I bought my second expensive house last two weeks paid in cash, I feel so happy for myself and my achievements watching this random video. So glad I made a good decision about my finance that changed me forever. just hope it encourages someone that it doesn't matter if you doesn't matter if you don't have any of them right now, you can start TODAY regardless your age INVEST and change your future! investing is a grand choice I made! great video! thanks for sharing! I love this
@@jarrettmacurdy3612 When it comes to investment, diversification is key. Also have my interest set on key sectors based on performance and projected growth. do not invest all your money in a particular sector. diversifying across different sectors is the way to go. I invest across the top markets but not by myself tho. i follow the guidelines of Alexandra Diana Jose. you might have heard of her.. I can correctly say she’s worth her salt as a investment advisor as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 30 to 5O% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what her place and not just on some particular industries of my choosing
@@jarrettmacurdy3612 She is easy to find , make a quick research of her on the internet with her name Alexandra Diana Jose . She works with anyone independent of their location.
Sorry if I am interrupting but then You are right, I am one of many who has benefited from investing with Alexandra Diana Jose. 2020 is an unforgettable year in my life, back then I lost my job due to covid and had no reason to live. Alexandra Diana Jose made a good life possible for me through passive income and I owe her my life. To be honest, I feel like she is an angel of who was sent to help those who are suffering financially.
Hi i have the following questions 1. To whom the filled up loan application submitted to? 2. How much is the deposit that accompany conditional offer? 3. Who will prepare Conditional Sold Document? 4. If the house price is high, will the buyer get a higher mortgage loan than he was pre- qualified for because house itself is collateral? 5. To whom the "Commitment on the Loan" written by underwriter be submitted to? 6. What are the legal documents prepared by the buyer attorney? Regards A. Awada
Lots of great questions! 1. All the mortgage paperwork is done with a mortgage broker or a mortgage specialist at your bank. 2. There is not set amount for the deposit and it varies by market, price and property type. 3. Your real estate agent, if you are working with one, will prepare all the documents for the purchase. 4. You will only be given a loan for the appraisal value of the property. 5. That is all done through the mortgage broker/specialist 6. Yes the lawyers prepare all legal documents. Hope that helps!
@@BaldPrairieRealEstate Thank you very much for your great answers, I have the following follow up questions 1. To whom the Conditional Sold Document is submitted to? 2. What are these legal documents prepared by the buyer lawyer? 3. To whom the conditional offer made by the buyer realtor is submitted to ? 4. To whom the “Commitment on the Loan” done by the underwriter is submitted to? Regards,
@@AAwada 1. All documents when it comes to the offer, counter, removal of conditions etc are submitted by the buyers agent to the sellers agent, the lender, and each agents respective offices. 2. The lawyers are primarily responsible for ensuing that money and the title is transferred correctly 3. See #1 4. The commitment letter is signed by the buyer and submitted to the lawyers. When it comes to who and where documents are submitted that is all going to be handled by the lawyers, agents and mortgage brokers. You as the buyer don't have to worry about that. Hope that helps!
@Bald Prairie Real Estate you're very welcome 🙏 your videos were so helpful indeed really tough decision to make to sell or rent my house today. Either way got pre approval and different consequences. But again thanks alot
Do you just find a house yourself that was for sale and then call your bank and talked to them for the down payment information? Idk what to do but I have 300k ofc no debt and amazing credit I just have no clue what to do. it's my second house but the person I bought my first house with did all the work buying it I just paid half the mortgage payments and own half of it but now we're selling... scared idk what I'm doing
It's best to speak with your bank or mortgage specialist first to get pre-approved so that you know what your budget is ahead of time. I have an updated buyers guide which I will link below as well as a short video on down payment requirements which I will also link below. Let me know if those answer your questions. th-cam.com/video/lGkFNQp1Uyk/w-d-xo.html th-cam.com/users/shortsBbRsvuTwKM4
i want to buy my first home but the location would require me to get a new job there what would I have to set up to get pre-approved for that mortgage don't think a can get approved then quit my job I would think I would need to line up a New Job there before getting pre-approved
If you are going to be getting a new job in the same field, it may not hurt your pre-approval. But if you are quitting to go into a completely new field it will be harder to get pre-approved.
You buy a house because it is going to improve your life or lifestyle. Home ownership is a lifestyle choice. Could prices come down? Yes they could. They could also continue to rise. But over the long run prices have always been on an upward trend. There have been and will continue to be price corrections along the way.
I know nothing about buying a home. but I have suddenly "come into some money". how much can I expect to save off of asking price by slapping down cash (as a rough percentage)? I am in Winnipeg btw
I am not sure you can expect to see much, if any discount for having cash. Maybe a fully unconditional (no inspections ect) you might be able to get a discount, but I am not sure that discount is worth waiving all inspections for.
Hi, I have been looking online at homes in rural Saskatchewan. Currently I live abroad. I am not sure how to find a realtor. Should I be contacting listing agents or do I pick for example you even though you are out of the area? None of my family are in Sk, Alberta and BC are the closest. Things like walk-through of potential home, I would only be able to do virtually if that is even possible. Home inspection --- what is the usual cost of such an item? When I do find the home, I will not be doing a mortgate but paying cash instead. Home owners insurance will be necessary however none of those other insurances you mentioned apply to me being retired. One last question: Some of the homes have issues with the basement or leaks from the roof that I have seen in some photos. Are they things that make a purchase --- not very desirable as I am not wanting to renovate, simply retire in somewhat comfort back in Canada. Thank you in advance.
Thank you for the comment! Where in rural Saskatchewan are you looking? A home inspection will likely cost anywhere from $500-$1000 depending on travel distance and inspections needed. Staying away from houses that have foundation issues or roof leaks would be preferrable. Hope that helps!
Can we buy house with friends as i am not citizen here so we are buying the house in one of my friends name because he is, if yes what are the things that needs to be taken care of? What are Legal documents we should take care , if some unfortunate things happen?? Thank you.
It is never a bad thing to start that process early just in case there is an issue with your financial situation you then have time to fix it. Most lenders will offer rate holds for a couple of months as well. So if rates are starting to rise you can get a hold on the lower rate.
Are you meaning do you need an agent to buy the home? No not necessarily but I would strongly recommend that you do have an agent. It doesn't cost you anything to have a buyers agent. Plus if you do not have an agent you won't have access to as many homes, as by far the majority of homes for sale are on the MLS system through Realtors. As for all the legal/mortgage instructions that is all handled by a lawyer. Did that answer your question?
Yes and no. If you do not have 20% down and your lender wants to use CMHC for the default insurance you cannot use a borrowed down payment. If you don't need mortgage default insurance or your lender is going with Canada Guaranty or Genworth then maybe. You will need to have everything else, credit history, credit score, job status be basically perfect to better than perfect and get an exception from your lender to allow it. So yes in theory possible but very hard to get it approved.
Looking to get pre approval done soon, when is the right time to buy on 2022. looking at London, ON for 400-420k max. atleast 3 bedroom house. Is this attainable?
Congratulations on starting your search! The best time to buy a house is when it makes sense for your personal situation. That in my mind is you are financially ready, you are going to be in the house long term (5+ years) and more than anything else buying a home will improve your quality of life.
