SO YOU’RE THINKING ABOUT BUYING A HOME?
Fantastic! It may be your first home, or perhaps your fifth, but no matter how many times you’ve been through the process, one thing remains the same: It’s a big job, involving a great deal of effort, time, and of course, money. But you’re not alone — lots of Canadians are doing it! According to Statistics Canada’s National Household Survey, 69% of Canadian households own their home.
STEP 1: DECIDING WHAT YOU WANTLogically, the first step to finding the right home is to determine what you’re actually looking for. There are a lot of homes on the market at any one time, and looking at them all is not the best way to spend your time.To make your home search more efficient, ask yourself these
STEP 2: GET PRE-APPROVED FOR A MORTGAGEWhen it comes to buying a home, getting pre-approved for a mortgage is a very important step. Not only does it help you understand exactly how much you can afford to spend on a home, but it often allows you to lock in an interest rate for a period of time which could potentially save you thousands of dollars for years to come.1. Talk to a mortgage specialist.2. Complete an application to find out how much you qualify for.3. Gather your financial information to finalize pre-approval.4. Get a copy of your pre-approval.
STEP 3: AGENT OR NO AGENT?Most buyers today work with a real estate agent rather than go at it alone for many reasons. In most cases, your home is your most valuable asset, and it makes sense to use a professional. A great real estate professional will provide key market insights, sound advice and save you endless hours of time and money — all while helping you reduce the stress of a large purchase so you can truly enjoy the experience of buying your dream home.2. Avoid overpaying for a home.Top 5 Reasons Why Most Homebuyers Choose to Work with a Real Estate Professional3. Represent and protect your interests as a buyer.5. Manage the countless details and mountainous paperwork.
STEP 4: START SEARCHINGNow the fun begins! Most searches begin online. In fact over 90% of buyers start their home buying process on the internet. The most comprehensive website for property searches is Realtor.ca, a Canada-wide database of all active properties for sale, also referred to as the MLS® or Multiple Listing Service. This website allows you to narrow your search to a specific area, price range, key features and even displays the properties on a map.HERE’S WHAT YOU CAN’T SEE ONLINE2. Expired listings or private sales not found on MLS®.3. Insight and an insider’s edge.
STEP 5: MAKE A SMART OFFER & NEGOTIATEYou have found a house you love. Fantastic news! Here’s how the offer process typically works:Step 1 Decide on price, terms and conditions.Step 2 Prepare the offer.Step 3 Review the offer.Step 4 Present the offer.1. The seller accepts your offer. Congratulations!3. The seller countersigns.
STEP 6: CONDITION REMOVAL & INSPECTION
STEP 7: PREPARING FOR CLOSING DAYTypically you will have anywhere from 30 to 90 days before closing day. The closing date can be the same as your move-in date, however, this is not always possible. Check with your lawyer or agent to find out when your keys will be available on the closing date. It is normal that the exchange of money and title be complete before keys are released which could be late in the day.• Legal Stuff and Paperwork• Down Payment and Closing Costs• Moving Arrangements & Change of Address• Property Insurance• Utilities• Schools