UNDERSTANDING THE PROCESS

Whether you are ready to jump into the market or just want to get a lay of the land, this overview of the buying process will outline the journey to homeownership. It may seem like a lot, but it’s important to have a solid understanding of the process. If it seems overwhelming, don’t worry, it’s my job (or whomever you work with) to walk you through every step to ensure a seamless, dare I say enjoyable, home buying process.  

PREPARE 

Set yourself up for success by preparing yourself financially, mentally, and emotionally. These may seem obvious, but it’s important to lay this ground work. 

1. FINANCING

    One of the best ways to start your home buying journey is to speak to a lender and get a pre-approval letter. This can be done through a mortgage broker or your bank. This allows you to do a few things: 

• Know your budget 
• Guarantee an interest rate hold for a certain amount of time 
• Get an idea of current interest rates available and what your monthly payment will be

2. FINDING A REALTOR

Don’t just pick the first realtor who’s face is on the park bench. You want to ensure the person you’ll be working with aligns with your values and goals. Make sure to do your research, talk to friends/family, and ask a lot of questions! 

3. HOME SEARCH

Now the fun part! Creating a clear picture of your future home or property. Understanding your needs, wants, ideal neighborhood, home type, etc. Your advisor can set up a search alert to notify you when new properties come on the market that fit your criteria (since you’re already here, you can also do so on my site).

PURCHASE

4. TOUR PROPERTIES WITH YOUR ADVISOR

Your Advisor can set up showings or you can visit public open houses. I personally recommend private appointments so you can take your time and explore the property at your leisure. 

5. OFFERS/NEGOTATIONS/ACCEPTANCE

Once you’ve found a home you would like to put an offer on, your real estate advisor will work with you to ensure you are not paying more than the fair market value. We use a document called a Contract of Purchase and Sale (CPS) to write up the offer. The offer will include terms and subjects such as: offer price, deposit, financing, closing date, inspections, and more. Your Advisor will prepare, present, and negotiate your offer. Once an offer is accepted, you have 3 days to rescind the contract if you choose. 

6. SUBJECT REMOVALS & DEPOSIT

Now is the time to start satisfying the conditions (subjects) set out in the contract. This usually includes a home inspection, securing financing and insurance, etc. 

7. CLOSING & COSTS OF PURCHASE

    Buying a home always includes more than just the sale price of the property. Other expenses you should plan to budget for are as follows: 

• Home Inspection

• Lawyer/Notary Fees

• Prepaid Property Taxes and/or Utilities

• Property Transfer Tax 

• Goods & Services Tax (GST)

• Note: Realtor fees are paid by the seller.

Ongoing Fees

• Strata Fees

• Annual Property Taxes

• Home & Fire Insurance 

PACK IT UP 

8. PREPARING TO MOVE

Nothing new here, but good idea to plan ahead ahead by setting up mail forwarding, letting the utility companies your first day of occupancy, and scheduling movers. 

• Canada Post: Forward your mail

• Hydro & Gas: These can be set up in advance to start on your possession date

• Moving company: If you’d like to hire a moving company, it’s recommended that you reserve 1-2 months in advance of the day you plan to move. Otherwise, pizza and beer can usually convince friends and family to help out for the day. 

9. ENJOY YOUR NEW HOME

You did it! Pop some bubbly, kick your feet up, and enjoy your new home. Myself or your Advisor of choice will be checking in to make sure everything is going well and if there’s anything I can do.