Your Guide to Buying a Home

There are several mistakes you should avoid when buying your home. These could cost you thousands of dollars if you're not careful enough. I've collected some of the most essential ones.

1. Avoid "low-balling" the initial offer. Vendors tend to give less of a counter offer if they feel insulted.

2. Be aware that a pre-approved mortgage can be done for 90 days for FREE.

3. Have your realtor arrange a home inspection. This could be your best money spent.

4. Purchase the worst home in a good area, rather than the best house in the worst area.

5. On your mortgage, you will save the most money if you opt for an accelerated BI-weekly payment plan, or if you double up one payment per year.

6. Use your tax credits to the best advantage by placing up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing.

7. Be sure to check into your lawyers fees (separate from disbursements), your agent will be able to refer you to reliable professionals.

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