Buying A Home
Buying a home is a smart and exciting investment in your future. Whether you are a first-time buyer hoping to get into the market or an experienced homeowner looking to acquire a new property, now may be the time to buy.
As you begin your search, a real estate agent can be a valuable resource to explain the process and alleviate some of the anxiety surrounding what is likely one of the largest financial transactions of your life. You can rely on me to be your professional champion on your path to homeownership.
MANY REASONS TO BUY
Owning a home has many advantages. First and foremost, is the security and freedom of having a space that is truly yours, rather than renting space that someone else owns. Let's face it, it's unlikely that rent will decline and as your rent climbs, it may be a struggle to predict your housing costs several years into the future. Homeowners have a greater amount of control over monthly expenses. Often, the taxes and interest that are paid on your mortgage provide tax shelter. And, long term a homeowner has an opportunity to build wealth as the home appreciates in value over time.
In addition to the financial advantages of owning a home, there are obvious lifestyle perks. If you want to own a pet, have a yard, or decorate and renovate to match your style, you can when the home is yours. And, being a part of a community helps establish roots and gives you a satisfied sense of belonging.
THE BUYING PROCESS STEP BY STEP
Step One - Select representation that meets your need
FIND a REALTOR that you can TRUST! Realtors are experts at what they do. Find a real estate agent that you can rely on to give you the best advice and guidance. I am a full time realtor and I've worked with many buyers and sellers. Not all realtors and their clients are a perfect match, so find one that you like to work with. Once you've find someone to help you with your sale or purchase by signing a BUYER REPRESENTATION AGREEMENT you are guaranteed by Provincial Law that your needs are professionally and confidentially represented.
Step Two - Make an appointment with a lender for pre-approval
- Gather your financial information and documents
- Talk to a Lender about Pre-approval; make sure you understand the difference about Pre-approval and Loan Approval
- Find out from your lender the largest amount of mortgage you can be qualified for. This will define your price range and prevent you from looking at homes outside your budget
- Think about how much you are going to need for a down payment.
Step Three - Look for a home
- Set priorities for size, location, style, features
- Determine minimum number of bedrooms, bathrooms, etc.
- Select search areas and drive by possible homes
- Select homes we can inspect
Step Four - Prepare and negotiate an acceptable offer to purchase
- Discuss with your buyer real estate agent what is negotiable and what is not
- Determine the amount of money that you will be depositing
- Determine the possession dates (when you need to move in)
- Discuss any Chattels and Fixtures to be included in your offer
- Discuss inspections and Home Warranties that will be included
- Discuss other Specific Conditions that need to be written in the contract, such as finance condition or insurance condition
- Prioritize your needs. Every negotiable item can be favourable or unfavourable to your offer
- Offer/Counter Offer make sure that you are realistic during this back and forth process; know when to compromise and when to walk away
- When the contract is accepted, a finalized settlement schedule and deadlines should be in place.
Step Five - Fulfill all conditions
- Retain a qualified lawyer
- Schedule (and arrange to be present during) a Professional Home Inspection (Search for a professional at the Ontario Association of Home Inspectors website)
- Finalize all financial details
- Meet any other conditions that pertain to the Agreement of Purchase and Sale.
Step Six - Prepare for closing day
- Schedule Moving Company
- Finalize closing date, time, and location coordinate with all parties
- Purchase Home Insurance, Title Insurance
- Transfer utilities into your name.
Step Seven - A homeowner at last