Choosing to buy a home is one of the biggest decisions you’ll make in life. Instating the help of a knowledgeable REALTOR to ensure the process runs smoothly can help minimize the frustrations of what can be a complex ordeal. Here is a general overview of what to expect to help prepare you for this exciting new chapter.
Get Your Finances In Order
The first step is to have money aside for a down payment. This amount is a minimum of 5% of the purchase price of the home you are planning to buy. Secondly, you will need to meet with a mortgage broker to determine what you can afford. Shopping around for the best rate is highly recommended.
Visualize Your Dream Home
Once you have established a price range, it’s time to decide what type of home will best suit your lifestyle. Think about features such as access to schools, recreational facilities, what the neighbourhood is like, and so on. Why you are choosing to buy should help answer these questions for you — so it’s wise to think about it carefully. You may want to put this down in writing and create a needs versus wants list to help decide what your priorities are.
Meet With a REALTOR®
It’s important to partner with a REALTOR® you feel comfortable with and trust. A REALTOR® can help you find your dream home which will meet both your needs and your budget. They will set up viewing appointments for you and can also help bring clarity to the complicated process of buying a home. I recommend working with an experienced and knowledgeable REALTOR® who you know will represent your best interests as a buyer.
The Search
Consult with your REALTOR or use the property search tool on this site to find homes in your desired area. A dedicated REALTOR should also send you frequent updates with new listings and will schedule appointments with the sellers.
Closing
Your REALTOR® can help you place an offer that the seller will either accept, counter, or reject. After you have negotiated an offer, the next step is to conduct a home inspection and fix any repairs (the cost of which you can also negotiate with the seller). Lastly, finalize your mortgage with a visit to your lender, and you are ready to sign off on ownership. This typically takes place in a lawyer’s office.
At this point, congratulations are in order! Becoming a new homeowner is one of the most liberating things you will ever experience. There are many benefits to home ownership — pride of ownership, the ability to make home improvements, building equity, appreciation — the list goes on. Working with a certified REALTOR to assist you with finding the perfect home is the best decision you can make. Choose someone who understands your needs and will have your best interest in mind.