Insurance

If you are a first time buyer with a family chances are you are leaning towards buying one of the many Mississauga Townhouses available for sale. With a wide selection of Mississauga Townhouses how do you choose one that is right for you? Before you rush out and buy the first Mississauga Townhouse that you see there are some steps you want to consider.

Affordability

As a first time buyer affordability is something that is probably uppermost in your mind. Make sure you get pre-approved for a mortgage before you look at any Mississauga Townhouses.

Buyers Agent

An experienced full time buyers real estate agent is someone you should hire from the outset. Besides being able to help you with the above mortgage pre-approval they will or should have a host of valuable information that would take you endless hours of research. The best part of using your own experienced buyers agent is that it does not cost you one penny. That's right, not one penny. The agents fee is paid by the seller. Although the agents fee is paid by the seller they owe all fiduciary duty to you and must work with your best interests in mind.

Costs of Buying a Mississauga Townhouse

As a first time buyer of Mississauga Townhouses you will need a minimum of 5% down payment which will allow to get an insured mortgage. With 20% down payment you will not need an insured mortgage. There are however other costs you will need to budget for on the closing date of your new town home. There is an Ontario Provincial Land Transfer Tax, a portion of which is rebated to you as a first time buyer, up to a purchase price of $250,000. As well there are legal fees, home inspection fees, appraisal costs, home insurance and title insurance. A general overview of these costs with your buyers agent will prevent any nasty surprises on the closing date of your Mississauga Townhouse.

Location, Location, Location

You have more than likely heard it many times before, location, location, location is the most important part of a real estate purchase. But what does that mean to you? If proximity to your place of work or access to transit in order to get to work is important you will need to look at Mississauga Townhouses within a reasonable distance of those. The same consideration for schools should also be taken into account as well as shopping facilities, entertainment and alternative transit choices.

Home Inspection

Once you have seen a good selection of Mississauga Townhouses and have decided on one that best suits your needs, be sure to insert a conditional home inspection clause in your offer. If your buyers agent is experienced and is really looking out for your best interests they will automatically include a home inspection clause. In all likelihood the one you choose will be a Mississauga Condominium Townhouse.

Do not let yourself be persuaded to forgo the home inspection simply because the condominium corporation will be responsible for all the major items of repair. There could be interior issues which are the responsibility of the owner and could end up in your lap without a home inspection to give you the ability to renegotiate any such deficient item. In place of a regular visual home inspection I would recommend a thermal imaging home inspection which through the use of an infra red camera reveal hidden issues you may want to renegotiate with the seller.

Buying your first Mississauga Townhouse may seem like a daunting task but if you approach it methodically and with the above points in mind you will enjoy your new townhouse for years to come.