Buying a home is typically one of the largest purchases you will make in your lifetime, and can involve a great deal of time, energy, and of course, money. Being an informed buyer is a distinct advantage in this market. This article will help answer some basic questions, outline what to expect on the road ahead, and boost your confidence in finding the right home for you.
Step 1: Deciding on your next move
With the change in how and where we work and the transit connectivity of our region, there are so many options on where to live and in what type of home. Time to take some time to answer these questions:
Where do I want to live?
What type of home do I want?
What are my must-haves and deal breakers?
I have a Dream Checklist guide that will help you with your next move. You can download a copy here:
Step 2: Getting Pre-approval for your mortgage
Whether you have a home to sell or if this is your first time buying a home, getting a mortgage pre-approval is a necessary first step. Speak with your current lender, and feel free to shop around to get the right type of mortgage for you. And be sure to get that pre-approval in writing so you know where you stand.
Step 3: Choosing the best advisors for your team
Buying a home involves more than just your Realtor ® so it’s a good idea to have your lawyer, lender, home inspector as a starting point, so you will be armed with all the advice you need when you shop for your home.
Step 4: Searching for your home online and off
There have been more and more digital tools that are being used in the home selling process, and buyers can view photos, 3d videos, drone images and floor plans. This allows safe viewing of the home online, and then you can pick your short list to view in person.
Step 5: Making a successful offer for your new home
This is the time working closely with your Realtor ® is of greatest importance. Make sure you understand the local market conditions and prices. It’s important to have your deposit funds ready, in fact attaching a bank draft of the deposit to your offer is sometimes what helps be the winning bid. And it is important know what your “walk away” dollar amount is. It always stings when you hear the selling price of a home you bid on, and it was within your budget, and you lost out on the offer.
Step 6: Managing the details and deadlines
Once you have an offer accepted, you and your Realtor ® will have to monitor any special dates or conditions to be met to satisfy the deal. Your deposit money is due within 24 hours of the signed offer, so that’s a priority as well as monitoring any other obligations. You will also need to be in touch with your lender and lawyer to get things moving along.
Step 7: Preparing for Closing day
This is the home stretch, but there is much to do from changing addresses, arranging for movers, insurance, utilities and more. Plan to meet with your lawyer within the week before closing to finalize the details of the deal.
Then on closing day, practice patience, sometimes it is late in the day before all the funds have been transferred and the titles updated. Then you can Celebrate!
I hope you have found this helpful, don’t forget to download some helpful resources to help you along your buying journey:
The Buyers Handbook:
The Dream Home Checklist:
5 Tips for Buying in a Competitive Market:
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