Let’s Learn About Buying

Home buying can be equally exciting and daunting.

Let’s break it down into 7 steps for success!


  1. House Hunting vs Home Buying

One of the first things you want to consider before beginning your adventure in real estate is your reason for embarking. Getting into the housing market, up-sizing to meet the needs of your growing family, searching for your forever home, or downsizing after retirement are all valid reasons. However, it’s easy to lose sight of this in all the excitement and possibilities of new properties, which can ultimately leave you frustrated when the time comes to making big decisions. Having a solid “why” foundation will help you navigate the emotional ups and downs of buying a house. Once you’re confident finding a new home is the right choice for you, the following steps will help you set up for success.

Click here for more information on Preparing To Buy.

 

2. Let's Get Started

Budget

This will be the ultimate determining factor for turning your house dreams into a home reality. Determining a realistic budget will set you up for success and should be the very first thing you consider. Down-payment, mortgage rate, home inspection fees, home insurance, title insurance, lawyers fees and land transfer tax are some of the costs to consider when calculating your budget. Once you have established your budget, connecting with a financial institution or local mortgage broker is the next step. They will help you become pre-approved or pre-qualified for a mortgage and this is a great way to establish your budget. Doing this will help you stay focused while searching for your new home and avoid any unnecessary disappointment.

Time Line

Knowing how long you have to find your new home will make a big difference; current market conditions, time to become pre-approved/achieve financing, and personal/family readiness are all factors to consider when evaluating your timeline. Providing yourself with lots of time to find your perfect home is always a good place to start, though, I will always be there to help you whatever your circumstances may be.

Dream Makers and Deal Breakers

Having a clear vision of what you are looking for in a new home will help you stay focused. Consider the following aspects of a property and draft your own list of needs, wants and cannots;

  • Location: Distance to work or schools? New or established neighbourhood? Potential resale value?

  • Property type: Single-family, condo, townhouse? Country acreage or a residential lot? Rental potential?

  • Features: Number of bedrooms and bathrooms? Attached garage, fenced-in yard, private driveway?

 

Not sure where to begin your budget? Let’s get started.


Click these resources to help you Decide What You Want and complete your own House Hunting Checklist.

Now that you have the basics covered it’s time to…

 

3. Choose a REALTOR®

Finding a professional REALTOR® that best fits you will make all the difference in your home buying experience. A REALTOR® can help you navigate through what can be a complicated business transaction, and help answer all the intricate questions along the way.

 
 

Before you sign any agreement(s) or receive any service or assistance from a real estate agent you must first read this guide from the Real Estate Council of Ontario (RECO) and your agent must explain it to you.

This information guide walks the consumer through the Things You Need To Know when working with a real estate agent, including the risks of representing yourself, signing a contract with a real estate brokerage, understanding multiple representation and how to make a complaint.

Click here to access the RECO Information Guide.

 

I understand that buying a house is more than just a business transaction and I encourage you to make sure I’m the right fit for you before we start our journey together. Call me and ask questions, check my references and confirm my registration with RECO.

If you’re weighing your options and find yourself asking, “why a REALTOR®”, click here.


First-time buyer and feeling overwhelmed? Don’t panic, I’ve got you covered. Click here for resources I’ve put together just for you.


 

4. Searching For A Home

Now that you have your motivations, budget, timeline, and needs verses wants organized, (your ducks in a row, if you will), let’s start the adventure! There are many different ways to search for properties; here are some paths to begin your house hunting journey; 

  • Use your REALTOR®

    • Real estate is our profession and helping people is what we love to do. Your REALTOR® should not only guide and assist you in your own searching endeavors, but a good REALTOR® will also actively search for you. We have access to non-public listings, a network of contacts and professional experience to help you find just what you’re looking for.

  • Search for properties on Realtor.ca or download the App

    • This is a great way to filter through properties based on location, price and home size. I highly suggest creating an account; this will allow you to sign-up for alerts on new listings, save searches and favourite properties to help you stay in the loop.

