Nova Scotia Real Estate Buyers Guide
The purchase of a home, especially in an area that is unfamiliar to you, can be nerve racking and stressful. When you hire the MacDonalds to help you find your new home, we relieve the stress and uncertainty because we know and understand the market. We can advise you as to the best areas to satisfy the needs of you, and or, your family. Chances are that we have already been in homes that interest you.
Al and Bea MacDonald have been selling homes in Halifax and the South Shore of Nova Scotia for more than 30 years. Nova Scotia has also been our home for 44 years.
The communities we serve include: St. Margaret's Bay, Hubbards, Chester, Mahone Bay, Lunenburg and points in-between. Plus all communities in Halifax Regional Municipality including Halifax, Dartmouth, Bedford, Lower Sackville, Waverley, Fall River, Porters Lake and further down the Eastern Shore.
We know these communities inside and out and have helped countless buyers not only choose the right home, but also choose the right area in which to live.
How Much Do You Want to Spend?
- Purchasing a home involves one time costs and monthly expenses.
- The largest one time cost is usually your down payment, which can represent between 5% and 25% of the selling price of the property.
- Some other fees can be " property Inspection", "legal fees", "deed transfer tax", " adjustments for fuel and taxes" and "property insurance".
- With our background in mortgages, simply tell us the amount you wish to spend or what monthly payment is comfortable for you, and we can help you with proper property selection.
Understanding Market Conditions
The real estate market is constantly in a state of flux. As Realtors we must be constantly abreast of these changes, and how they can affect your position as a homebuyer.
If you are in a "Buyers Market", the supply of available homes for sale exceeds market demands.
High inventory of homes for sale. Few buyers compared to Availability. Homes remain on the market for longer periods and prices drop.
Buyers have more time to look and make decisions. They also have better negotiating leverage.
Obtaining a Property Mortgage
Pre approved mortgages are becoming very common and popular today. A pre approved mortgage will give you the confidence of knowing exactly how much you can spend on a home before you start looking. It will also protect you against mortgage rate increases, should they occur after the time you obtain your approval.
Should you prefer to wait for mortgage approval until you have found the ideal home, we have a close alliance with the Mortgage Specialists of all major lending institutions. Through these sources or through Mortgage Brokers, a new mortgage can be obtained in a very short period of time.
Elements of an Offer to Purchase
- Price: Depending on local market conditions, your opinion of value, and the market information we will provide, the price you offer on a home may be different than the sellers asking price.
- Deposit: The deposit shows your good faith and is applied to the selling price on closing day. We will guide you as to the appropriate amount to be offered.
- Terms: These include the total price offered and details of the financing you wish to obtain. You may want to assume the sellers mortgage if the interest rate is attractive as opposed to rates of the day.
- Conditions: These may include "subject to a home inspection", "subject to you obtaining financing", or "subject to you selling your own property".
- Inclusions: These may include appliances or certain fixtures or decorative items such as window coverings or mirrors.
- Closing Date: This is usually the date that the property is transferred to your name and the purchase funds are transferred to the seller.
How to Make an Offer
- When it comes time to make an offer, we will provide you with current market information and assist you in drafting the document.
- We will communicate your offer to the seller, or the seller's representative, on your behalf. Occasionally more than one offer may come at the same time. We are experienced to guide you through this process.
- The offer may be FIRM or CONDITIONAL.
A firm offer is usually preferable to the seller because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.
A conditional offer means you have placed one or more conditions on the purchase. These conditions could include "subject to home inspection" or "subject to the sale of your home". The new home is not considered sold or firm until all the conditions have been removed.
