Buyers spend so much time saving for the down payment, they may not realize how much in closing costs they will also have to pay. This guide identifies common closing costs buyers should expect to have ready before they complete the sale.
Home Inspection and Appraisal
One of the most important aspects of the home buying process is the home inspection. This is a thorough check of the structure of the home and its systems to confirm that everything is in working order and generally good condition. Home buyers typically have to pay for the home inspection. The appraisal is equally vital to the sale, as it confirms for the lender that the sale price does not exceed the home's fair market value. The lender may pay for the appraisal, but home
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There may be some cause for concern when small cracks begin to develop. Homeowners who see cracks form over doors or window may want to get more information about foundation damage. Homeowners can take steps to address such issues and while some repairs are affordable, serious concerns that require replacing the foundation may be expensive. However, not all cracks should serve as a red flag for Canadian homeowners or cause them to dig deep to cover repair costs.
For a seller, a seller’s market is the ideal time to put their home up for sale. It means that there are far more buyers looking to purchase a new home than there are homes available, which in turn means that prices are likely to be driven up by the demand. However, for buyers, a seller’s market can be tricky not only because there’s more competition, but because many of the normal guidelines for buying a home no longer apply. Here are five essential tip every home buyer needs to know when trying to purchase a home in a seller’s market.