FREQUENTLY ASKED QUESTIONS

Home Selling
Home Buying

Questions about Buying

1. How much do I need for a down payment in Ontario?

In Canada, the minimum down payment is 5% on the first $500,000 of the purchase price, and 10% on any amount above that (up to $1.5 million). Putting down less than 20% means you'll also need mortgage default insurance, which adds a premium to your mortgage. Reach out to us at faisal@homeshack.com and we can walk you through what makes sense for your budget.

2. What's the difference between pre-qualified and pre-approved for a mortgage?

A pre-qualification is a quick estimate of what you might be able to borrow, based on information you provide. A pre-approval is more formal: your lender verifies your income, credit, and debts and gives you a specific mortgage amount and rate hold, usually for 90-120 days. We always recommend getting a full pre-approval before you start touring homes.

3. What closing costs should I budget for when buying a home?

Beyond your down payment, plan for costs like land transfer tax, legal fees, home inspection, title insurance, and adjustments for prepaid property taxes or utilities. As a rule of thumb, budget an extra 1.5% to 4% of the purchase price for closing costs.

4. Do I need a home inspection?

Yes. A home inspection gives you a clear picture of a property's condition before you commit, from the roof and foundation to plumbing and electrical systems. It can also give you leverage to negotiate repairs or price if issues come up.

5. How long does it take to buy a home, from offer to closing?

Once an offer is accepted, closing typically takes 30 to 90 days, depending on the terms you negotiate and how quickly financing, inspections, and legal work come together. We'll help you build a timeline that fits your situation.

6. Should I buy now or wait for interest rates to change?

Timing the market perfectly is nearly impossible, and rates are only one part of the equation. The right time to buy depends on your personal finances, the local inventory, and your long-term goals. Contact us and we can look at current market conditions together.

Questions about Selling

1. When should I sell my home in Cambridge Ontario?

There are certain times that are better for sellers and other times that are more beneficial for buyers in Cambridge Ontario and the Waterloo region. The market depends on many factors, and you can learn more about your local market trends by contacting us directly at faisal@homeshack.com.

2. Why should I use a realtor to help me sell a home in Waterloo region?

Faisal Susiwala from Twin City Realty will act as a guide through every step of the process. With over 35 years of experience handling inspections, negotiations, paperwork and so much more. Faisal will also help you evaluate your home free of charge and help you get the top dollar for your home in Cambridge, Kitchener and Waterloo Region.

3. How much is my home worth today in Ontario ?

Every home in each market is unique. No two homes are alike. You can get an estimate of what your home is worth by filling out a short form on the "Free Home Evaluation page or you can call my office directly at +1 519-624-5555 to learn more about your home’s worth in today's market.

4. How long will it take to sell my home?

The length of time your home is for sale depends on the state of the market. Faisal will have more up-to-date insights into your local market, Please feel free to reach out to us or visit our office at 1400 Bishop St N, Cambridge, ON N1R 6W8, Canada

5. How will Faisal market my home?

Every marketing plan is individualized to the home being sold. The basics include a for sale sign, making the property available on the web, and sharing the listing with their contacts, investors and inner Real Estate Circle. Contact us to find out more about how Faisal Susiwala personalizes his marketing plans to get the top dollar for your home in Cambridge, Ontario.

6. Can I buy a home and sell my current one at the same time with Faisal Susiwala?

Yes, you definitely can. We would highly recommend getting in touch with Faisal Susiwala to help make the transition between selling and buying as smooth as possible. Please Call, Visit or Email Our Office for more details.

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Home Buying & Selling Questions, Answered

FREQUENTLY ASKED QUESTIONS

Questions about Buying

Questions about Selling

FEATURED PROPERTIES

GET A FREE HOME EVALUATION TODAY

GET IN TOUCH

GET IN TOUCH

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EVALUATION TODAY