Choosing to buy a home is one of the biggest decisions people make in their lives. It can be a complex process that requires a lot of planning. Enlisting the help of a knowledgeable REALTOR® to make everything run smoothly can help simplify things. Here’s a general overview of what to expect and prepare for.
Get Your Finances In Order
The first thing you’ll need to do is meet with your bank or a mortgage broker to determine what you can afford but, more importantly, what you will be comfortable with in a monthly payment. We have a broad network of various sources of funding to ensure you get a mortgage that best suits your particular needs. Check out the Mortgage Specialists on our Meet the Team page representing Canada’s major lenders and brokers. Shopping around for a rate is what everyone thinks you should do but the best rate doesn’t necessarily give you the best mortgage product. An excellent rate often results in a cost somewhere in the fine print. Get the best rate combined with the best terms and options for your particular circumstances. Fixed rate vs variable rate, open or closed, payment flexibility, and confirming if a penalty will be incurred should you decide to sell before the term is up are all important things to consider. Knowing what you can afford and obtaining a mortgage pre-approval gives you confidence and increases your leverage when shopping for and negotiating your purchase. Then, put money aside for a down payment and closing costs such as an appraisal, home inspection, and legal fees. The lender will help you determine your downpayment requirement as this depends on the financial picture of each applicant.
Visualize Your Dream Home
Once you’ve established a price range, it’s time to decide what type of home will best suit your lifestyle. Think about things like access to schools, recreational facilities, what the neighbourhood is like, and so on. Why you’re choosing to buy should help answer these questions for you so think about it carefully. You may want to put this down in writing and create a needs versus wants list.
Meet With a REALTOR®
It’s important to partner with a REALTOR® you feel completely comfortable with. A REALTOR® can help you find your dream home, that meets both your needs and your budget. They will set you up with viewing appointments, and also help bring clarity to the complicated process of buying a home. You’ll want to go with an experienced and knowledgeable REALTOR® who you can be sure will represent your best interests.
The Search
Using the property search on this site and consulting with your REALTOR®, you will be able to find homes in your desired area. They’ll update you frequently regarding new listings and schedule you appointments with sellers.
Closing
Your REALTOR® can help you place an offer that the seller will either accept, counter, or reject. After you’ve negotiated an offer, you’ll need to conduct a home inspection and deal with any repairs. Home inspection results are not necessarily negotiable. That is not the purpose of an inspection. Certain conditions that may exist may be quite normal for the home when it was built. Building codes and practices change over time. Some deficiencies are considered normal wear and tear and are non negotiable. This may vary from province to province as does disclosure requirements. Purchasers should request disclosures as a condition of sale revealing if there has ever been any significant issues with the dwelling or do other factors exist with the property such as encroachments, boundary issues, easements, rights of way, reserves, shared drives and water rights. Most of this can be revealed well before it reaches closing by making inquiries and seeking information resulting in time and money saved and less frustration ensuring your transaction closes on time. Lastly, finalize your mortgage with a visit to your lender, and you’re ready to sign off on ownership. This typically takes place in a lawyer’s office.
At this point, congratulations are in order! Becoming a new homeowner is one of the most liberating things you’ll ever experience. There are many benefits to home ownership — pride of ownership, the ability to make home improvements, building equity, appreciation. The list goes on.