Guide for Buying A Home in Charlottetown, Prince Edward Island (PEI Homes)

Your Affording Capability - A person must first decide how much he can afford before buying a home. There are various financial institutions available that offers loans to people willing to buy a property. These are the home or building societies and the banks. One can go and get information regarding how much money they provide as loan and under what terms and conditions.  Many financial institutions have a condition that they will offer you a home loan only when the property is good and have a good background. A Certificate stating such a statement under a legal proceeding might solve your purpose. This Certificate helps you get the offer accepted by the seller very easily. There should be enough money that one might need to spend on a property. There can also be some additional costs. These costs are  survey costs, the stamp duty tax, local authority search costs, valuation fees, land registry fees, VAT, the solicitors costs, fees of a mortgage broker incase anyone hires, final electricity bills, removal expenses.

Ways To Find A Property - There are many ways to find a property. These are given as under –

1.         One can make use of real estate agents. However, choosing the right agent is a top priority.

2.         One might find information related to home in the pages having property related articles in a local newspaper.

3.         One may also get into touch with the building companies for the details of properties that are being built recently in that area.

4.         One might also look for this on the internet.

Take A Decision Regarding The Property - When a person hears about a particular property he should make extensive search on the property. He must be sure first that the house meets all his requirements so later on extra money need not be spend on the house. This extra expenditure includes expenses for repairs or for decorations etc. So it’s very natural for the buyer to visit a particular property more than two or three times before deciding on purchasing.

Making Of An Offer – When a particular property is chosen by the client he is not necessarily required to pay the price that is asked. One can also offer a less price if there are expenditures needed to be made on the property. Incase the property is sold through an agent then one must clarify the agent that you are prepared to pay for the price of the property.

When The Offer Is Accepted - When the offer for the property has been accepted then one must take into considerations the following points –

•           Incase a holding deposit is available one needs to check that.

•           One must look for some mortgages

•           To check whether a survey is needed.

•           The person who will do all necessary legal works needs to be checked.

•           Whether one wishes to buy the house with someone else.

Property Insurance – One must make sure that the building insurance is made from the date of exchange. That is because once the contracts has been exchanged then the person becomes responsible for the property. Information for insurance of property is found from the mortgage lender or solicitors.

Contracts – There are certain contracts that need to be exchanged between the buyer and the seller. They are prepared when –

•           The solicitor is happy with all the research made for the property.

•           The mortgage offer has been received officially.

•           The surveyor’s reports have been received.

•           Nearly 10% of the deposit payments have been arranged.

•           The date of completion of the deal has been settled.

Email Keith MacLean "The PEI Re/Max Guy" for info on PEI Real Estate