Thinking About Buying a Home?
We are here to help you get a better understanding of the Buying Process and the benefits we can offer you. The goal is to help you have a better understanding of what is involved when purchasing the biggest investment of your life!
Purchasing your property has many different steps. Unfortunately, it’s not just about looking, making an offer, and closing. There are many important steps in buying your home, and it is our job to make sure the process runs as smoothly as possible. Outlined below are the major steps involved in purchasing your home.
Getting pre-approval for a mortgage.
Determine your wants and needs
We begin the search and continually re-analyzing your wants and needs
Proactively searching until we find the one
Discuss price, deposit, closing date, financing date, home inspection dates, and any other terms
Determining your offer to purchase
Creating and presenting the offer
Negotiating with the sellers’ REALTOR®
Sending the accepted offer to Mortgage Lender
Resolve any issues that may have resulted from the inspection, and/or condo document review
Waive conditions
Contact lawyer confirming they have received instructions
Closing and confirming release of keys from other REALTORS®
Give you the keys to your new home!
Are You Ready to Buy a Home?
First – do you have the financial resources to put a down payment on a home? You should have at least five percent of the purchase price of a home for the down payment, but ideally even more. Are there other financial obligations in your life e.g. starting a new business, children's education funds, or New car payments, which require your savings? If not, buying a home should be on your mind.
Second – do you expect to stay in your new home for some time? Moving can be expensive and you will want to build some equity before having to relocate to your new home. Your job and home life should be stable.
Third - It is a good idea to check with a mortgage broker to see how much you can get approved for in purchasing a new home. Getting pre-approved for your mortgage helps guarantee that when you find the perfect home for you, you won’t miss the opportunity of purchasing your new home by not getting approved for a mortgage.
What Can You Afford?
If you haven't already spoken to your bank or private lender and gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will be able to establish how much of a mortgage you will qualify for your new home. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms, and options for you.
A Mortgage Calculator will help you determine what monthly mortgage payment and the maximum mortgage you can manage.
First-time Home Buyers may want to take advantage of the federal government’s Home Buyers’ Plan. Under this plan, you may use up to $25,000 of your RRSP towards the purchase of a home. The money is tax-free as long as you pay it back in the next 15 years.
Questions To Ask When Deciding On Home Feature:
Do you need several bedrooms, more than one bathroom, space for a home office, a two-car garage?
Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool?
Do you have family members with special needs?
Do you plan to have children? Downtown or suburbs?
Proximity to recreation or work?
What transit lines are in the area?
Do you need a large backyard? Pets?
Is there adequate storage space?
Will any remodeling be needed to make the home move-in ready for you?
How much are the yearly property taxes?
How much are the potential condo fees?
How much do utilities run each month?
What service providers (cable, Internet, telephone, Satellite) are available in the area, and is the house completely wired for each?
How good is the cell phone reception?
Does the house use gas or electric for the furnace, water heater, and appliances?
How old are the major appliances, and which are included with the house?
Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?
Older homes need to be carefully examined - Windows may need caulking or new sashes, bathroom tiles may need grouting, home may need rewiring, a new hot water heater, or a new furnace.
Location is Everything, Some questions to consider:
How far will you be commuting from home to work? recreation?
What is the traffic like on a daily basis? Factor in the cost of fuel.
Where will your children attend school and how will they commute?
Are there recreational facilities and parks close by?
Are you close to family and friends?
Is safety or high crime an issue?
Is the property close to an obstacle or negative influence? (i.e. an apartment building, shopping center, school, radio tower, power lines, LRT or railroad track, highway, airport or commercial project).
Access to schools, work, recreation, shopping centers, public transportation, cultural attractions, libraries, churches, and hospitals
Adjacent undeveloped land - what is proposed for this or other green space?
Heavy traffic can be a noise nuisance and a hazard for children
Distance from the unit to amenities, parking, walkways, roads, public transit
Does the neighborhood reflect positively on the value of the condo and your lifestyle choice?
Does this neighborhood, for any reason, have a poor reputation?
Is the future economic climate for the area good? Are businesses moving in? Is there government investment?
Are people moving in or out of the neighborhood? What are their age, income level, and family size?
Are there plans for this neighborhood that you may be unaware of (i.e. a future highway, a commercial development, or a new housing development) that will provide competition for resale?
Will the area appreciate in value in the future?
Click here to read about our services! Start your journey today in buying the perfect property that fits your needs.