@@BaldPrairieRealEstate yes I mean our rent for our apartment is almost close to a mortgage, plus I have a 3yr old and a newborn so definitely need a better dwelling for our family. The only thing is the agent that I talked to said we need 500k to get a condo alone if wanting a house we need 700k is this even true?
@@BaldPrairieRealEstate I guess we should hold off before we get pre approved and affect are credit because I wouldn’t risk getting outbid by 200k for a condo 🥺
Thank you for your informative video. I live in moose jaw. And I’m living in rental Appartment from last three year. Which almost cost me as same as Appartment purchase price. So now I’m thinking to buy that Appartment. But I’m first time buyer so I don’t know anything. Can you please late me know from where i need to start.
@@BaldPrairieRealEstate Appartment is just worth 40k. So i’m not looking for mortgage. ( is that good idea?). Realtor send me documents but I don’t know how to understand.
@@JayPatel-iv7dj Oh gotcha! If you are having troubles understanding the documents I would suggest you get a lawyer or a buyers agent to help walk you through the process.
@@BaldPrairieRealEstate oh i definitely need at least 4 bedrooms. I need 2 complete bathrooms so I can peacefully have my long showers without having anyone knocking on the door to hurry up lol
Very nice video Matthew! I am based in Edmonton, but if I have any client who wants to invest in Regina real estate market, you will be the first one in my mind. Thank you for sharing.
That is a great question, Mike. Generally, if a bank calls for an appraisal as part of your mortgage application it is because the house falls outside the normal price range the bank is expecting for that house in that neighborhood. The bank will request to have an appraisal on the home. If the appraisal comes in at the agreed sale price or higher the bank is happy and everything proceeds as normal. If the appraisal comes in lower than the sale price the bank will generally only lend up to the appraisal price and the buyer would be on the hook for coming up with the difference. So simple example if the sale price is $100,000 and the appraisal comes in at $80,000 the buyer will have to fund the additional $20,000. I hope that makes sense. Thanks for watching and commenting.
@@ditcka1 Yes you absolutely can renegotiate or even walk away it the deal doesn't make sense after the appraisal. You are 100% correct that mobile stuff or leased land is a lot more difficult. There's just more moving pieces and more complications.
Great question! There are a number of factors with no black and white answer. You are offer as low as you want. But the odds of getting that offer accepted vary greatly. If you are in a strong sellers market like we see in a number of cities right now the answer is you probably won’t see the house sell under asking price. If you are in more of a buyers market then you may be able to get a little bit of a discount off the asking price. In my market(Regina) where we saw declining prices and a market that was very much a buyers market from 2012-2019 the average selling price was about 97% of the asking price on the day the offer was written though. Hope this helps and thanks for watching!
Steven, I am actually planning a video on that exact topic. The challenge is that many markets have specific conditions or inspections that others do not. For example, in my market we may do foundation inspections while others need propane tank inspections. But I am going to try and do an overall video. Thanks for watching.
Yes non-residents can buy real estate in Canada. You must have a 35% down payment, some provinces have additional taxes for non-residents, federal identifications need to be done on the buyer and the source of funds, generally banks are more restrictive on their lending practices for non-residents as well. That's the quick answer. I hope it helped. Thanks for watching.
I'm sure you will find a house with exactly that. I hope you get things sorted out with that agent that isn't providing you with the service that should be expected. Let me know if there is anything else I can help with.
im 21 years old in Ontario Canada me and my fiancé are looking to buy a house once i get work figured out. we must have a garage ( detached or attached) and we are ideally looking for a bungalow, this is in the Durham region where the house prices are inflated from my understanding. we are planning on putting 10% down. positive thinking from here on out :)
For an estimated possession date of June 1st (to get it more or less aligned with rental contract end date - just 1 month overlap), when should I start this process?
You can start on the preparation stuff pretty much anytime. Earlier is better so you can make sure there are no hidden problems, mainly with your credit history and such. But if you are looking for a June 1st possession date I wouldn't start any later than April. Probably the most common possession date timeline is 30 days so you will want to have a deal together by May 1st in order to hit a June 1st possession date. Of course every deal and every seller is different but those are the timelines I would aim for. Hope that helps and thanks for watching.
@@Telesiiy the vast majority of first time buyers that I am working with go through a mortgage broker or their bank to get a mortgage. You need a minimum of 5% as a down payment but many buyers are able to put down larger down payments. Does that answer your question?
@@Telesiiy yes there is a First Time Home Buyers Plan which allows you to use your RRSP's as a down payment. There is also the First Time Home Buyers Incentive Program which is a shared equity program with the federal government. I have done a quick video on those here: th-cam.com/video/craBpTOnrZo/w-d-xo.html
let’s say a 18 year old lottery winner of 62mil € from Bulgaria, found a house for 3mil $ and can pay it at once, will they need to have a job in order to buy the house? And since they are from another country, will they still be able to buy the house?
@@BaldPrairieRealEstate i see... what would that 18 year old have to do, to anle to buy it? Because that 18 year old is trying to move there, but has no idea how that works
I have done a video on buying a house "as is" which you can find here: th-cam.com/video/RFDZOnv-6Hs/w-d-xo.html You can find any of my financing related videos here: th-cam.com/video/ai30N0pOBUU/w-d-xo.html th-cam.com/video/DYbvgUkFFXA/w-d-xo.html th-cam.com/video/6K4RolV6FKQ/w-d-xo.html th-cam.com/video/n3KwRtMhRvk/w-d-xo.html th-cam.com/video/bCI5nsbw9sc/w-d-xo.html th-cam.com/video/RWnSyjg479s/w-d-xo.html th-cam.com/video/kVjyTG0FiDU/w-d-xo.html I hope that helps and thanks for watching.
Is there anything to watch out for as a couple buying a house where one person has a job and the person is about to start a new job out of university? Is renting a good idea while things are getting settled?
For the situation you are talking about there isn’t really anything hidden to worry about. It’s going to come down to your financial situation and if you feel comfortable being able to afford the home on one income potentially. Also your mortgage qualification is going to be based on the one income unless the person just starting out their career is on a contract position. But also buying a house should improve your lifestyle or your qualify of life. If instead it burdens you with debt and stresses you out then hold off until you are more ready to purchase. Hope that helps. And thanks for watching.
Starting to get a pre approval, hopefully can get a house with this crazy market... i have a new born and i hope i can get house and not have to compete with bidders with 200k over asking lol like damm....
Hey there, I have about $30,000 saved up and I am thinking of buying a house for me and my family. Do you think it is somewhat enough to satisfy my Needs (3 bedroom, 2 bathrooms, basement and a 1 car garage) of a house in BC?
It all depends on where you are thinking of buying. You need a minimum of 5% down to buy a house plus you are going to want some additional money for closing costs and contingency funds for repairs.
Thanks for uploading. I am getting ready to buy property but the most annoying thing that I find is hidden fees. I'd like an agent or anybody who can break down ALL the fees involved in buying a property in BC.
That is an interesting one. I have yet to come across someone who is looking for an EV charger, but I expect it will be a much more popular request in the future.
No not necessarily, but you will need to make sure that you meet the gross debt service ratio and total debt service ratio. As long as you stay under those thresholds you will be ok.
