree, on how you make that offer. You may find yourself in Multiple Offers, which can change on how you move forward in the process. Tina can guide you through any market situation, protecting your best interests with achieving your goal in mind.
Closing Costs
These are costs allotted at the time of closing. It is necessary for you to have these embedded into your budget.They will include Land Transfer Tax (some areas have implemented a secondary Land Transfer Tax), costs for heating fuel and other Adjustments on Closing that the Lawyer will arrange detail and payment. Email Tina for more specific information on Closing Costs as every property is different.
Land Transfer Tax
A Land Transfer Tax Calculator has been provided on this website. However, if you are looking for the breakdown in the formula, here it is. Keep in mind, that some areas have a secondary tax and that calculations are based on the purchase price of the home and due on the day of completion.
0.5% of the value of the property up to and including $55,000. 1% of the value which exceeds $55,000 up to and including $250,000. 1.5% of the value which exceeds $250,000 up to and including $400,000.
How Much Can I Afford?
It is very important to align yourself with a great Bank/Financial Representative and secure a Pre-Approval and Interest Rate. Some Sellers are asking for proof of this necessary Pre-Approval when submitting your Offer. Your housing affordability will be determined by your income, assets, debts, saved money/downpayment interest rate and amortization of your Mortgage. It is very important not to make changes to your financial situation when in the midst of planning a move. Once the Bank has provided you with the Pre-Approval it is wise not to make changes to your portfolio - for example, going out to buy a new car may inhibit your ability to be approved for the deal or worse, complete the deal, regardless of the Pre-Approval that you have in hand.
The Insurance Explained
Insurance will be required on the property, especially if you are obtaining funds from a Lender. This Insurance Declaration must be provided prior to any closing occurring - the Lawyer takes care of this. However, Insurance requirements can change often and there are many red flags that may pop up. Tina is aware of these road blocks - rural and urban - you are in good hands to sort out the gritty stuff prior to committing to the final purchase of the property. Knowing what you are buying and confirming that it is insurable will make this process less stressful and a better experience for you overall!
COVID -19 Safety precautions
2020 brought some big changes in the Real Estate Industry and how homes are previewed with clients. Tina has safe protocols in place to protect her Buyers when in other peoples' homes. Some Sellers are asking that you are masked and gloved - most often there is sanitizer provided in the home but Tina is equipped with all the PPE essentials in case you forget or it is not provided. She does not double up on showings and requests no other showings be booked during her time. She also asks that no children be present for showings and only the people who have direct interest in the purchase of the property. Staying safe is priority.
