How much do you have to put down on a house in Montreal?
The minimum down payment required to purchase a house is %5 depend on yearly income of the borrower . But we recommend to our client if it is possible to put %20 as a down payment. Because for less then %20 down payment bank require an insurance premium for the Mortgage and the borrower has to pay for that insurance and it is a big amount of money usually ( from %2-%4) of the whole amount of Mortgage. of course bank pay for it first and then add it on the Mortgage.
Is it better to buy a house or a condo?
It is depend on size of the family and age of the purchaser . For a family of three or four people or bigger family for sure it is better to purchase a house , For single person or couple or elderly people maybe condo is a better choice.
Can I buy a house with 0 down?
Unfortunately as I mentioned before the minimum required down payment is %5 depend of borrower yearly income.
Which districts are more expensive in Montreal?
Westmount , Hampstead , Town of Mont Royal , Outremont , Cote-Saint-Luc , NDG, Beaconsfield and etc…
With how much money can I buy a house?
Depend on which district you are looking for.
What is the difference between town house, Bungalow, Condo, …?
We have different type of housing in Canada.
A row of houses which are attached to each other called town house.
When all the living area is on the same level it called Bungalow.
When bedrooms are on second floor and living room kitchen and dining room are on the first floor it called Cottage house.
Number of units together in the same building which they have two different portions ( Private portion and common portion ) ,The private portion called Condominium.
How much a realtor charge me to sell my house?
Depend on the services they provide usually between %4 to %6 of the selling price.
What are the expenses to buy a house?
First expense is a fee for the inspection which is vary from $500 to $ 900 depend on the property , Second is the insurance premium for the Mortgage , Third insurance for the house , Fourth Notary`s fee which vary from $1150 to $1450 depend on the property and the Notary. Fifth is moving cost . and finally is land transfer fee tax which is known as a welcome tax which city will charge the buyer , usually they send the bill within one month after signing at the Notary and the buyer has one month to pay for it.
What are the expenses to sell a house?
To sell the house is more costly than buying a house. First is the commission for the realtor which is between %4 to % 6 depend on what kind of services they provide . Notary fees, If there is a Mortgage on the house Notary has to discharge the Mortgage that is why they charge the seller and usually is about $500 more or less. When people selling their house since they break the Mortgage contract with bank, Bank going to charge them a penalty which depend on their Mortgage contract . But if the seller purchase another property they can transfer their Mortgage and get the credit of the same amount of penalty. And the moving cost also.
Who has to pay a realtor buyer or seller?
Usually the seller is paying for the realtor. And this service is free for the buyers. There for since this service is free for the buyers I strongly suggest to the buyers choose a realtor who you can trust and use his or her experience and expertise through the process of purchasing your home.
What is the legal warranty?
All the properties in Canada have a legal warranty against the latent defect or (hidden defect) unless they mention it in the listing and seller declaration and on the deed of a sale. That means the seller is responsible for all the latent defect and they have to repair the defect.
Do we have any tax credit for house buyers in Montreal?
For the first time buyers in some district of Montreal they will credit back some portion or the whole portion of the welcome tax to the buyers you should check it out with the city hall of your district.
What are the hidden costs of a house?
Insurance premium for the Mortgage plus tax which needs to be paid at the signing in the notary which is a big amount of money usually bank pay for it but they add it to loan and buyers usually they don`t feel it but they will pay for it.
The adjustment( Municipal and School taxes other cost like water tax in some cases Oil for heating ) which is calculated by the notary and Buyer has to pay at the signing.
Insurance for the house.
How much notary cost? The seller has to pay or the buyer?
For the buyers depend on the Notary and the property it is between $ 1100 to $ 1500. And for the seller depend if they have a Mortgage it should be approximately $ 500 to discharge the Mortgage. If there is no Mortgage on the house there is no cost.
Can I change my house without the permission of city hall?
To change your house you don’t need a permission from city hall . But if you do major renovation you have to get the permit from City Hall.
How much does it cost to build a house for myself?
To build a new house It cost $200 per square feet and up it depend on how you want to build your house and this is just the cost for construction it is not included the land .
What is the most important element of a house?
The most important elements of the house is the structure of the house since it is very costly to repair if there is a problem in the structure of the house.