Thanks for these information I’m from Ottawa , My question is there’s a fees other than down payement I meant fees for the real estate broker or the bank a gent to do all paperwork and approval
Are you talking about the entire buying process? If you have everything all ready to go the actual process of buying a house can be accomplished in a matter of weeks. Maybe even less. I don't work in Saskatoon but if you send me an email mpfeifer@royallepage.ca I know a couple of fantastic agents in Saskatoon that I can put you in touch with.
Is 20000 enough for a down payement in Ottawa? I’m single just want my own space. 2 bedrooms 2bath, maybe rent out to someone, so my rent goes down. What do you think?
@@BaldPrairieRealEstate Depends on how big! Herbs at the absolute minumum, maybe a bed for wildflowers if I knew there were bees around. Tomatos and peppers and zuccinni if I had the space!
hi bald i have a question as a first time home buyer. me and my wife we don’t have a full time job as of now I’m a new comer here in canada and my wife she just graduated as a PSW last november but she has a good credit score, we have some money for down payment, and we have a good bank statements and she has 3 jobs part timer and I’m working as a cook at the retirement home our income is good only the problem is we don’t have a full time job yet do you think i can get a mortgage from the bank?
Hi! I’m stoked to have come across your video because you have soooo many good ones. I’m not sure if you have a video up already about this but since you seem to reply so promptly, I was hoping to get your advice.
I’m 21 and don’t have savings to move out, I work part time right now, finishing university in April and I have car payments and a fairly small loan. I am really interested in learning what my next steps should be as I will likely be making enough money to move out in the next year or so. Basically what I want to know is what do you recommend I have saved up and is it a bad idea to rent? Ideally I am interested in purchasing during per construction and I understand the 5% for first time home owners but since I am so young is that a good idea? I will likely also have my partner paying half but I am not counting on this. I just want to know what I should have saved and if I should skip the renting phase that most young adults do.
@@suereenawatkis7571 great questions! Yes you need at least 5% as a down payment. If you are able to put down 20% then you will not need to pay for mortgage default insurance which is a significant added cost. Don't go out and try to jump into the market until you are ready. That means you have the financial capacity to buy but also the needs of your lifestyle mean it is time for home ownership. Renting is not a bad thing and it is not throwing money away it is just paying for a place to live that has no potential for future value (or debt). Hope that helps and thanks for watching!
@@mightytaco123 at that point I would expect the city to work with the home owner on a solution to get them paid. If you just completely stopped paying your property tax the city would use legal options available to get them paid.
Great informative video thank you. Question 🙋♂️ I am going to be a first time home buyer in Ontario. Is it better to go through a mortgage broker or a bank and what are the pros and cons of both. Thx
Thanks for watching! This is actually a future video topic of mine. But I would talk with both. See what options are available from them. Mortgage brokers usually have access to better rates and more flexible mortgages but sometimes there are good deals available from banks that you have an account with.
Hi Matthew, is it a good idea to buy a 70's or 80's built property for a dream home in Regina, or newer one. Any suggestions or tips to keep in mind while viewing an old property? Thanks!
Hey Amrit! There are great houses in Regina from that era. Areas like Alberta Park, Varsity Park and University Park are all from the late 70's to early 80s and you can find some absolutley stunning houses there. There are many more but that is just a few of my favourites from that era. As for what to look for I have a video right here that outlines alot of the more expensive itmes to repair in a home. th-cam.com/video/BRgtE1vS3_I/w-d-xo.html Hope that helps and thanks for watching!
@@BaldPrairieRealEstate Firstly, thanks for the quick response! Well, I've seen a couple of really nice properties in one of the neighbourhoods you mentioned. My dilemma is whether or not to go for old properties considering the usage of asbestos, lead, radon etc. Also, will a property from that era really appreciate in value 10-15 years down the line?
Glad to help! In Regina you are very unlikely to find houses in the 70's & 80's with asbestos. We rarely see it in homes from both of those eras. Generally asbestos wasn't used in homes in the city past the late 60s. But a home inspection will be able to find it. Radon is a fact of life for a house in Regina. It naturally occurs in our soil. You can get ventilation systems to vent it out though. There are inspectors in the city who are qualified to test for radon of you are worried. Yes homes from that era will appreciate in value if we see appreciation in the city. They are in desirable neighborhoods that tend to hold their value well. For those that want large mature yards and large bungalow style homes those are the only neighborhoods that offer that. Very few of the newer neighborhoods can offer that.
Great question. My understanding is that you cannot use the First Time Home Buyers Incentive Program but I do believe you could use the First Time Home Buyers Plan to use your RRSP's for your down payment. Hope that helps!
Is there a question you, as a first-time home buyer have that I missed in this video? Let me know in the comments below. I will be happy to answer them for you.
could you explain how a first time home buyer could purchase their home and within a certain amount of years, open up a second mortgage and rent out your first property? I’m sure there’s a bunch of rules around it because i know as a first time home buyer you need to actually reside in the home you’re buying, if i’ve been told correctly. by the way I love your channel, it’s super informative and i myself am 20 y/o and aspire to go to school for a bit and eventually take the Ontario real estate course to get my license
You can purchase a second home at any time as long as you can support the payments. In your example of buying a home as a primary residence and then eventually buying a second home but keeping the first one as a rental there are a few steps. Assuming you qualify for the second property you need to have an appraisal or opinion of value on the first home. Once you know that value you need to "freeze" that for tax purposes. Your primary residence is currently capital gains tax exempt. But once you move out it becomes taxable. So, you need to know what that value is when you move out. Any property value gains prior to moving out are tax free, any gains after are subject to a 50% capital gains. I hope that answers your question. And thank you for the support.
If you check your new home on possession day and find that they have taken appliances tht should've been left, or notice the place is extremely messy, what would be the next step?
Alicia, If those items were listed in the contract of purchase and sale, they are expected to be in the home on possession. I would suggest first having your buyers agent reach out to the sellers agent to see if the problem can be sorted out that way first. If not, you will have to contact your lawyer to see what legal options you have. As for the housing being messy unfortunately small claims court is probably your best option for that. Again a call to your lawyer might clear that up. Sorry to hear you had a bad experience on possession day but I hope this helps.
I really want to buy a house or a condo in Montreal in Quebec as second house for renting purposes. I managed to save up to 150K CAD, but I'm still not able to buy anything decent. The market is too high and I still don't know if it's better to wait or jump in this troubled water. I wish you were in Montreal!!!
150k is a great down payment on a property. I have my newest market update coming out this weekend. You are going to see sales drop but that is primarily driven by the severe lack of inventory in Montreal right now. Until we see a significant increase in supply, I wouldn't anticipate prices to change direction any time soon.
Hey Matthew, which is better to take home mortgage from i.e. from bank or private lenders? Are there any pros and cons of choosing the one over the other? You can make a vedio over it, if its a topic of interest.
Thanks for the comment Imtiyaz. If I am understanding you correctly are you asking should you use a traditional bank like BMO, TD, RBC etc or the monoline lenders like MCAP, First National etc? When you go with a traditional bank like the one that you currently bank with, sometimes there are loyalty benefits or other perks. You also have the convenience of having everything under one roof, or in these days, one app. The monoline lenders because they do not have the same overhead that the big banks do can and do offer better rates often. They are also nimbler and more flexible when market conditions demand it. I would look at both options and then see which one works better for you. But neither are a bad choice. Hope that helps and thank you for watching!
