Step 1: Make Sure You’re Ready to Buy
Before jumping in, ensure you're financially and mentally prepared. Owning a home requires long-term commitment, so make sure your bank account is ready, and you have a solid down payment.
Step 2: Know What You Can Afford
Understand your budget, factoring in both one-time costs (down payment, legal fees) and ongoing expenses (mortgage, utilities, insurance). Your lender will determine how much you can borrow based on your income and debts.
Step 3: Decide What You Want
Think about location, home type, and whether you want a new or resale property. Focus on your needs first, and then your wants.
Step 4: Find the Right Sales Representative
A good sales representative will guide you through the process and help you find homes, negotiate offers, and keep your best interests in mind. Stick with one for consistency.
Step 5: See What’s Out There
Browse MLS listings, visit open houses, and explore neighborhoods. Use your Dream Home Checklist to narrow down options, with help from your sales representative.
Step 6: Sell Your Current Home
If needed, discuss selling strategies with your sales representative. In a seller’s market, you might get more for your current home, but make sure to negotiate well on both ends.
Step 7: Add a Lawyer to Your Team
A lawyer is essential to ensure smooth legal processes, handle contracts, and protect your interests. Find a reputable real estate lawyer via referrals or your sales representative.
Step 8: Make an Offer
Once you’ve found the right home, your sales representative will help you prepare an offer, which may be firm or conditional. Be prepared for counteroffers and negotiations.
Step 9: Arrange a Mortgage
Shop around for the best mortgage rates and terms. You’ll need a large down payment to keep your mortgage small. Locking in an interest rate could be a good move depending on market trends. You’ll need proof of employment, assets, liabilities, and details about the home. Don’t forget about extra costs, like appraisal, insurance, and legal fees.
Step 10: Find a Home Inspector
Get a home inspection to avoid surprises. Ensure the inspector is qualified and look for potential issues like wiring, plumbing, or pests. The inspection will give you a clear report and cost estimates for repairs.
Step 11: Close the Deal
Once your offer is accepted, work with your sales representative and lawyer to finalize everything. Satisfy any conditions, secure homeowner’s insurance, review mortgage documents, and plan your move. Confirm utilities and services are transferred to your name, and get your lawyer's help with certified cheques and title searches.
Step 12: Move In
Start planning your move early. Hire a reputable moving company, pack carefully, and downsize items you no longer need. Once you’ve moved in, take your time adjusting to the new space and budget before rushing into renovations. Enjoy your new home!