Frequently Asked Questions Regarding Buying, Selling or Leasing A Property
When it comes to buying, selling or leasing a property, many frequently asked questions need to be addressed. Some of the most common questions include the steps involved in making such a transaction, how to prepare a home for sale, and how to obtain financing. It’s essential to understand the buying or selling process and any tax implications that may be involved. A buyer or seller should consider all the necessary expenses associated with a property purchase, such as legal fees, stamp duty, valuation fees etc.
Additionally, a thorough understanding of local laws and regulations is necessary when purchasing, selling or leasing a property.
Furthermore, buyers and sellers should thoroughly review all terms and conditions of a contract before signing it. Lastly, it is always important to consider insurance when dealing with expensive assets like real estate. Having adequate coverage can protect against potential losses if any serious defects are discovered in the future.
Please read our Frequently Asked Questions section about Buying, Selling or Leasing a Property and let Anna Oliver give you all the valuable advice you need to know about market trends and prices for comparable properties.
Buying or Selling a Property
I think I’m ready to buy a property, what’s my first step?
How long does the process take to buy a property?
What is a seller’s market?
- Economic factors – the local labor market heats up, bringing an inflow of new residents and pushing up property prices before more inventory can be built.
- Interest rates trending downward – this improves property affordability, creating more buyer interest, particularly for first-time homebuyers who can afford bigger homes as the cost of money drops lower. Conversely, a short-term spike in interest rates will encourage some buyers to make a purchase if they believe the upward trend will continue. Buyers want to make a move before their purchasing power is diminished.
- Low inventory – if there are fewer properties on the market because of a lack of new construction, the prices for existing homes may increase simply because of low inventory.
How much does it cost to have an agent help me buy a property?
What kind of credit score do I need to buy a property?
How much do I need for a down payment?
|Purchase Price||Minimum Needed|
|$500,000 or less||5% of the purchase price|
|$500,000 to $999,999||5% of the first $500,000 of the purchase price
10% for the portion of the purchase price above $500,000
|$1,000,000 or more||20% of the purchase price|
How many properties should I view before buying one?
How long can the seller take to respond to my offer?
What if my offer is rejected?
When is the best time to sell my property?
Since every home seller’s situation is different, you should discuss the timing of your home sale with your Realtor. In some cases, selling a property during the fall and winter months might be better than waiting until the spring real estate market due to many factors including lower competition.
What steps should I take to prepare my property for sale?
The expression “You never get a second chance to make a first impression” is absolutely true when it comes to selling a home. When selling a property, you must be sure that your property presents itself in the best possible light. Making sure clutter is at a minimum, freshly painting rooms, installing new carpeting, or ensuring odours are non-existent are just a handful of things that should be considered before listing your property for sale.
How much is my property worth?
Why is the assessed value different than what you say my property is worth?
What is the difference between a list price and sale price?
How do you determine how much my property is worth?
How do you plan on marketing my property?
What should I do to prepare my home for showings?
Should I be present during showings at my property?
How does mortgage loan insurance work?
How much will I need for closing costs?
What should I look for in a lucrative investment property?
- Is there public transit nearby or are there any major transportation improvements in the works?
- Is the area attractive to Baby Boomers’ lifestyle?
- Is the area experiencing population, income or employment growth?
- Will the area benefit from an economic or real estate ripple effect and if so can the local infrastructure support the expected growth?
- Is there a short-term problem occurring that is likely to disappear in the future?
An experienced Realtor will ensure all of these factors, and more, are taken into consideration.
Does a higher credit score mean a better mortgage rate?
Leasing a Property
What is a condo?
Can I buy a condo and then rent it out?
What is the difference between a condo and a townhouse?
So, is a townhouse a condo?
Do you have to pay property taxes on a condo?
I want to rent a condo; should I use a real estate agent to help me find a condo or apartment?
- Local market conditions
- The specifics of the rental you’re looking for, such as a particular amenity you want
- Your own qualifications as a renter, basically how much rent you can afford.
An experienced real estate agent will naturally be aware of the rental opportunities in the market. They can help you sort through the details and find an apartment building with the rent you can cover in a good neighbourhood.
In a rental housing market with plenty of available apartments and homes, it could take just a few days to find a place you like. However, in housing markets with a limited supply of rentals, you could face competition from other perspective renters and find yourself searching for weeks for a place to live. That’s when having an experienced agent, who knows the neighbourhoods, really pays off.
Still Have Questions?
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