1. FIND OUT WHAT YOU WANT.
The first step to the buying process, which I recommend, is to determine a list of criteria for the home you are looking to purchase, some main criteria are; location (neighbourhood), type of home (townhome, single detached, condo…), age of home old/newer, number of bedrooms, bathrooms, parking and then anything else which you would like for instance condo amenities, pool, fence yard, etcetera… Start searching on Realtor.ca or contact us to help show you how much homes with your criteria are currently selling for.
2. SET A BUDGET.
The next logical step is to set a budget. Meet with a lender, whether it is your bank, or a mortgage broker, to get pre-approved before continuing with your search. Once you have been pre-approved for a certain amount, choose what you are comfortable with and then make adjustments. Sometimes you may have to temper expectations, change neighbourhoods because you thought you would be able to afford more than you actually can, or it may work the other way, instead of buying a town home in Orleans, you can now purchase a single detached home! Once you’ve been pre-approved and are comfortable with a certain amount (not necessarily your max pre-approval budget) speak with us to help with your search. Once this is determined we will be able to guide you more realistically and help you find exactly what you are looking for.
3. LETS CHAT!
This part is paramount before we start visiting any homes. We want to make sure we can work together. We want to be able to help you set achievable goals for your home purchase. We’ll help you establish a price range, determine your needs. desirable features and inform you on current market conditions. Market conditions will definitely impact the time to react to purchase a home. If it is a Sellers market, Buyers made have to act way more quickly than during other market conditions in order to secure a home. Also, in this type of market condition, multiple offers are common on desirable homes, which Buyers will definitely need expertise from a experienced Realtor to be able to purchase the home. We will also discuss of all the necessary documentation in order to make an offer on a home. Once we’ve chatted whether by email, phone, text, or any other apps, we can start sending and scheduling showings for you.
4. LETS VISIT SOME PROPERTIES!
At this point we can start visiting some properties which you are interested in. We’ll schedule, and plan visits at any listings you want to visit, including private sales, homes listed by other agents and brokers, for sale by owners. If you get us an address and/or phone number, we’ll schedule the showing for you. We will also visit Open Houses with you if you like, to help unbiasedly answer your questions. During the visits we will point things out that you may not see, and also answer any questions you may have.
5. MAKING AN OFFER.
You’ve found a home that you are interested in purchasing, congratulations! It is time to make an offer. At this point we will walk you through every document that will need to be filled out, reviewed and signed. We will answer any and every question or concerns you may have. Some of the major considerations with any offers are the following;
- The purchase price you plan on offering (depending on market conditions we will help guide you to determine the best price for the home and current situation).
- Deposit amount, normal recommendation is 1% or more of the purchase price to be provided upon acceptance of an offer.
- The registered legal description of the property, so you know exactly what you will be purchasing.
- The closing and possession date, typically it is approximately 60-90 days after the offer.
- What chattels are included? Items which are included with the purchase, for example appliances.
- Irrevocable period, this is the amount of time that the offer is legally valid for the Seller to make a decision to accept, reject or counter your offer, typically 24 hours or less.
- Conditions, common conditions which are recommend with any offers are financing and home inspection, status of certificate review (condos) as well as the conditional period, 5-10 business days.
- Rental Items; which rental items are included with the purchase, Hot Water Tanks are a common one in Orleans.
- Title Search period. This is the amount of time your lawyer has to determine if there are any statutory liens or orders that may affect the property and to ensure it complies with municipal by-laws or other statutory requirements.
Once we’ve filled, reviewed and signed the documentation, we will send your offer in and contact the Seller or listing agent to ensure they have received it and follow up with our offer. We will provide you with any updates during the negotiations.
6. OFFER ACCEPTANCE TO CLOSING
Congratulations your offer is accepted! Time to meet our conditions. Once your offer is accepted and we have conditions, this is our next step. For instance if we have included both a financing and home inspection condition we will need to get into contact with your lender and send them the proper documentation so that they can approve the mortgage on the purchase. We will also schedule a home inspection a few days out. We like to make sure you are approved by your lender before completing a home inspection, because we do not want you to spend any money on a home inspection if your not approved by a lender. Once the conditions are met, the deal Firms up. You now have to start getting ready for your move. We will provide you with a moving checklist to help you through this process. We also have contacts with multiple partners to help you with whatever you may need whether it is a cleaning or moving service. It may seem overwhelming when you start to move, but we will do everything we can to help make it go as smoothly as possible. You’re now ready to move into your new home!
TIPS OF WISDOM
– Be flexible and adaptable. At some point you will need to comprise with some of your wants or needs, it can be a simple fix like an ugly paint colour. Don’t stress over little things like this. We will make sure you see the bigger picture!
– Additional costs. There are a lot of additional costs associated with buying a home, which you may forget about. We can provide you with a list of estimates and some of these costs. Try to budget approximately $5,000 for these costs.
– Do not lose hope. You may miss out on a home you truly loved and thought it would be “perfect” for you. Don’t worry there will be another one similar and maybe even better, be patient!
– Don’t be shy! Ask us questions! We are here to help you, ask us any and all questions. We love answering them!
