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How To Save Money Buying Valuable Muskoka Real Estate

Buying Valuable Muskoka

Muskoka and its surrounding areas are truly breathtaking, and demand for real estate in Muskoka, especially lakefront property, remains constant. That said, there are opportunities to get amazing value for your home-buying dollar if you partner with the right agent and follow the tips below.  

Take Advantage Of The Real Estate Market’s ‘off Season’

If you’re looking for the best deal you can find, you might consider shopping for a home during Ontario’s “off-season” for real estate. This is typically in the middle of the summer when families go on vacations or during the holidays and cold winter months. Sellers who have their homes listed for sale during these periods are usually motivated to sell, so you have more negotiating power. However, there may be less selection to choose from with fewer listings available.

If you decide to purchase when there are more homes on the market, be prepared for potential bidding wars on Muskoka properties you like. While there are more listings in the spring and fall, there are also a lot more buyers. You may have to waive some conditions or up your offer for your bid to be successful.

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Hire an Experienced Realtor

Many buyers think they can save money by not hiring a real estate agent. They mistakenly believe that they will automatically get a rebate on the price of the home for the value of the commission that was not given to a buying agent – this is not necessarily true.

In reality, the seller pays a commission to the listing agent, who splits it with the buying agent. When a seller uses a listing agent, their agreement will likely either give the selling agent the full commission or give the discount to the seller if there is no buying agent. So, in a seller’s market, there is no incentive for the seller to give the buyer a rebate.  

Partnering with an experienced Muskoka real estate agent who:

  • knows the market and how to value a home
  • has access to all available listings
  • is there to protect your interests and negotiate the price 

will likely save you a lot more money than trying to buy a home by yourself. So not using a real estate agent as a buyer, especially when you’re not paying them, can actually cost you more money in the end.

Get Your Finances In Order

Because of the amount of money involved in buying a home, every percentage point in mortgage interest you can save reduces your costs significantly – especially now. Hold off for as long as you can to save up as much as possible for a down payment and to continue building your credit. Doing both will help you get a better rate. 

You can improve your credit rating by:

  • Paying your bills on time.
  • Not using use all the credit available to you. The optimal number is 35%, i.e., don’t max out your line of credit and/or credit cards and aim to use 35% of the credit available to you.
  • Leaving your credit accounts open, even if you don’t use them.

When you are ready to buy, do your homework, shop around for the best mortgage rate, and use a lender you trust.

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