Choosing to buy a home is one of the biggest decisions you will make in your life. It is a complex process that requires a lot of planning, and instating the help of a knowledgeable Real Estate Agent to make the process run smoothly. To assist you with this, here is a general overview of what to expect and prepare.
Ensure Your Finances Are In Order
The first thing you will need to do is put money aside for a down payment. This amount is (at minimum) 5% of the purchase price of the home you are planning to buy. Second, you will need to meet with a mortgage broker to determine your budget. Shopping for the best rate is highly recommended.
Visualize Where You Want to Live … Home
Once you have established a price range, it’s time to decide what type of home will best suit your lifestyle. Think about access to schools, recreational facilities, what the neighbourhood is like, etc. Why you are choosing to buy will help answer these questions for you. Writing the criteria down is helpful, as well as lists of ‘wants’ versus ‘needs’.
Meet With a Real Estate Agent
It is important to partner with a Real Estate Agent 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 will want to go with an experienced and knowledgeable REALTOR® who you can be sure will represent your best interests. One who is dedicated to you.
Using the property search on this site and consulting with your Real Estate Agent, you will be able to find homes in your desired area. They will update you frequently regarding new listings and schedule you appointments with sellers.
Your Real Estate Agent can help you place an offer that the seller will either accept, counter, or reject. After you have negotiated an offer, you will need to conduct a home inspection and complete any repairs (the cost of which you can also negotiate with the seller). Finalize your mortgage with a visit to your lender, and you are ready to sign off on ownership. This typically takes place in a lawyer’s office.
C o n g r a t u l a t i o n s ! Becoming a new homeowner is one of the most liberating things you will ever experience. There are many benefits to home ownership — pride of ownership, the ability to make home improvements, building equity, appreciation — and many more.