3 Things To Consider When Buying A Home
Here is a list of three not-so-obvious things that you absolutely must consider if you're purchasing a home, especially if you're a first-time home buyer.
You're going to want to listen; you'll definitely take away a nugget. 🏡
Number one, make sure that you are budgeting for closing costs. So closing costs are in addition to the down payment and will typically vary between 1.5% to 2% of the purchase price. Make sure that you are budgeting accordingly to cover these fees. 💰
Number two, deposit. It is standard practice to submit a deposit along with your offer. Within 24 hours of an accepted offer, the deposit amount will typically vary between 2% to 5% of the home's purchase price, and these funds do go towards your down payment. It's not money that's lost; essentially, it's a token of good faith to the sellers that you are, in fact, serious about your offer and moving forward with the property. 🤝
Number three, offer contingencies. Contingencies, also known as conditions, are included for the benefit of the buyer. Typical conditions that are included, but not limited to, are the home inspection condition and the financing condition. Once again, these conditions are placed in an offer to protect the buyer. 🛡️
If you have any further questions about the home-buying process, please feel free to reach out. I'm Melanie, representing the Hamre Team here in Ottawa with RE/MAX Affiliates, and we'll chat with you soon. 🏠🔑