Are you ready to start the exciting adventure?
Whether you’re a first time homebuyer, or have been around the block a few times. Following is the roadmap we’ll follow from start – to home ownership!
Step 1 – Assess your financial readiness
Common questions for homebuyers wanting to purchase a home are…
Can I get a mortgage?
How much money can I borrow?
How much “home” can I comfortably afford?
How large of a down-payment will I need?
How much will closing and other related costs be?
If required. Assessing whether you’re financially ready to purchase a home and setting a budget will be our first step in the home buying process. If you have already started looking at properties online. Our mortgage calculator can provide you with some quick answers on what will be required financially to secure the necessary mortgage.
Step 2 – Get pre-approved for a mortgage
Getting pre-approved early in the process will give us an accurate idea on how much “home” you can afford, and will ensure we only look at homes that fit your budget. Pre-approvals are also essential in today’s competitive real estate market. If you were to make an offer on a home without being pre-approved. Your offer will not be taken as seriously as an offer from another homebuyer who has been pre-approved, and you could lose out on purchasing the home of your dreams.
Step 3 – Select the mortgage that best meets your needs
In today’s marketplace, there are a wide variety of mortgage options available, which can be tailored to an individuals needs. If needed, I will be able to refer you to a mortgage broker who is available to work with you directly to determine what type of mortgage would best suit your needs, and who will gladly provide you with a number of options.
With access to over 50 different lending institutions to shop your mortgage requirements around. The mortgage broker is sure to find you a mortgage that best meets your needs.
Step 4 – Create a property wish list
A property wish list is a work in progress and could change significantly during the home shopping process. But before we start shopping for your dream home. We will create a defined list of “must have” and “would like to have” features and amenities, so we don’t waste time visiting the wrong properties.
Step 5 – Choose the neighborhood(s) where you want to live
Now that we have a budget, and a property wish list in hand. The next step will be to find the right neighborhood.
When buying a home you’re also buying into the larger community. Some things you might need to consider include area amenities (Grocery stores, gas stations, banks, restaurants, cafes, etc), local school ratings, community services, available parking spots, local transportation, commute times to work, crime rates, and future resale value to name a few.
With the wealth of information available online, and mapping services such as Google street view. A lot of the preliminary research on neighborhoods and individual streets can be done from the comfort of your home. Links to various online services and information sources will be provided to you when we meet.
Step 6 – Start selecting homes to visit
Now that you have researched the neighborhoods you want to live in. We will start looking for homes that fit your budget, and we will assemble a list of properties that match up with your property wish list. After further scrutiny, we will assemble a “must see” list, and then book appointments to view them.
Step 7 – Review the overall condition of the home
If a home we visited pushed all the right buttons. We will visit the home a second time, armed with an initial home inspection checklist, to look for any obvious deficiencies or significant problems, to determine if you want to pursue the property and make an offer. Second visits also allow you to confirm your initial feelings about a property and enables you to notice features and elements, which might have been overlooked on the first visit.
Step 8 – Submit an offer
Now that you have found a home you want to own that has passed the initial home inspection checklist. I will complete a current market analysis (CMA report) to determine fair market value for the property, which can be used as a guideline along with many other factors, to establish what should be your opening, and final offer amount.
To fully protect your interest. All necessary contingency clauses will be added to the offer to address any number of situations that arise in buying property including standard clauses such as, a satisfactory home inspection report (conducted by a qualified home inspector) and access to mortgage financing.
Throughout the negotiation period I will negotiate on your behalf, with complete determination to get you the best price possible, while keeping you abreast of current market conditions and competing interest from other homebuyers.
Step 9 – You won! Now it’s time for a home inspection
Negotiations have ended, and your offer has been accepted. Now it’s time for you the homebuyer to hire a qualified home inspector to thoroughly check the home for any defects and highlight any future potential problems. The Ontario association of home inspectors (OAHI) as well as Homestars.com, are two websites you could use to research and find qualified home inspectors.
It’s my goal to always be present during clients home inspections (Unless instructed otherwise) and I will be there for yours to provide support, respond to questions, and to get a first hand report from the home inspector, in case there are any significant issues to report.
If an inspection does turn up any significant problems, then we can use the information to either renegotiate the selling price, ask the seller to make the necessary repairs, or cancel the agreement and just walk away.
Step 10 – Closing day
You made it to the finish line! All conditions in the agreement of purchase and sale have been met, and today is the day you finally take legal possession of your new home.
On closing day your lender will transfer the mortgage funds to your lawyer, and you will pay the balance owning along with any closing costs. Your lawyer will then pay the home seller and register the home in your name, and present you with the deed and the keys to the property.