Starting the journey to homeownership can be overwhelming and stressful. But, you’re already off to a great start - you’ve found our website, and we’re not awful.
Here’s a quick step-by-step guide to help you navigate the home buying process.
Investigate Mortgage Options and get pre-qualified
An effective budget will map out your plan to set aside money for your down payment and additional costs. On average, the deposit is usually 5-10%, which will be included into the purchase price. There are many different types of mortgages so you’ll want to talk to a mortgage broker to get pre-approved before you start house hunting. A pre-qualified letter of approval from a qualified broker can actually save you money. Feel free to call us for more information.
Create a wish list. House hunting can be a lengthy process, so to save yourself time think about your immediate needs, future plans, and lifestyle. When you look at homes, you may be tempted to concentrate on the house as a standalone, but don’t forget to look at the whole property: the lot, the neighbourhood, the surroundings. How close is the home to facilities and services that are important to you?
When you’re ready to begin shopping for a home, we’ll help you narrow the search and make sure you’re notified of the listings you want to see as soon as they hit the MLS.
Make the Offer
When we find you a home that you love, we’ll perform an assessment to make sure that it’s not overpriced. Then, we’ll write up the offer and present it to the seller and/or the seller’s agent. This document includes the price, conditions, deposit and closing date. The seller either accepts, rejects or counters the offer. The entire process can be a little overwhelming, but don’t worry, because we’ll be there every step of the way.
Hiring an inspector is voluntary, but it’s a smart idea for resale homes. You can choose to make your offer to purchase the home conditional on the outcome of your inspection. If your inspection reveals major problems, you can negotiate those repairs with the seller before your deal closes, or legally withdraw your offer.
Finalizing The Deal by Removing Subjects
Finalizing the deal will include the final approval of your mortgage and other conditions such as a review of the title, inspection report, and insurance. We’ll be there to help throughout this entire process to make sure you understand everything about the property you are buying, and to move everything along properly before the Subject Removal Date deadline.
There’s a lot to do before you move, like lining up utilities and other services such as phone, cable, and internet. If you rent, you will want to give your landlord notice. Also, forward your mail to your new address and hire a moving company.
Completion Day and Possession Day
On completion day, the lawyer completes the paperwork, payments are finalized, and the Land Title Office registers the home in your name. The possession day is moving day, and we’ll arrange to get the keys to you at the specified time on the contract. And then…