Buying a home is one of the biggest decisions you’ll ever make. To ensure that you make the best choice, ask yourself a few questions. What do you really want in a home? What is your current financial situation? What are your financial and lifestyle needs?
Prepare your finances and save for the down payment and other expenses.
It’s important to figure out how much you can afford to spend before you start looking for a home. Your mortgage payment will probably be the biggest expense, but there are other costs you should be aware of. You don’t want any unpleasant surprises! The more you know about your current financial situation, the more prepared you’ll be when you meet with your lender or broker.
Meet with your mortgage lender or broker to discuss your financing options and confirm that you are financially ready to buy a home. They will discuss mortgage terms and interest rates and will explain what you must do to ensure that you get approved for a mortgage once you find your home
Obtain a pre-approval letter from your financial institution. Now that you have a clear picture of your finances and mortgage options, it’s time to start thinking about the kind of home you want to buy.
Identify your home buying goals - from renting to home ownership, downsizing/upgrading, investment or building your dream home.
What are your home requirements? What are your neighbourhood preferences? Which area of the city?
Check houses that are within your preferences – budget, location, etc.
Visit REALTOR.ca. Check the classifieds. Drive around neighbourhoods you like looking for For Sale signs. Talk to your REALTOR® about your needs and start looking at properties.
You are free to attend Open Houses but please inform the listing agent that you are already working with a Realtor. This way, I can represent and put you in the best position as a buyer.
If you feel that you found the perfect home, we will write an offer together. I will guide you to make sure your offer puts you in the best possible position moving forward.
An offer should include:
NOTE: If your offer is accepted, the contract will only become final once all the conditions have been met. You should expect to negotiate. While the process can be stressful, it’s all about making the best deal for you and the seller.
Once your conditions are satisfied, congratulations are in order! You bought a house!
Buying a home is one of the biggest investments that you make, so it’s normal to have questions about the best ways to insure it. Your home protects the people and things that are most valuable to you, so make sure you have coverage effective on possession.
Home insurance is important because when the unexpected happens, the result is often costly. The right insurance could help handle such expenses.
Once your offer is accepted, visit your lender or broker to verify and finalize the details of your mortgage. Be sure to review any conditions that were part of the offer. Your lender or broker can advise you on exactly what you will need to bring to the meeting.
NOTE: Your lawyer might give you the keys to your new home at the time of your meeting. Please do not enter the property until the time of possession as stated in the offer to purchase document.
Closing day is an exciting time. It’s when you finally get to take legal possession of your new home.
Moving day checklist: