Buying

Step 1:  Determine what you can afford

It is always best to get pre-approved for a mortgage. This way you will know exactly how much you can spend so you don’t fall in love with a home above your budget. It also ensures in a busy market that you are prepared and ready when the right house comes along.

Step 2:  Identify exactly what you are looking for in your new home

It is always fun to describe your dream home but you should also identify which features are absolute must-haves when prioritizing your complete list.  To stay within your budget, you may end up having to drop off those features at the bottom of the list!  Knowing exactly what you want will save a lot of time when you get to the house-hunting part of the process.

Step 3:  Choose a Realtor®.

Your realtor® will be a combination of a personal advisor, consultant and negotiator. He/she will show you homes that match your criteria, guide you through the homebuying process, negotiate the best possible price for your home and deliver your closing documentation.  We do hope you choose us!

Step 4:  Choose a Lawyer

It’s important to hire a lawyer who specializes in real estate. A real estate lawyer will review your paperwork, complete a title search and check for outstanding taxes and liens on the property.

Step 5:  The Search

Your agent will set up trips to see available homes that meet your budget and your criteria.  Take along a checklist with you – you may see multiple homes in one trip and you don’t want to get them confused.  Make sure you look at the whole property, the neighbourhood, the amenities – not just the inside of the house.  In a competitive market, you’ll have to pounce on what you want!

Step 6:   Make and negotiate an Offer

Using information from recent sales of comparable homes in the area, your agent will help you draft an offer with the necessary clauses and conditions to represent your interests and then will present the offer to the seller. This document includes the price, conditions, deposit and closing date. The seller either accepts, rejects or counters the offer. If the seller rejects or counters the offer, your agent will then guide you through a period of negotiation.  You need to have accurate and up to date information and use it wisely.

Step 7:   Due Diligence (Home Inspection, Home Insurance, Financing, etc)

Two common conditions in the offer to purchase are financing and building inspection.  Even if you are pre-approved it is good practice to include a financing condition. The lender needs to approve the property as well as the buyer. Including a building inspection condition and hiring an inspector is voluntary, but a small price to pay on such a large investment. If your inspection reveals major unexpected problems, you can negotiate a price reduction or for the Seller to complete the repairs prior to closing. You are also protected and can legally withdraw your offer should the problems be significant and more than you bargained for.

Step 8:   Finalizing the Deal

Finalizing the deal will include the final approval of your mortgage, a meeting with your lawyer to finalize details like insurance and conditions, and the results of a title search.

Step 9:   Get ready to move

There is a lot to do before you move.  We can help by providing you with a moving checklist and some packing tips.  Just give us a call.

Step 10: Closing Day

This is the day you legally get possession of the house. Your lawyer completes the paperwork and transfer of ownership, payments are finalized and you receive the deed and the keys. Congratulations on your new home!