1
Needs Analysis
Every buyer is unique and has a diverse set of requirements for their potential home. Are you a growing family that needs pace? Are you an investor looking to expand your portfolio? Maybe you’re downsizing and are looking for a comfortable condo to call home – whatever your situation is, you’ll want to be honest about your needs and non-negotiables.
Ask yourself these questions to get you started:
Why are you looking for a new home?
What is your desired location? Are there other locations you would consider?
What is your time frame for buying your home?
What features should your home have? Create two lists: your dream home list and basic requirements list.
2
FINDING THE RIGHT NEIGHBOURHOOD
Now that you know what you need from your new home, you’ll need to find your perfect neighbourhood! This can be a daunting task because the community your home is located in is as important as the home itself! Remember: no matter what type of investor you are, buying property is not just a real estate investment, it’s an investment in the neighbourhood too!
Ask yourself these questions:
What does your ideal neighbourhood look like? Create two lists: your dream neighbourhood list and your basic requirements list.
Do you require to be near specific schools or in a specific catchment?
Do you require public transit on a regular basis?
Are you looking for a quiet neighbourhood?
3
MORTGAGE INFORMATION
Now you have an idea of what you need from a home, you’ll need to calculate how much you can afford. Although you can do much of the basic research online or by going to our mortgage calculator, to be approved for your mortgage, you’ll need to contact your bank or a mortgage broker to lock in your approval.
4
Home Search
From the lists that you’ve already created, you know what type of home, what amenities and what location(s) you’ll be searching for – now it’s time to find it! Contact us with your requirements and your pre-approved mortgage amount and we’ll get started finding your perfect home!
5
Making an offer
You’ve found it! There is a home that meets your criteria and you’re ready to make an offer. When you’re ready to write an offer, you’ll want to engage a professional real estate agent to ensure that you’re able to make a competitive offer.
Real estate agents can:
Answer any questions or concerns you have regarding the property
Explain legal procedures, terms and the contract process etc.
Ensure that your contract meets legal requirements according to local and provincial guidelines
Advise you on how to create an offer that will have the best chance of acceptance
Protect your financial position by including contingencies
Present the offer to the seller or the seller’s agent
The offer contract, (aka Agreement of Purchase and Sale) that your realtor draws up will include but is not limited to:
- A legal description of the property
- The parties involved
- The offering price
- A deposit
- The down payment
- An expiry time for the offer
- Financing arrangements
- Inspection rights and possible repair allowances
- The method of conveying the title and who will handle the closing
- A list of fixtures and chattels such as appliances or furnishings that will stay with the home
- The settlement or closing date
- A declaration of agency representation
Creating a solid offer is a complicated process with many factors to consider which is why getting a professional to help guide you through this nuanced process is so important!
6
VENDOR COORDINATION
So your offer has been accepted, that’s it right? Not quite! Once an offer has been accepted, it’s a good idea to arrange for a home inspection. A professional home inspector will check the home to ensure that it is sound and flag any potential issues. This is a great way to ensure that the property you’ve chosen is in great shape and will see you through many happy years! The results of the inspection also allow you some negotiating power should anything arise. Not sure where to begin? No problem! Your agent will both coordinate and supervise the inspection, saving you time and money.
7
NEGOTIATING TO BUY
Once your offer has been made, the negotiations start which can become complex and overwhelming for most homebuyers. This is why having an experienced agent working for you is so important! Real estate agents help their clients negotiate the best deal so that your interests are protected, every step of the way.
Your agent will help you negotiate:
Price
Financing
Closing costs & closing date
Necessary repairs discovered during the inspection
Financing arrangements with institutions or through the seller
Adequate time for your solicitor’s search
…and so much more!
8
Pre-Closing Preparation
For many buyers, it’s this point in the process that can become stressful. Closing date is approaching, inspection is complete, payments are being prepared and reality is setting in but you don’t have to worry! Your agent will walk you through all the pre-closing preparation to ensure a fast and smooth closing.
We will:
Coordinate documentation with solicitors
Communicate with the mortgage company
Stay in touch with related parties
Ensure that all payments are completed to all required parties
9
Closing
Now it comes time to actually close the sale and make the home yours! During this process, you’ll have a meeting with your lawyer to go through and sign all the legal documents required to transfer ownership and make all the final payments (if required). Before your meeting, your agent will be able to answer any questions you have and ensure that all your payments, information and documents are in order to make the process completely hassle free!
10
Post-Closing
Congratulations! You are now a homeowner! With all the excitement of moving, renovations or decorating don’t forget that there are utilities and services that you’ll want to set up so that your home is totally ready for you the minute you walk through the front doors! If you’re not sure about what companies and services you need to contact, your agent can provide you with a full list and can even communicate with them on your behalf!
Ready to take the next step and become a homeowner? Contact Us Today!