Category Archives for "Buying Real Estate"

Paying Welcome Tax

Welcome! Now Pay Me! A Brief History and Calculation of the Dreaded Welcome Tax

By Andrew Mitchell | Buying Real Estate

As a real estate agent I often am present at the notary for the signing of the act of sale where the deed of ownership trades hands from seller to buyer. The dreaded Welcome Tax is one of the costs I always discuss with clients who are purchasing a home. It does sometimes still come as a shock to many buyers when the notary announces that the buyers will be responsible to pay thousands of dollars in Welcome Tax. Otherwise known as the Tax de Bienvenue, or more formally the Droit de Mutation / Duty on the Transfer of Immovables in Quebec.

Find out more about one of the largest taxes you might pay when you buy a home, the dreaded Welcome Tax!

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Renting Versus Buying

Renting Versus Buying: What Makes More Sense Financially?

By Andrew Mitchell | Buying Real Estate

Many first-time buyers are debating whether they should continue to rent or should they buy. It’s also a consideration for those entering retirement age that are thinking of downsizing out of their home to a condo or apartment. But what makes more sense to rent or to buy? There are some big advantages to rent in certain situations and some even bigger advantages to buy a home.

Answer these 7 questions to know for sure if you should buy or if you should rent.

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Questions about downsizing to a condo

4 Questions to Ask Before Downsizing to a Condo

By Andrew Mitchell | Buying Real Estate

There’s a big trend in real estate right now, and it will continue for the foreseeable future. This trend is for empty-nesters and baby-boomers to sell the large home with the goal of downsizing to a condo. Many of my clients are finding themselves in 3, 4 and more bedroom homes, the kids have moved out, and they no longer have the desire to maintain a large home where they are only using a small part of.

But condo living can be a major lifestyle change, both an extremely positive change for most but can also be a huge disappointment for some. Before taking the decision on downsizing to a condo, you owe it to yourself to answer these 4 questions to see if condo living makes sense for you.

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Old houses can have hidden defects

Hidden Defects: What you Need to Know When Buying or Selling

By Andrew Mitchell | Buying Real Estate

Latent defects, also commonly known as hidden defects is an issue in real estate transactions that is rearing its ugly head more and more often in real estate transactions, as the inventory of homes for sale in the most desirable neighborhoods is aging its an issue that all home sellers and buyers should be aware of.

Hidden defect can have a huge impact on the time and money it takes to buy, sell and own a property. Unfortunately there is a lot of misinformation and myths surrounding latent defects. If you’re a home buyer or home seller, find out what hidden defects are and how to handle them if they do come up. 

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Real Estate Agent at desk

Why Work With a Real Estate Broker to Buy a Home?

By Andrew Mitchell | Buying Real Estate

Many buyers are not aware of what a buyer’s real estate broker can and should do for them to ensure a flawless and safe transaction that keeps both buyer and seller out of the courts. As a home purchase is usually the largest financial transaction in a person’s life, there are some good reasons to work with a real estate broker to buy a home. But many people do not know what a buyer’s broker does, besides setting up and showing them homes. I’m here to tell you some of what a buyer’s broker really does for their clients to save them time, money and hassles.

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