Choosing to buy a home is one of the biggest decisions you’ll make in your life. It’s a complex ordeal that requires a lot of planning, and instating the help of a knowledgeable REALTOR® to make the process run smoothly. To ready you for this, here is a general overview of what to expect and prepare.
Get Mortgage Pre-Approval
The first thing you’ll need to do is speak to your bank or a mortgage broker and get a mortgage pre-approval in place. They will need to see your job status, credit rating and whether you have money put aside for a down payment and closing costs. The down payment amount is 5% minimum of the purchase price of the home you’re planning to buy and closing costs will be anywhere from 1% to 1.5%. Shopping around for the best rate is highly recommended and we work with very trustworthy brokers which we can recommend.
Needs vs Wants
Once you’ve established your price range via mortgage pre-approval, it’s time to decide what type of home will best suit your lifestyle. Think about things like access to schools, recreational facilities, what the neighbourhood is like, and so on. Why you’re choosing to buy should help answer these questions for you — so think about it carefully. You may want to put this down in writing and create a needs vs wants list.
Meet With an Optimum Agent
It’s important to partner with a REALTOR® you feel completely comfortable with. Our Optimum Agents are full time, MLS© Agents. That means that we have access to show you any property listed with any brokerage. We will set you up with viewing appointments, and make sure to do our due diligence with the intricacies that come when buying a home. Optimum agents will always represent your best interests and guide you through the process.
Once we discuss your criteria we will set you up on an auto search. This search will automatically email you the current listings that match, but more importantly, it will send you new listings when they hit the market. This will give you a jump on the home you've been waiting for!
The Offer Process
Your REALTOR® will help you place an offer that the seller will either accept, counter offer, or reject. If the seller accepts your offer, congrats, we now have a Conditional Offer in place. The Conditions generally have a set time frame of anywhere from 7 to 10 days. During that time period you will need final mortgage approval and inspections such as a home inspection, sewer inspection, etc. Once mortgage is final and all conditions are satisfactory then we will sign the Removal of Conditons. The documents will be sent to your lawyer where he/she will register the home at land titles, distribute the money, etc. At this point, congratulations, you've bought a home!
With everything signed off you are now a homeowner, however it becomes official on possession date. We will meet you at your home on that day, do a walk through to make sure things are as they should be and hand you the keys to your new home!
Have additional questions about buying a home? Reach out to one of your Optimum Agents today and we'll guide you.