I'm a PR in Canada and thinking of buying my first home for my family to live in while I keep living in another province but, I was told that I MUST live in the house or I won't qualify for a mortgage. Is that true?
No that is not true. Mortgage qualification is not based on occupancy. But your down payment is, which will impact your qualification somewhat. If you are not making the house your primary residence you must put down a 20% down payment. Hope that helps!
@@BaldPrairieRealEstate Oh. That’s interesting. Ok, would the 20% part change if a co-signer/co-borrower is going to live in that house. I highly appreciate your help. Thank you 🙏🏻
Hey Bald! Thanks for the video. Question: what if I want to buy a house on a city that is far away from me? Should I move and rent a place on that city first, and then start looking? What do you suggest?
I would recommend getting a good agent in the city so that you can discuss with them about hood areas of the city and what to expect when looking for houses there. If you are able to make a trip out there first to meet the agent and get to know the city that would really help.
Newer updated first time home buyers guide: th-cam.com/video/lGkFNQp1Uyk/w-d-xo.html
I bought my second expensive house last two weeks paid in cash, I feel so happy for myself and my achievements watching this random video. So glad I made a good decision about my finance that changed me forever. just hope it encourages someone that it doesn't matter if you doesn't matter if you don't have any of them right now, you can start TODAY regardless your age INVEST and change your future! investing is a grand choice I made! great video! thanks for sharing! I love this
Thank you!
@@jarrettmacurdy3612 When it comes to investment, diversification is key. Also have my interest set on key sectors based on performance and projected growth. do not invest all your money in a particular sector. diversifying across different sectors is the way to go. I invest across the top markets but not by myself tho. i follow the guidelines of Alexandra Diana Jose. you might have heard of her.. I can correctly say she’s worth her salt as a investment advisor as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 30 to 5O% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what her place and not just on some particular industries of my choosing
@@davidreus9321 please how do i get in touch with her
Impressive. Would you mind sharing some more details. I’d like to have a talk with her.
@@jarrettmacurdy3612 She is easy to find , make a quick research of her on the internet with her name Alexandra Diana Jose . She works with anyone independent of their location.
Sorry if I am interrupting but then You are right, I am one of many who has benefited from investing with Alexandra Diana Jose. 2020 is an unforgettable year in my life, back then I lost my job due to covid and had no reason to live. Alexandra Diana Jose made a good life possible for me through passive income and I owe her my life. To be honest, I feel like she is an angel of who was sent to help those who are suffering financially.
Thank you Matthew, I hope you know how amazing you are!
Thank you so much! That means alot!
I will watch this everyday, planning to buy House from Regina Saskatchewan here..
That is awesome! What is bringing you to Regina or do you already live in Regina?
I live in Regina.
@@regiegumapak6435 awesome! If you ever want I would be happy to sit down with you and chat about the process of buying a house.
Want a 2 car garage, and a decent location. Im looking to get a fixer upper and renovate it myself.
Having a garage is awesome! This is my first winter having a garage and I love it.
Where are you looking to buy?
Hi i have the following questions
1. To whom the filled up loan application submitted to?
2. How much is the deposit that accompany conditional offer?
3. Who will prepare Conditional Sold Document?
4. If the house price is high, will the buyer get a higher mortgage loan than he was pre- qualified for because house itself is collateral?
5. To whom the "Commitment on the Loan" written by underwriter be submitted to?
6. What are the legal documents prepared by the buyer attorney?
Regards
A. Awada
Lots of great questions!
1. All the mortgage paperwork is done with a mortgage broker or a mortgage specialist at your bank.
2. There is not set amount for the deposit and it varies by market, price and property type.
3. Your real estate agent, if you are working with one, will prepare all the documents for the purchase.
4. You will only be given a loan for the appraisal value of the property.
5. That is all done through the mortgage broker/specialist
6. Yes the lawyers prepare all legal documents.
Hope that helps!
@@BaldPrairieRealEstate Thank you very much for your great answers, I have the following follow up questions
1. To whom the Conditional Sold Document is submitted to?
2. What are these legal documents prepared by the buyer lawyer?
3. To whom the conditional offer made by the buyer realtor is submitted to ?
4. To whom the “Commitment on the Loan” done by the underwriter is submitted to?
Regards,
@@AAwada
1. All documents when it comes to the offer, counter, removal of conditions etc are submitted by the buyers agent to the sellers agent, the lender, and each agents respective offices.
2. The lawyers are primarily responsible for ensuing that money and the title is transferred correctly
3. See #1
4. The commitment letter is signed by the buyer and submitted to the lawyers.
When it comes to who and where documents are submitted that is all going to be handled by the lawyers, agents and mortgage brokers. You as the buyer don't have to worry about that.
Hope that helps!
I would NEED a very large yard. My SO is a construction worker so he can build a garage, put new flooring etc. But he can’t create more space.
Plus adding that garage is a great way to add value to the home!
Great stuff, future home buyer her!
Thank you! Glad you found the video helpful. Where are you looking to buy?
Hi I am i a situation right now great vid I live an hour south of Regina new sub!
Thank you for watching and good luck in your search!
@Bald Prairie Real Estate you're very welcome 🙏 your videos were so helpful indeed really tough decision to make to sell or rent my house today. Either way got pre approval and different consequences. But again thanks alot
Do you just find a house yourself that was for sale and then call your bank and talked to them for the down payment information? Idk what to do but I have 300k ofc no debt and amazing credit I just have no clue what to do. it's my second house but the person I bought my first house with did all the work buying it I just paid half the mortgage payments and own half of it but now we're selling... scared idk what I'm doing
It's best to speak with your bank or mortgage specialist first to get pre-approved so that you know what your budget is ahead of time. I have an updated buyers guide which I will link below as well as a short video on down payment requirements which I will also link below. Let me know if those answer your questions.
th-cam.com/video/lGkFNQp1Uyk/w-d-xo.html
th-cam.com/users/shortsBbRsvuTwKM4
Hi do we need any solicitor for buying house like in uk
I am sorry I don't have any knowledge about what is required to buy a home in the UK. Thanks for watching.
i want to buy my first home but the location would require me to get a new job there what would I have to set up to get pre-approved for that mortgage
don't think a can get approved then quit my job
I would think I would need to line up a New Job there before getting pre-approved
If you are going to be getting a new job in the same field, it may not hurt your pre-approval. But if you are quitting to go into a completely new field it will be harder to get pre-approved.
Great video bro!
Thank you very much!
I am afraid to buy, what if the prices crash and never go bck up?
You buy a house because it is going to improve your life or lifestyle. Home ownership is a lifestyle choice. Could prices come down? Yes they could. They could also continue to rise. But over the long run prices have always been on an upward trend. There have been and will continue to be price corrections along the way.
Roof, walls, electricity, plumbing and insulation and being in the B.C. lower mainland are a must. I’ll only have to save another 200 years
What about windows LOL? You are right though prices in the lower mainland are very high.
@@BaldPrairieRealEstateI’m trying to be realistic here, I can’t afford windows 😅
@@JesseMerrick9797 LOL!
