Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Start by getting pre-qualified (an estimate of how much you can borrow based on informal/verbal information provided) or go right to getting pre-approved. That is, submit an application to a lender and obtain a definitive answer as to how much you can borrow, as well as an interest rate quote.
Whatever amount you are pre-qualified/pre-approved for, decide on what your comfortable with in terms of your mortgage amount and monthly payments.
A Realtor will help identify properties you might be interested, arrange showings and will ultimately handle the writing of the offer and negotiation process. Managing through the entire process of buying a home can be a time consuming and daunting task. This is where a Realtor’s expertise and wealth of knowledge come into play and take much of the stress off your shoulders. When it comes to the final steps of purchasing a home, a good Realtor will show their true expertise by identifying the value of the home and negotiating a price that matches the value, so that you do not overpay! Sign a Buyer’s agreement with Realtor.
A Realtor will go through a questionnaire to determine what you are looking for in your home. Things such as the community or neighbourhood you want to buy a home in, size of home, # of bedrooms, other must haves, budget and many more questions to assist with setting you up on a personalized search. Your Realtor will make appointments to view the homes that you are interested in and meet your criteria.
My goal is to provide you with the most personalized service possible, meticulously designed to help you navigate the process of buying your dream home. I am dedicated to understanding your unique needs and preferences, ensuring that every step of the journey is tailored to achieve your ultimate home-buying aspirations.
Once you have selected the ideal home, you and your Realtor will craft a fair offer based on the value of comparable homes that sold recently and decide whether to include any conditions. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. Your Realtor will negotiate on your behalf and help you reach an agreement.
Submit deposit to the brokerage of the seller’s agent and any conditions included in the offer are met within the timeframe that was set. Typically this is within 1 week. Offer is not a firm deal until any conditions have been met and they are confirmed in writing.
Hire a lawyer who will process the paperwork prior to the closing date, including checking there is a clean title on the property (mortgage is discharged/no liens) and transferring title, determining closing costs and transferring of funds.
Seller’s brokerage receives balance of funds of home. Pick up the keys from your lawyer’s office and move in!
You are now the new owner of a house. You're all set to move into your new home where you will begin to make new and wonderful memories!
325 Winterberry Dr Unit 102 Stoney Creek, ON L8J 0B6
325 Winterberry Dr Unit 102 Stoney Creek, ON L8J 0B6