Should I buy or continue to rent?

Low-interest rates can sometimes mean that it can actually be cheaper to pay a mortgage than to rent. But there are some important questions to consider before buying:

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- How long do you plan to stay in one place?

If you need to relocate from time to time for work then renting may be preferable. Buying is costly, so be sure you are happy to be settled for some time.

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- Are you ready to take on the responsibilities of maintaining a property?

A property is likely your most expensive monetary investment, and it needs to be maintained and protected. Consider all angles and costs before you commit to buying.

Should I sell my current home before I buy?

Have an open discussion with your agent about the current property market. The biggest benefit of selling your current home first is that you will be in a stronger position, and an attractive prospect to any seller as your offer will not be contingent on your own property selling.

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You do run the risk of not finding a new property and having nowhere to live. It may be possible to negotiate a "rent-back" period, where you stay in your old house and effectively pay the new owner's mortgage for an agreed period. A long settlement or temporary accommodation may be possible.

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Alternatively, buying first gives you the security of knowing where you are going. But your offer will be contingent on selling your own property, and if you can't meet the required deadline you risk the disappointment of losing the sale altogether. This is riskier for the seller, which puts you in a weaker position if there are multiple offers.

Do I really need an agent when buying a home?

Looking at homes is easy. Negotiating and wading through legal documents can be tricky. It's always advisable to use the services of a buyer's agent. The home seller will have an agent working for their best interests, so it pays for you to have someone in your corner.

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Agents have local expertise and negotiation experience, plus access to market knowledge and industry networks. They also understand all the ins and outs of legal transactions, which can save you valuable time and money (and remove a gigantic headache).

Who pays the agent fees when buying a home?

Considering not using an agent is most often based on concerns over the cost of paying a commission. However, in most cases, it is the home seller who pays the real estate fees, not the home buyer.

How many homes should I look at?

There is no hard and fast rule about this. If you do thorough research and search online carefully, you might find your home immediately. But you may look at 5-25 homes before finding the right one.

Can I ask how old something is?

Don't make assumptions. Ask about the age of the furnace, water heater, or air conditioning unit. Check on alliances that are to be included in the sale. Owners often know the age and condition of the roof, but it may pay to have it checked for sagging or damage. 

What's the response time frame to an offer?

The 'life of the offer' can vary from hours to several days. Your agent will know what's most appropriate. For a new listing in a competitive market, it may only be 12 hours. For a property that has been on the market for some time, it may be a 2-3 day time frame.

Do I really need to do a final walk-through?

You have the option to view the house 24 hours before closing. While this is not required, it is highly recommended. The purpose is to confirm that the property is still in the condition you expect, that repair contingencies have been completed, and everything that is agreed to is still in the property (i.e. appliances).

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You are about to spend a great deal of money, so take the opportunity to be completely satisfied. Also during your walk-through check that the furnace is working, all the toilets are flushing, and that there is hot water.

Is the closing date our moving-in date?

The closing date is the day you sign all the legal documentation for the property transaction. Your agent will ask you to request a closing date and moving-in date to be included in your purchase offer, however, it is the attorneys who set the legal dates and times. Often they may be the same day, but sometimes the occupancy date is later. Make sure you are certain about the date before booking moving services etc.