As your personal guide and trustworthy agent, I strive to give you the best of the best. In the years that I’ve spent in the industry, homebuyers have always asked me “What do I need to do when I buy a house?” I’ve composed a step-by-step guide that organizes the buying process to make buying a house simple and fun!
Decide to Buy
B efore you even go looking for a home, you have to understand your needs. Think about the type of place you’re looking for. Are you looking for a lot of bedrooms and washrooms for your family? Do you want a pool in the backyard? Do you want to live close to a school or a mall? These are just some of the things you have to consider before start looking for a new home.
You also have to familiarize yourself with different types of ownership as well to help narrow down the perfect home. Freehold is when it’s all yours and condo is when you take care of the inside and pay maintenance fees to condo corporation for common elements.
Once you have narrowed down, it’s time to go looking for a home!
Hire an Agent
T here are thousands of real estate agents. How do you choose one that’s right for you?
You have to pick carefully. They will be acting as your representative and you will need someone to look out for your best interests. You will need someone that you can trust and someone who understands what you want and can protect you in the purchase process.
There are a few ways to look for your perfect Realtor, such as:
- Write down some names and numbers that you find on “For Sale” signs and interview them
- Ask friends and family for a recommendation
- Visit one of the local offices in your area
They have to be a trained professionals who knows your area inside out. A great agent is someone who offers you quality services to help you accomplish your goal.
Find your Home
T There are many ways of finding the dream home! First, before you go shopping you have to make sure you are also financially ready. Make sure to have a budget when you go shopping. You can use my very handy affordability calculator by clicking here.
One thing to keep in mind is your down payment. This is a percentage of the total cost of a home that you’ll need to pay. The more money you put down, the more you’ll save on monthly payments and cost of borrowing. Another important aspect is getting pre-approval for a mortgage. When the lender approves you for a mortgage, it gives you an idea of how much you can afford to buy your new house.
Keeping these things in mind, you are free to go window shopping! You can go searching for houses according to the different neighborhood surrounding you, check newspaper listings, websites, or even drop by any open houses that are being held in your area. Looking for houses can be really fun and exciting!
Make an Offer Now
N Now that you’ve found the house that you like, it’s time to make an offer. Not all offers are the same and here’s where your real estate agent comes in. They will help you with specific terms and conditions that will be specified in the offer like the price you want to pay, financing conditions, or other things like inclusions and exclusions.
Not only is it about the price of the house but you have to carefully look at the other details included in this sale. Appliances, chandeliers, or even minor renovations can also be part of the deal. Shorter or longer closing dates can also be specified in the offer. If there is something in the offer that doesn’t satisfy the seller, counter offers or negotiations can also be presented to help get a price that you think is fair.
Close the Sale
T here will be closing costs associated with the sale that need to be paid on the closing date. It can include mortgage application fees, appraisal fee, inspection and legal fees. But once that’s taken care of, you get your new house.
Congrats, welcome to your new home!