Are you in the market for your first or a new property? Well get ready to get off that fence if you are thinking of buying because I am hoping to ease your nerves and help you understand the process a bit more. So where to start?
- What can you afford?
Have you set up a budget to get a better handle of what money you take in and what you spend per month? What do you have in savings or in RRSP’s? Have you been to a lender to get a preapproval? The mortgage brokers I use personally are all able to assist with this. Based on your financial position, they can tell you what the maximum amount of home you can buy often referred to as your “buying power.” Not only that, if you are not really in a position to buy at the time you meet with them, they will actually try to assist you in getting in that position financially.
- Meet with your Real Estate Professional
Interview several agents to make sure you find one that jives with you and will work for you. Work with them to identify where you want to live, which amenities are important and which areas you will find them. Determine the kind of home you are looking for based on your situation or lifestyle. Create a wants and needs list that can be checked off home by home.
- Start your searchYour Real Estate Professional will have set you up on a custom auto e-mailer which will provide you with all of the properties available based on the criteria you have both determined work for you. Review and earmark the properties you wish to see. Send them over and let your Real Estate Professional work to find you the home you (and your family) may love! In my business it could take 1 home or it could take 20+ homes (there is no magic number). Narrow it down to your top and go back for the 2nd/3rd
- Submit an OfferYour Real Estate Professional will go to work to identify active and sold comparable sales in the area in order to determine a final sale price. Ultimately this price is what you as the buyer is comfortable paying. Your Real Estate Professional will validate the data and ensure you are paying the proper amount for the home you love and not a dime more. The Real Estate Professional negotiate you the best price and terms! <Insert a little happy dance here>
At this point we have a window of 7-10 days where several conditions of the purchase we have outlined such as financing, home inspections or various other suggested inspections take place. Once they are satisfied, they are individually removed and the sale will proceed.
- Mortgage Optionsat this point you and your Mortgage Broker/Bank should have chosen the mortgage terms that best suit your needs. There are a lot of options available to you and they will line you up with the option that best suits your needs.
- Mortgage Documents go to the lawyers!All of the details of the agreement have been negotiated. That is price, good faith deposit, terms and inclusions. The lawyers will take care of any adjustments such as property taxes, title registration, mortgage registration, proof of insurance to name a few. Our legal teams do a lot of work behind the scenes to ensure that you are fully protected from start to finish!
- Get Ready to MOVE!!Start packing and decluttering! Purge what you don’t want to move! Have a garage sale and get what doesn’t sell over to good will for someone to use. Perhaps buy some new items that will go well in your new home. At this point, the excitement is mounting and you are raring to get in to your new digs!
- Creeping up to closing day!Ensure you have your home insurance in place. Call to get all of your utilities and services hooked up at the new property. Get into the lawyers office to sign your mortgage documents. Get your movers and/or friends in place to get you moved. Arrange a time to meet your Real Estate Professional at the home for a walkthrough and inspection.
- Celebrate!It may have been an easy process or a bit of a bumpy ride, but either way you got to where you need to be – Home Ownership!! It is time for you to relax, Kick up your heels and pop a few bottles then begin to make millions if new memories in the home you just purchased!
If you have questions or would like me to blog about something in particular, please email me and of course always check back to read and pass along my blogs!