As you probably already know, buying a home is not cheap. Not only will you have to save for a downpayment, but you will also have to calculate additional expenses, such as closing costs, and moving costs. We recommend you save for a healthy down payment (at least 5-20% of the sale price), plus a sum to cover the extra fees you will incur during the home buying process. Based on all this information, come up with maximum sale price you would feel comfortable purchasing and been approved for.
Buying a home will be one of the most significant purchases you will make in your life. It is essential to have an experienced real estate agent representing your best interests during the home buying process. The best part about having an agent back you up is that a buyer's agent's services are FREE!
As a buyer's agent, I offer unique and customized services to my buyer clients, including neighbourhood expertise, handling challenging conversations and negotiations, guiding your through all the paperwork, and helping you enjoy the home buying process as much as I can!
Before you start shopping around for homes, it is crucial to get a mortgage pre-approval if you are not making a cash offer. We recommend you choose a mortgage broker to find the best loan options for you. During a mortgage pre-approval, expect to fill out lots of paperwork, provide proof of income, bank statements, etc. Most importantly, lenders will be checking your credit report, so make sure you are informed of your score and try to improve it if the number is too low. If your credit score is good, maintain it that way by avoiding credit and making any large purchases until closing day.
Every buyer is completely different. Each person has their own style, needs, desires, and budget for purchasing a property. However, it is important for buyers to set realistic expectations based on their mortgage affordability. By staying within budget, buyers can avoid financial stress and ensure that they can comfortably make their mortgage payments.
Once your budget has been set, make a list of features that are attainable and indicate what is a non- negotiable and the features that you are willing to compromise on.
After narrowing down a list of what you're looking for, I will start looking at homes for you in my internal databases and external sources. I also invite you to look for listed properties that look appealing to you and send them to me for further screening. After selecting various properties, you will let me know a convenient date and time to view the homes in person. At that point, I will schedule showings, and we will repeat this process until you have picked a property you would like to call home.
Once you would like to make an offer on a property, it's essential to act fast.
If you decide to add a home inspection condition in your offer, you will have a deadline to waive the condition and proceed with the transaction. The typical timeframe to waive this condition is between 1-5 days. As a buyer, you will most likely have to incur the cost of the home inspection. As it depends on the company and its services, you should expect to pay anywhere from $300-600.
The home inspector is a professional who will do a thorough investigation of the property you want to purchase (this part typically takes around 3-5 hours). Once complete, the inspector will provide a full report of what they found and give you some tips on how to maintain the home should you proceed to purchase it. If any issue is found inside the property, you can accept them as-is, or you can try to negotiate with the seller to get the problems fixed or lower the price. It's important to note that we have to be careful not to be overly picky about smaller issues. Still, we will also take necessary precautions on potentially significant problems.
Whether pre-approved or not, this condition allows buyers to get their financing in order. This condition includes a deadline by which the buyer must secure financing, and may allow the buyer to back out of the deal if financing is not obtained by the specified date.
It's important for buyers to carefully review and understand the finance conditions in an offer before signing the contract.
A status certificate is a document that provides important information about a condominium corporation to a potential buyer or lender. The status certificate typically includes information about the financial and legal health of the condominium corporation and is provided to the buyer.
It is an important document that can help a buyer or lender make an informed decision about purchasing or financing a condominium unit.
Once an offer is firmed up, you will have tasks to complete before closing day.
One of the principal tasks includes getting homeowner's insurance, which protects you against events such as floods, fires, and storm damages. We recommend you start shopping early to compare rates and get the best deal possible.
Another task you will have to complete before closing is changing all the addresses on your subscriptions, bills, banks, etc. Additionally, a few weeks before closing, you should call all utilities to have your name changed and schedule them to service your new home in time for when you take possession.
While organizing for the big move, you will have to start packing. If you have lots of items to move out, we recommend you start by sorting through all your belongings and donating or selling items that you no longer use. As for things you plan to keep, try dedicating a few minutes or hours every day leading up to move to pack. Additionally, hire a moving company and/or rent a storage unit if you require these services.
A few hours or a day before closing, we will go to your new home together and make sure that the property is in the same condition (minus minor wear and tear) as the inspection. If there are any significant issues, we can bring it up to the seller's representatives before closing on the property. This allows you to have peace of mind during the move.
CLOSING DAY REFERS TO THE DAY THAT FINALIZES YOUR PURCHASE! AFTER CLOSING, YOU WILL RECEIVE THE DEED + KEYS FROM YOUR LAWYER; YOU ARE OFFICIALLY A NEW HOMEOWNER!
At closing, you will review and sign many documents to finalize the transaction.
Make sure you bring:
Both the buyer and the seller will incur closing fees. For the buyer, these fees typically include:
Congratulations on the purchase of your new home! It was a lot of hard work, but now you can relax and throw a party to celebrate! Also, if you have any concerns after closing, I am always here to assist you.