I know nothing about buying a home. but I have suddenly "come into some money". how much can I expect to save off of asking price by slapping down cash (as a rough percentage)? I am in Winnipeg btw
I am not sure you can expect to see much, if any discount for having cash. Maybe a fully unconditional (no inspections ect) you might be able to get a discount, but I am not sure that discount is worth waiving all inspections for.
Hi, I have been looking online at homes in rural Saskatchewan. Currently I live abroad. I am not sure how to find a realtor. Should I be contacting listing agents or do I pick for example you even though you are out of the area? None of my family are in Sk, Alberta and BC are the closest. Things like walk-through of potential home, I would only be able to do virtually if that is even possible. Home inspection --- what is the usual cost of such an item? When I do find the home, I will not be doing a mortgate but paying cash instead. Home owners insurance will be necessary however none of those other insurances you mentioned apply to me being retired. One last question: Some of the homes have issues with the basement or leaks from the roof that I have seen in some photos. Are they things that make a purchase --- not very desirable as I am not wanting to renovate, simply retire in somewhat comfort back in Canada. Thank you in advance.
Thank you for the comment!
Where in rural Saskatchewan are you looking?
A home inspection will likely cost anywhere from $500-$1000 depending on travel distance and inspections needed.
Staying away from houses that have foundation issues or roof leaks would be preferrable.
Hope that helps!
Hi, the 1/2 of backyard is full of dog poop and is it a good idea to buy the property?
You could always put a term on the contract that the sellers are to have the dog poop removed.
More than one bathroom is important
Having that extra space is always good!
How about lawyer arrangement and the transaction process?
Sorry I don't quite understand what you are asking.
I am a first time buyer for a house I what I want is a farm and I am just starting my home inspection course so I know what I want
That's awesome! What part of the country are you looking to buy a farm?
thank you for this man, sub
You are very welcome! Thanks for watching and subscribing!
decent sized backyard, decent size driveway, and a good size garage doesn't need to be HUGE just has to have one!
Once you have had a garage your never want to go back to a house without a garage.
Can we buy house with friends as i am not citizen here so we are buying the house in one of my friends name because he is, if yes what are the things that needs to be taken care of? What are Legal documents we should take care , if some unfortunate things happen?? Thank you.
In theory it might be possible but I think in reality that would be very hard to do.
How early would you suggest a pre-approval for a mortgage? I am looking to buy in Q4 this year, when would you suggest getting pre-approved?
It is never a bad thing to start that process early just in case there is an issue with your financial situation you then have time to fix it. Most lenders will offer rate holds for a couple of months as well. So if rates are starting to rise you can get a hold on the lower rate.
@@BaldPrairieRealEstate Amazing, thank you so much!
@@viktoriakampbell7566 You are very welcome
I'm planning to move to Canada where can I find affordable house to buy please advice
What is your definition of affordable?
19 and looking to buy a place now, my biggest worry is finance, any advice?
James are you meaning saving up the down payment or being able to afford the mortgage?
We absolutely have to have a few acres. at minimum 3 acres. We love the outdoors & do a lot of outdoor activities.
Having space is always awesome!
I absolutely need Green space!
I couldn't agree more! My wife and I just bought a new house that backs greenspace, and we love it.
It’s my first time buying. What about all the legal stuff? Do I need an agent or I can I get by without one? Lawyer?
Are you meaning do you need an agent to buy the home? No not necessarily but I would strongly recommend that you do have an agent. It doesn't cost you anything to have a buyers agent. Plus if you do not have an agent you won't have access to as many homes, as by far the majority of homes for sale are on the MLS system through Realtors.
As for all the legal/mortgage instructions that is all handled by a lawyer.
Did that answer your question?
Bald Prairie Real Estate the house we want is for sale by owner, will we have to pay the agent in that case?
Nope you wouldn’t have to in that case. Just the legal fees. Anticipate about 1-2% of the purchase price for legal fees.
Bald Prairie Real Estate thank you so much! Subscribed!
No problem at all! Glad I was able to help. Don’t hesitate to reach out if you have questions.
Hi,
is it ok with bank if my down-payment has been taken off my credit line ?
Yes and no. If you do not have 20% down and your lender wants to use CMHC for the default insurance you cannot use a borrowed down payment. If you don't need mortgage default insurance or your lender is going with Canada Guaranty or Genworth then maybe. You will need to have everything else, credit history, credit score, job status be basically perfect to better than perfect and get an exception from your lender to allow it. So yes in theory possible but very hard to get it approved.
Looking to get pre approval done soon, when is the right time to buy on 2022. looking at London, ON for 400-420k max. atleast 3 bedroom house. Is this attainable?
Congratulations on starting your search!
The best time to buy a house is when it makes sense for your personal situation. That in my mind is you are financially ready, you are going to be in the house long term (5+ years) and more than anything else buying a home will improve your quality of life.
@@BaldPrairieRealEstate yes I mean our rent for our apartment is almost close to a mortgage, plus I have a 3yr old and a newborn so definitely need a better dwelling for our family. The only thing is the agent that I talked to said we need 500k to get a condo alone if wanting a house we need 700k is this even true?
@@rearamos392 I cannot say I know the pricing in London 100% but those numbers sound about right.
@@BaldPrairieRealEstate I guess we should hold off before we get pre approved and affect are credit because I wouldn’t risk getting outbid by 200k for a condo 🥺
@@rearamos392 keep working on saving up for a larger down payment. That will allow you to have a higher budget.
Thank you for your informative video. I live in moose jaw. And I’m living in rental Appartment from last three year. Which almost cost me as same as Appartment purchase price. So now I’m thinking to buy that Appartment. But I’m first time buyer so I don’t know anything. Can you please late me know from where i need to start.
Thanks for watching Jay! First step is getting pre-approved for a mortgage.
@@BaldPrairieRealEstate Appartment is just worth 40k. So i’m not looking for mortgage. ( is that good idea?). Realtor send me documents but I don’t know how to understand.
@@JayPatel-iv7dj Oh gotcha! If you are having troubles understanding the documents I would suggest you get a lawyer or a buyers agent to help walk you through the process.
For condo .. these are my must have
1. Unobstructed view
2. Not a tunnel, gotta have more than one side exterior
3. No street noise
Those are all very important for a condo.
Thanks for watching!
Does it have to be a first home buying
Sorry I don't understand the question. Does what have to be a first home buying?
If at step 3 you find that the inclusion criteria is not fulfilled, what next ???
Are you meaning that once you go to take possession and say the washer/dryer were supposed to be included and they are not there?
Yes,,, what to do.... Are they bound to do it or you loose your money
If it's in the contract of purchase and sale yes they do have to provide them as described in the contract.
In unit laundry!
Yes! Having common laundry can be one heck of an inconvenience.
Two complete bathrooms is a must! And a walk-in in the master bedroom. 😊
Why only two bedrooms? I often get people asking for at least three. And 100% yes to the walk-in closet!
@@BaldPrairieRealEstate oh i definitely need at least 4 bedrooms. I need 2 complete bathrooms so I can peacefully have my long showers without having anyone knocking on the door to hurry up lol
@@gatsbygarbo1 Oh Jesus I cannot read. I read bedrooms not bathrooms LOL.
Are we to look for an insurance like life, accident ,disability, before closing?
