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Buyer Guide
Buying a home
requires extensive technical knowledge. This is the reason
I recommend that you use me for all of your Real Estate needs.
The main function
of a Broker or Agent is to act as intermediary in the purchase,
sale or rental of an immovable. He/She plays a prospecting
role by finding a home for the buyer, and a client for the
seller.
All Real Estate
Brokers and Agents in Quebec must hold a certificate of practice
issued by the Association des Courtiers et Agents Immobilier du
Quebec (ACAIQ). Don't be fooled by persons who claim to be
Brokers or Agents who are not licensed, and who do not have the
knowledge needed to represent you in the best way possible.
Estimating your
maximum mortgage loan: Most mortgage lenders use two
ratios to calculate the maximum loan that can be granted to an
owner/occupant. These ratios are known as GDSR and TDSR.
GDSR: Gross Debt
Service Ratio; This sets the maximum amount that can be loaned
at 32% of the borrower's gross income.
GDSR= (Capital +
Interest + Taxes + Heating + 50% of condo fees) ÷ gross annual
income
TDSR: Total Debt
Service Ratio; This sets the maximum amount that can be loaned
at 40% of the borrower's gross income because it also takes into
account personal debt.
TDSR= (Capital +
Interest + Taxes + Heating + 50% of condo fees + personal debt
repayment) ÷ gross annual income.
Your best bet is
to have a house that you are interested in, inspected. Your Real
Estate Agent should be able to give you a list of a Inspectors
for you to choose from.
Elements to verify
when looking for your home:
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Check
the general state of the house (roof, gutters,
siding, paint)
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Is
the house energy efficient? Is it well insulated?
Are heating costs high?
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How
is the air quality and circulation?
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Is
the house damp? Are there traces of mildew? If so,
check for cracks or water infiltration.
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Do
you have any reason to believe that there are
structural problems? Stuck windows or uneven floors
point to this sort of problem.
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Flush
the toilets and check faucets to be sure that there
is sufficient pressure.
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