Home Buyers Guide

Buying a home is one of the biggest emotional and financial decisions you'll ever make. Let me make that a fun, enjoyable and enlightening experience for you.

10 Step Process in buying your home.
  1. Being financially ready - Before you begin shopping for a home, it’s important to know how much you can afford to spend on homeownership. You will want to plan ahead for the various expenses related to homeownership. In addition to purchasing the home, other significant expenses will include heating, property taxes, home maintenance and renovation as required. Your very first step is getting pre-approved for a mortgage. Learn more on how to be financially prepared.
  2. Choosing location and type - Whether you are purchasing your home as an investment, an upgrade or both, one of the most important step is deciding where and what kind of lifestyle you want to live. Your home's location, size and type will help determine not only the future value of your investment, but also many aspects of your everyday life. Some things to carefully consider when selecting a location: 
           • Geographic setting
           • Distance to work, family & friends, leisure activities, etc.
           • Neighborhood
           • Schools 
           • Safety 
  3. Hiring a Real Estate agent - When it comes time to buy your home it is an absolute must to have a professional real estate agent working for you. Realtors are trained professionals who have expertise and
    resources that can help you find the right home. Realtors:
           • Have Experience, knowledge and resources to find the right home.
           • Can access relevant and most up to date information on homes.
           • Can professionally draft and execute the contract of purchase and sale, while protecting your interests.
           •     Have a ability and expertise to negotiate you the best price and terms.
           • Have a firm understanding of all of the stages involved in buying a home.
  4. Searching, Comparing and Selecting - One of the most Important step in your home buying process. This step requires you to closely work with your realtor and give him as much information on the kind of home you
    prefer. Realtor take that information and place it next to their experience and resources to find you your dream home, which otherwise you may not have found. See many homes before you make your final decision and compare them in terms of features, close by amenities, schools, and things that are most important to you.
  5. Making an offer and negotiating the deal - Your main job is to make your final decision in selecting the home that is right for you. Your ability to draw a fine line between your emotions and reality will be an asset. Realtor then drafts a contract of purchase and sale on your behalf and upon suggestion will include subject conditions and terms to protect your interest. If you are unsure about something ask lots of questions
    (Contract of purchase and sale is a legally binding) before your Realtor presents it to the Seller and negotiates the best deal for you.
  6.  Full filling subject conditions - You have an accepted offer once you and the seller have mutually agreed upon price and terms of the contract. However most contracts have subject clauses for eg. subject to finance, subject to inspection, subject to approving property disclosure statement and so forth. Once the subjects are satisfied within the time frame outlined, buyer then removes the subjects out of the contract.
    Once all subjects are removed, the contract is firm and binding and you're on your way to owning your new home. As your chosen Real estate professional I will make this process very informative and enjoyable experience while making sure you are one hundred percent satisfied with your purchase. 
  7. Deposit - Deposit is way to show the seller that how you are very serious about buying their home and is ready to put the money down as a "deposit" to secure the contract. Deposit usually is required in a way of certified cheque or a dank draft after the subject conditions are fulfilled and is usually 5% of the purchase price. However deposits does not go directly to the seller but is kept by the real estate company as a stakeholder and can only be released after both buyer and seller agrees upon. Deposit then later forms part of the purchase price and gets adjusted accordingly.
  8. Adjustments - This is the step is where all the financial adjustments are made between the Seller and the Buyer for eg. property taxes, utilities, rental deposits and etc. This takes place with the notary or lawyer and is usually the same day as completion. Find out more on closing cost for buyers.
  9. Completion - When ownership is legally transferred to the buyer, and all the proceeds and handed over to the Seller after adjustments are made.  Usually takes place at the notary or a lawyer same day as adjustments.
  10. Possession day or Big move - Congratulations on your purchase. This is the day you officially receive the keys to your new home. Find out on how to make your move easy.
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