I would strongly suggest looking at having all of that in place prior to possession yes.
Very nice video Matthew! I am based in Edmonton, but if I have any client who wants to invest in Regina real estate market, you will be the first one in my mind. Thank you for sharing.
Thank you very much!
Can you buy a house if I leave it USA ?? We planing to move to Alberta next year
Yes you can buy a house if you live in the USA
Thanks for the video.
Thanks for watching!
I would like to ask about when the bank requires an appraisal and what does that entail
That is a great question, Mike. Generally, if a bank calls for an appraisal as part of your mortgage application it is because the house falls outside the normal price range the bank is expecting for that house in that neighborhood.
The bank will request to have an appraisal on the home. If the appraisal comes in at the agreed sale price or higher the bank is happy and everything proceeds as normal. If the appraisal comes in lower than the sale price the bank will generally only lend up to the appraisal price and the buyer would be on the hook for coming up with the difference. So simple example if the sale price is $100,000 and the appraisal comes in at $80,000 the buyer will have to fund the additional $20,000.
I hope that makes sense. Thanks for watching and commenting.
@@BaldPrairieRealEstate thank you
@@BaldPrairieRealEstate I imagine you can come back to home owner and change your offer if it's accepted?
@@BaldPrairieRealEstate its also a mobile on land we are purchasing and I understand it can be a pain in the butt and it has been
@@ditcka1 Yes you absolutely can renegotiate or even walk away it the deal doesn't make sense after the appraisal.
You are 100% correct that mobile stuff or leased land is a lot more difficult. There's just more moving pieces and more complications.
Larger driveway that would be a must
That is always important! Thanks for watching!
How low can I go for my first offer?
Great question!
There are a number of factors with no black and white answer. You are offer as low as you want. But the odds of getting that offer accepted vary greatly. If you are in a strong sellers market like we see in a number of cities right now the answer is you probably won’t see the house sell under asking price. If you are in more of a buyers market then you may be able to get a little bit of a discount off the asking price. In my market(Regina) where we saw declining prices and a market that was very much a buyers market from 2012-2019 the average selling price was about 97% of the asking price on the day the offer was written though.
Hope this helps and thanks for watching!
Hello. I am looking for a house with 3 bedroom and 2+ bathroom under 100000 CAD. With two car garage and up-to-date heating systems
What city are you looking to buy?
bathroom .... toilets are optional
LOL that's a first
Would be great if you went into more details about the conditions that must go into an offer.
Steven,
I am actually planning a video on that exact topic. The challenge is that many markets have specific conditions or inspections that others do not. For example, in my market we may do foundation inspections while others need propane tank inspections.
But I am going to try and do an overall video.
Thanks for watching.
One question, Are foreigners allowed to buy property in Canada? if Yes , what are the requirements?
Yes non-residents can buy real estate in Canada. You must have a 35% down payment, some provinces have additional taxes for non-residents, federal identifications need to be done on the buyer and the source of funds, generally banks are more restrictive on their lending practices for non-residents as well.
That's the quick answer. I hope it helped. Thanks for watching.
Thank you for your valuable videos.
Why do a buyer need to hire a lawyer?
The buyer will need a lawyer to handle moving money and transferring title.
A family room is a must. I need living and family as well.
Would you prefer a more open concept house where it was one large family room or something that has two sperate rooms?
@@BaldPrairieRealEstate i wud prefer two separate rooms.
I'm sure you will find a house with exactly that. I hope you get things sorted out with that agent that isn't providing you with the service that should be expected. Let me know if there is anything else I can help with.
First time home buyer here
Thanks for checking in! Where are you looking to buy?
Do you shop around for mortgage?
Yes, absolutely I would!
im 21 years old in Ontario Canada me and my fiancé are looking to buy a house once i get work figured out. we must have a garage ( detached or attached) and we are ideally looking for a bungalow, this is in the Durham region where the house prices are inflated from my understanding. we are planning on putting 10% down. positive thinking from here on out :)
That is very exciting to hear Nathan. I am sure you and your fiancé will find a great place.
a grage is a must and big bad room's lol
A garage is awesome!
For an estimated possession date of June 1st (to get it more or less aligned with rental contract end date - just 1 month overlap), when should I start this process?
You can start on the preparation stuff pretty much anytime. Earlier is better so you can make sure there are no hidden problems, mainly with your credit history and such. But if you are looking for a June 1st possession date I wouldn't start any later than April. Probably the most common possession date timeline is 30 days so you will want to have a deal together by May 1st in order to hit a June 1st possession date. Of course every deal and every seller is different but those are the timelines I would aim for.
Hope that helps and thanks for watching.
Would you please do a video on the best approach to financing home purchase in Canada as a first-time buyer? Many thanks for considering my request.
Absolutely I can do that! What types of questions would you want answered?
@@BaldPrairieRealEstate my question is exactly what’s the best approach to financing home purchase in Canada as a first-time buyer ?
@@Telesiiy the vast majority of first time buyers that I am working with go through a mortgage broker or their bank to get a mortgage. You need a minimum of 5% as a down payment but many buyers are able to put down larger down payments.
Does that answer your question?
@@BaldPrairieRealEstate thanks so much for your prompt response. I guess things such as first-time home buyers plan could also help?
@@Telesiiy yes there is a First Time Home Buyers Plan which allows you to use your RRSP's as a down payment. There is also the First Time Home Buyers Incentive Program which is a shared equity program with the federal government.
I have done a quick video on those here: th-cam.com/video/craBpTOnrZo/w-d-xo.html
let’s say a 18 year old lottery winner of 62mil € from Bulgaria, found a house for 3mil $ and can pay it at once, will they need to have a job in order to buy the house? And since they are from another country, will they still be able to buy the house?
That is one heck of a lucky 18 year old. Buying a house as a non-resident even in cash is hard to do.
@@BaldPrairieRealEstate i see... what would that 18 year old have to do, to anle to buy it? Because that 18 year old is trying to move there, but has no idea how that works
The easiest way is to become a permanent resident.
Do you have any videos on financing and "as is" home in Canada?
I have done a video on buying a house "as is" which you can find here: th-cam.com/video/RFDZOnv-6Hs/w-d-xo.html
You can find any of my financing related videos here: th-cam.com/video/ai30N0pOBUU/w-d-xo.html
th-cam.com/video/DYbvgUkFFXA/w-d-xo.html
th-cam.com/video/6K4RolV6FKQ/w-d-xo.html
th-cam.com/video/n3KwRtMhRvk/w-d-xo.html
th-cam.com/video/bCI5nsbw9sc/w-d-xo.html
th-cam.com/video/RWnSyjg479s/w-d-xo.html
th-cam.com/video/kVjyTG0FiDU/w-d-xo.html
I hope that helps and thanks for watching.
Is there anything to watch out for as a couple buying a house where one person has a job and the person is about to start a new job out of university? Is renting a good idea while things are getting settled?
For the situation you are talking about there isn’t really anything hidden to worry about. It’s going to come down to your financial situation and if you feel comfortable being able to afford the home on one income potentially. Also your mortgage qualification is going to be based on the one income unless the person just starting out their career is on a contract position. But also buying a house should improve your lifestyle or your qualify of life. If instead it burdens you with debt and stresses you out then hold off until you are more ready to purchase.
