TEPS TO BUYING A HOUSE
- PRE-APPROVAL - The best thing to do to start the home buying process is to get pre-approved with a mortgage broker. You want to know where you stand financially before you start viewing homes.
- FIND THE RIGHT HOME - It is important to avoid the pitfalls while finding a property that suits your needs now, and in the future.
- MAKE AN OFFER - Once you've found the right home, we will use our advanced and highly detailed analysis to ensure you get the best house for the best price.
- MAKING A DEPOSIT - Upon acceptance, a deposit is required. Held in trust by the listing brokerage, this amount will come off the purchase price upon closing.
- CONDITIONS - The three main conditions provided when buying a home are: financing, home inspection, and insurance. The conditional period allows you time to make sure you are making the right decision.
- STATUS CERTIFICATE - Specifically for condominiums, this condition allows you time to go over the property management report, review by-laws, and make sure there are no costly repairs that may increase the monthly condo fees.
- FINANCING - The financing condition allows the mortgage broker time to ensure that your mortgage will be fully approved.
- HOME INSPECTION - A thorough home inspection is completed with guidance from a certified home inspector. Taking typically 2-3 hours, you will receive a report outlining the condition of the property to ensure you are comfortable with the quality of the home.
- LAWYER - On closing day, your mortgage broker gives the money to your lawyer, and you send the lawyer your down-payment, along with closing costs (legal fees, land transfer tax, etc.)
- CLOSING DETAIL - Don't forget to call the insurance company to insure the home, set up all utilities in your name, and forward all mail to your new address. You will also need to update vital documents such as your driver's licence.
Home buying doesn't have to be a complicated journey.
Congratulations on the purchase of your new home! There is a lot to remember, and this is just a guide. Feel free to reach out at anytime with any questions you may have.
Don't forget that there is also a lot of maintenance and upkeep to be a responsible homeowner!