Fantastic - but whether you are Buying your first home or fifth home one thing
remains the same - It is a big job involving a great deal of time, effort and money.
Every Buyer has unique needs but the basic questions they ask are very similar:
You need to be need to be informed and prepared regarding your financial capabilities and then focus on what type of housing may best suit your needs at this time.
If you are a first time home buyer or someone whose time has come to upsize their home, then the first step should be to find out exactly what your financial capabilities are at this time. There is no sense looking at $800k homes if you only qualify for up to $600k. Keep in mind future life changes and how this may affect your future cash flow. In a period of rising interest rates most Pre-Approvals lock in your rate for up to 90 days and this could put thousands of dollars in your pocket for years to come
Start looking at homes within your budget and determine what you are looking for in a new home. This is where a great Realtor can be of valuable assistance as they know your local market and can listen to your wish list and get you out there looking at multiple homes to ensure you are on the right path for your home purchase. A Realtor is also very helpful in setting up real time searches that keep you current with new listings and changing market conditions and give you the best chances of finding and locking down that perfect new home for yourself. If you go without a Realtor then just know you are behind the 8 ball on new MLS listings (couple day delay in listings hitting the public system), and you won’t have enough information about recent sales to ensure you are paying the right price for a home.
Top 6 Reasons Why Most Homebuyers Choose to Work With an Agent:
Now the fun begins! Most searches begin online with over 95% of buyers starting
their home search via the internet. The most comprehensive website for property
searches is Realtor.ca which is a Canada wide database of all active properties for
sale. There are countless other sights promoting active listings as well as For Sale
By Owner websites and in your search for a new home all avenues of the search
should be considered.
Now keep in mind that the internet is very helpful tool for you to get a sense of what’s available but keep in mind it is not a complete picture of the market or all properties available. Here is what you cannot see online that a Realtor can help you with:
Your agent can book you through multiple homes and truly get you up to speed for what you can get in different neighborhoods for your budget ensuring you get on the right track right away for the right home in the right neighborhood based on your budget and lifestyle needs.
You have found a house you love which is Fantastic! Now comes the
time to put an offer together and how the process typically works:
What happens next? One of three things:
Okay, congrats are in order you have got a deal together and now comes the time to
do your due diligence and make sure the property has no surprises and you will be
able to secure a mortgage for your purchase.
One of the most important Buyer Conditions is that of the Home Inspection.
Some useful Home Inspection Tips:
Other Common Conditions
Financing – your mortgage professional will require a copy of the deal and the
MLS listing to get the property approved for financing.
Well/Septic Inspections – more detailed inspections of these facets for rural properties.
Status Certificate – required for the sale of a condo corporation unit. Cost is a $100 and is ordered from the condo corporation and given to your lawyer for review.
Typically you will have anywhere from 60 to 90 days until you complete the purchase of your home. Be prepared and take care of the details and have monies put aside for closing costs such as the Balance of your Down Payment, Land Transfer Tax and Moving Expenses etc. Contact local utilities to have your name placed on the property as of the completion date. Inform your children’s old and new schools about the move and arrange any necessary record transfers. Make sure you have insurance in place for the new home and you are able to provide the insurance company as much information as possible about the new home.
Make sure your lawyer and Mortgage companies have connected to make all the necessary arrangements for closing day. You won’t get the keys to your new home until your financial obligations are satisfied