Hope that helps. And thanks for watching.
Hi
I am living in UK, I wanna buy house can I buy?
Yes non Canadian residents can buy a home in Canada but the process is more complex.
SICK!
Thanks!
Starting to get a pre approval, hopefully can get a house with this crazy market... i have a new born and i hope i can get house and not have to compete with bidders with 200k over asking lol like damm....
Where are you looking to buy?
Ottawa On
@@NINO-gv9ds Great city! I know a number of great agents in Ottawa when you are ready to start looking.
@@BaldPrairieRealEstate now sorry 8 months later
Housing market is crazy so 1st time home buyers i just get to waive the land transfer fee and able to put 5% down?
I live in America and I’m American. Can I buy a house in Canada?
Yes, until January 1st, 2023, you can. After that there will be a two-year ban on non-residents buying property in Canada.
Hey there, I have about $30,000 saved up and I am thinking of buying a house for me and my family. Do you think it is somewhat enough to satisfy my Needs (3 bedroom, 2 bathrooms, basement and a 1 car garage) of a house in BC?
It all depends on where you are thinking of buying. You need a minimum of 5% down to buy a house plus you are going to want some additional money for closing costs and contingency funds for repairs.
Thanks for uploading. I am getting ready to buy property but the most annoying thing that I find is hidden fees. I'd like an agent or anybody who can break down ALL the fees involved in buying a property in BC.
Thanks for watching. Where in BC are you planning on buying?
@@BaldPrairieRealEstate Hey, I am planning on buying in Victoria, BC
@@jykl608 Send me an email to mpfeifer@royallepage.ca and we can discuss this further.
I need to have a EV charging station or at-least a electrical outlet in my INDOOR Garage.
That is an interesting one. I have yet to come across someone who is looking for an EV charger, but I expect it will be a much more popular request in the future.
@@BaldPrairieRealEstate it is regularly advertised as an add on feature in the calgary market for new builds..
@@canadianjatti It doesn't surprise me to see that starting to become normal.
Aren't there taxes specific tot he location of the house?
I mean, in my town we're not paying for water, while in the next town over there is a cost.
Yes Malcolm there are times where taxes are specific to an area. For this guide I tried to keep things an general as I could.
do i need to pay all my debt
No not necessarily, but you will need to make sure that you meet the gross debt service ratio and total debt service ratio. As long as you stay under those thresholds you will be ok.
Thanks for these information I’m from Ottawa ,
My question is there’s a fees other than down payement I meant fees for the real estate broker or the bank a gent to do all paperwork and approval
As a buyer usually not.
I am so upset I didn't see these before. My agent pushed me so much to offer more and now I feel quite uneasy about my upcoming purchase.
I am sorry to hear about your experience. Why do you feel uneasy about your purchase?
uncle fester always knows best
Uncle Fester is far cooler that I am 😎
Is it weird that im 15 and starting to learn about this stuff? Also thank you for the information/guide!
It’s never to early to learn. Thanks for watching.
God no, our schools should be teaching us a lot younger/even in general. I'm 26 and feel like I'm far behind just starting to look into this.
It is never too early to learn about finances, real estate, credit cards, mortagegs etc.
I am 25 and just learning about this stuff lol
Thanks for checking out my video! It's never to early to start learning.
How fast can this whole procedure take? And do you work in the Saskatoon area as well?
Are you talking about the entire buying process? If you have everything all ready to go the actual process of buying a house can be accomplished in a matter of weeks. Maybe even less. I don't work in Saskatoon but if you send me an email mpfeifer@royallepage.ca I know a couple of fantastic agents in Saskatoon that I can put you in touch with.
Love the video man!! Keep it up
Thank you very much!
Is 20000 enough for a down payement in Ottawa? I’m single just want my own space. 2 bedrooms 2bath, maybe rent out to someone, so my rent goes down. What do you think?
You need a minimum of 5% for a down payment. With $20,000 you can spend a maximum of $400,000 assuming you meet the qualification requirements.
Bald Prairie Real Estate oh wow okay thank you!
No problem. Glad I could help.
hi5 for ottawa!
room to garden!
What would you plant in that garden?
@@BaldPrairieRealEstate Depends on how big! Herbs at the absolute minumum, maybe a bed for wildflowers if I knew there were bees around. Tomatos and peppers and zuccinni if I had the space!
I’ll take some fresh peppers 😀
hi bald i have a question as a first time home buyer. me and my wife we don’t have a full time job as of now I’m a new comer here in canada and my wife she just graduated as a PSW last november but she has a good credit score, we have some money for down payment, and we have a good bank statements and she has 3 jobs part timer and I’m working as a cook at the retirement home our income is good only the problem is we don’t have a full time job yet do you think i can get a mortgage from the bank?
Thank you so much for reaching out to me. Those questions are better answered by a mortgage specialist than myself unfortunately.
Clicked subscribed as soon as you said Saskatchewan lol 😂
Yay!!!! Thanks for watching!
Saskatchewan Club! 😂
I clicked subscribe even though I am from Ontario. Still part of the same Canada club ;)
Hi! I’m stoked to have come across your video because you have soooo many good ones. I’m not sure if you have a video up already about this but since you seem to reply so promptly, I was hoping to get your advice.
I’m 21 and don’t have savings to move out, I work part time right now, finishing university in April and I have car payments and a fairly small loan. I am really interested in learning what my next steps should be as I will likely be making enough money to move out in the next year or so. Basically what I want to know is what do you recommend I have saved up and is it a bad idea to rent? Ideally I am interested in purchasing during per construction and I understand the 5% for first time home owners but since I am so young is that a good idea? I will likely also have my partner paying half but I am not counting on this. I just want to know what I should have saved and if I should skip the renting phase that most young adults do.
And I live in Ontario!
@@suereenawatkis7571 great questions!
Yes you need at least 5% as a down payment. If you are able to put down 20% then you will not need to pay for mortgage default insurance which is a significant added cost.
Don't go out and try to jump into the market until you are ready. That means you have the financial capacity to buy but also the needs of your lifestyle mean it is time for home ownership.
Renting is not a bad thing and it is not throwing money away it is just paying for a place to live that has no potential for future value (or debt).
Hope that helps and thanks for watching!
So if I buy a house does that mean the government can still take the house for some reason?
Sorry I am confused by your question.
@@BaldPrairieRealEstate if I own a house can it still get repossessed?
Like if I pay he entire mortgage.
@@mightytaco123 Once it is paid off entirely no it wouldn't be repossessed unless you put the home up as collateral on another loan.
@@BaldPrairieRealEstate what happens if you aren’t able to pay property tax? Like covid hits and you have no money?
@@mightytaco123 at that point I would expect the city to work with the home owner on a solution to get them paid. If you just completely stopped paying your property tax the city would use legal options available to get them paid.
After a successful study completion Can an international student buy a house/ apartment/condo / studio with open work permit?
As long as you meet the financial requirements yes.
Great informative video thank you. Question 🙋♂️ I am going to be a first time home buyer in Ontario. Is it better to go through a mortgage broker or a bank and what are the pros and cons of both. Thx
Thanks for watching! This is actually a future video topic of mine. But I would talk with both. See what options are available from them.