  • Check out your local newspaper and classified ads

    • Although this may seem old-school, you may find properties that are listed FSBO and could meet your criteria. Although a great resource, not all properties are listed on Realtor.ca. Make sure you kick it old school to ensure you don’t miss anything.

  • Drive around your desired neighbourhood

    • If you have access to a vehicle, driving around your desired neighbourhood is a great way to see what properties are on the market. Many properties will market to the local neighbourhood with a “Coming Soon” sign before the property is listed anywhere else. This can help you be ahead of the curve, which is especially important in a Sellers Market.

If you’re considering purchasing a condominium I highly suggest checking out the resources below. Purchasing a condominium is more complex than your average freehold property; there are several additional factors to consider and important information to be reviewed by your real estate lawyer. Check out the Condo Buyer’s Guide from the Ontario Condo Authority and the CHMC.

 

5. Viewing a House

Virtual tours, open houses and private showings are a great way to see what’s out there. Let your REALTOR® guide you.

Here are some tips to keep in mind while you are viewing a property;

  • Stay within your budget

    • Viewing properties within your financial reach will help you stay on track and avoid unnecessary disappointment. Dreaming is wonderful, but keeping a realistic outlook is always the best.

  • A house is not a home

    • Don’t be put off by paint colour or decor choices. There are many ways to transform a house into a home, no matter your budget. “It’s amazing what a fresh coat of paint can do” - click here for DIY and design inspiration.

  • Don’t be distracted by razzle-dazzle

    • Bring your House Hunting Checklist with you and keep in mind your needs versus your wants. Remembering your “why” foundation will help keep you on track.

  • Don’t be discouraged if your adventure takes an unexpected turn

    • Remember, there is no such thing as a bad showing. Use every property as an opportunity to revise and polish your list.

Most importantly, if you have questions, ask! Your REALTOR® is an invaluable resource with years of experience and expert knowledge. Keep in mind that they have likely seen more houses in their career than most people will see in their lifetime, take advantage of their expertise!

 

6. Making an Offer


Unsure what these terms mean? Check out my glossary.


This is where the power of working with a professional REALTOR® really pays off. An Agreement of Purchase and Sale is a legally binding contract between a buyer and a seller and should not be taken lightly. These are just some of the factors you should consider before making an offer;

  • Market conditions; these will likely play the biggest role in how you will want your offer prepared.

  • Purchase Price and Deposit; low-ball or over asking?

  • Chattels and Fixtures; what light-fixtures or appliances are included in the sale? Are they negotiable?

  • Clauses and Conditions; obtaining financing, home inspection, septic system, or well inspection?

  • Sign-Backs/Counter Offers; emotions run high during negotiations, don’t let stress get the best of you.

  • Accepted or Rejected; prepare for any and all outcomes. Remember, real estate is an adventure!

  • Final Say; your REALTOR® can guide you with expert advice, but, the decision ultimately is yours to make.

Being represented by a professional REALTOR® means your best interests will always be protected. Buying a house will likely be the largest single financial investment of your life. There are many of factors and legal obligations to consider. Make sure you feel absolutely confident before signing on the dotted line.

If you’re considering including a Home Inspection condition on your offer, check out this resource on Choosing a Home Inspector.

 

7. Closing the Deal

You’re almost there - yay! However, the adventure isn’t over yet. Upon acceptance of your offer there are still several boxes that need to be checked before you can be welcomed into your new home; fulfillment and/or waiving of conditions, title searches, zoning compliance, unpaid taxes, and closing costs are examples of a few. Most of these will be handled by your lawyer and it’s important to remember that they are on your team as well. Make sure you understand their fees and ask them questions if you’re unsure of any of the legal jargon that comes with purchasing a property. Your REALTOR® should also keep you updated on all aspects of the closing process and should be your first phone if you have any further questions.


Want to learn more?


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Ready to start the adventure?

Let’s connect today, I’m excited to help you.


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Let’s Learn About Selling