Choosing to buy a home is one of the biggest decisions you’ll make in your life. It’s a complex ordeal that requires a lot of planning, and enlisting the help of a knowledgeable Real Estate Agent to make the process run smoothly. To ready you for this, here is a general overview of what to expect and prepare.
Get Your Finances In Order
The first thing you’ll 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’re planning to buy. Second, you’ll need to meet with a mortgage broker to determine what you can afford. We would be happy to recommend a trusted mortgage broker we have worked with in the past.
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 vs. wants list.
Meet With a Real Estate Agent
It’s important to partner with a Real Estate Agent you feel completely comfortable with. A REALTOR® can help you find your dream home that meets your needs and your budget. They will set up viewing appointments and 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.
After a consultation call with one of the team, we would be happy to set you up on a personally customized search. After you have been set up on your search, homes will be automatically email to you once they become listed.
Your Real Estate Agent 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 (the cost of which you can also negotiate with the seller). 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.