Mortgage brokers usually have access to better rates and more flexible mortgages but sometimes there are good deals available from banks that you have an account with.
@@BaldPrairieRealEstate thank you
@@asim1017 You are very welcome.
Hi Matthew, is it a good idea to buy a 70's or 80's built property for a dream home in Regina, or newer one. Any suggestions or tips to keep in mind while viewing an old property? Thanks!
Hey Amrit! There are great houses in Regina from that era. Areas like Alberta Park, Varsity Park and University Park are all from the late 70's to early 80s and you can find some absolutley stunning houses there. There are many more but that is just a few of my favourites from that era.
As for what to look for I have a video right here that outlines alot of the more expensive itmes to repair in a home.
th-cam.com/video/BRgtE1vS3_I/w-d-xo.html
Hope that helps and thanks for watching!
@@BaldPrairieRealEstate Firstly, thanks for the quick response! Well, I've seen a couple of really nice properties in one of the neighbourhoods you mentioned. My dilemma is whether or not to go for old properties considering the usage of asbestos, lead, radon etc. Also, will a property from that era really appreciate in value 10-15 years down the line?
Glad to help! In Regina you are very unlikely to find houses in the 70's & 80's with asbestos. We rarely see it in homes from both of those eras. Generally asbestos wasn't used in homes in the city past the late 60s. But a home inspection will be able to find it. Radon is a fact of life for a house in Regina. It naturally occurs in our soil. You can get ventilation systems to vent it out though. There are inspectors in the city who are qualified to test for radon of you are worried.
Yes homes from that era will appreciate in value if we see appreciation in the city. They are in desirable neighborhoods that tend to hold their value well. For those that want large mature yards and large bungalow style homes those are the only neighborhoods that offer that. Very few of the newer neighborhoods can offer that.
If am going to partner up with my sibling when buying a home who already owns a home, will I be eligible for the 1st home buyers program?
Great question. My understanding is that you cannot use the First Time Home Buyers Incentive Program but I do believe you could use the First Time Home Buyers Plan to use your RRSP's for your down payment.
Hope that helps!
Very informative video! What are your thoughts on buying a home (paying in full) from a line of credit?
Thank you!
I am not sure why you would buy a house on a line of credit and pay 6-10% interest when you could get a mortgage and pay 2.5%.
@@BaldPrairieRealEstate True... Thanks!!!
@@everlasting_love777 no problem! Thanks for watching
Is there a question you, as a first-time home buyer have that I missed in this video? Let me know in the comments below. I will be happy to answer them for you.
could you explain how a first time home buyer could purchase their home and within a certain amount of years, open up a second mortgage and rent out your first property? I’m sure there’s a bunch of rules around it because i know as a first time home buyer you need to actually reside in the home you’re buying, if i’ve been told correctly. by the way I love your channel, it’s super informative and i myself am 20 y/o and aspire to go to school for a bit and eventually take the Ontario real estate course to get my license
You can purchase a second home at any time as long as you can support the payments. In your example of buying a home as a primary residence and then eventually buying a second home but keeping the first one as a rental there are a few steps. Assuming you qualify for the second property you need to have an appraisal or opinion of value on the first home. Once you know that value you need to "freeze" that for tax purposes. Your primary residence is currently capital gains tax exempt. But once you move out it becomes taxable. So, you need to know what that value is when you move out. Any property value gains prior to moving out are tax free, any gains after are subject to a 50% capital gains.
I hope that answers your question. And thank you for the support.
Thank you very much!!!
If you check your new home on possession day and find that they have taken appliances tht should've been left, or notice the place is extremely messy, what would be the next step?
Alicia,
If those items were listed in the contract of purchase and sale, they are expected to be in the home on possession. I would suggest first having your buyers agent reach out to the sellers agent to see if the problem can be sorted out that way first. If not, you will have to contact your lawyer to see what legal options you have.
As for the housing being messy unfortunately small claims court is probably your best option for that. Again a call to your lawyer might clear that up.
Sorry to hear you had a bad experience on possession day but I hope this helps.
I really want to buy a house or a condo in Montreal in Quebec as second house for renting purposes. I managed to save up to 150K CAD, but I'm still not able to buy anything decent. The market is too high and I still don't know if it's better to wait or jump in this troubled water. I wish you were in Montreal!!!
150k is a great down payment on a property. I have my newest market update coming out this weekend. You are going to see sales drop but that is primarily driven by the severe lack of inventory in Montreal right now. Until we see a significant increase in supply, I wouldn't anticipate prices to change direction any time soon.
I like the name of your channel.
Thank you!
Hey Matthew, which is better to take home mortgage from i.e. from bank or private lenders? Are there any pros and cons of choosing the one over the other? You can make a vedio over it, if its a topic of interest.
Thanks for the comment Imtiyaz. If I am understanding you correctly are you asking should you use a traditional bank like BMO, TD, RBC etc or the monoline lenders like MCAP, First National etc?
When you go with a traditional bank like the one that you currently bank with, sometimes there are loyalty benefits or other perks. You also have the convenience of having everything under one roof, or in these days, one app.
The monoline lenders because they do not have the same overhead that the big banks do can and do offer better rates often. They are also nimbler and more flexible when market conditions demand it.
I would look at both options and then see which one works better for you. But neither are a bad choice.
Hope that helps and thank you for watching!
A drive way and small backyard is a must!!! And no stairs going straight out the front door
Small backyard is an interesting one. I mainly have buyers asking for a large backyard.
Thanks for watching and the comment Ellen!
house has to be up to date
Would you but a house that wasn't renovated if the price was right?
Finished basement, decent sized backyard, driveway parking for two minimum, open concept interior.
Thanks for the comment Andrew. What about a garage is that important?
@@BaldPrairieRealEstate either a meth lab or snow free parking for a disabled person. I'd give people the benefit of the doubt.
@@bl7817 I am not really sure what was the point to that comment.
A big spacious bathroom
Those are always nice to have!
I'm a PR in Canada and thinking of buying my first home for my family to live in while I keep living in another province but, I was told that I MUST live in the house or I won't qualify for a mortgage. Is that true?
No that is not true. Mortgage qualification is not based on occupancy. But your down payment is, which will impact your qualification somewhat. If you are not making the house your primary residence you must put down a 20% down payment. Hope that helps!
@@BaldPrairieRealEstate Oh. That’s interesting. Ok, would the 20% part change if a co-signer/co-borrower is going to live in that house. I highly appreciate your help. Thank you 🙏🏻
@@evaamir5164 the primary borrower must be the one living in the property to put down less than 20%.
@@BaldPrairieRealEstate Thank you for responding
@@evaamir5164 Happy to do so!
Very helpful thank you, love your style! I subbed :)
Thank you!
Hey Bald! Thanks for the video. Question: what if I want to buy a house on a city that is far away from me? Should I move and rent a place on that city first, and then start looking? What do you suggest?
I would recommend getting a good agent in the city so that you can discuss with them about hood areas of the city and what to expect when looking for houses there. If you are able to make a trip out there first to meet the agent and get to know the city that would really help.
my need is atleast 5 acres
That would be a nice big lot!
I would need a bigger garage that is heated and a decent backyard
I bought my house specifically because it had both of those!
Really liked the video. very informative. Thank you
Thanks for watching! Glad it was informative.