Let's get you a home
Buyer's guide to buy a house
Determining needs
When you’re looking at specific properties, it can be helpful to make a list of “must-have” and “nice-to-have” features. This will both help you narrow in the search, and be flexible. Remember, home-buying can be an iterative process; if certain features or neighbourhoods don’t meet your needs or are over-competitive, you can always change your search. Factors such as commute time, public transit, neighbourhood amenities, safety and school rankings tend to be top of mind for many new homebuyers. Urban homes might be smaller than suburban and rural homes, but they are often more expensive. A quick way to compare locations and to find out where you can get the most space for the best value would be to look at the price per square foot.
Getting Pre-approved
A pre-approval helps you to plan in advance with information on what your mortgage may look like, including how much you can afford to spend, the interest rate available to you and what your monthly payment could look like. Getting a mortgage pre-approval before looking for a home provides the stability of locking in an interest rate for up to 120 days, while providing an estimate on how much of a mortgage you qualify for. A pre-approval acts as a written contract between you and your lender. However, getting pre-approved also does not mean you cannot shop around for rates
Searching for properties
It’s time. You’re ready to jump in and become a first-time home buyer. While you could try and do it on your own, there’s really no reason to when you think about it. After all, the home buying process can get complicated, and while you’re no expert, you want to make sure you do it right by turning to someone who is. He can help you find homes that suit your needs and preferences. That might include flagging listings or open houses for you to check out and then scheduling showings on your behalf.
Putting Offer
When it comes to deciding on offer details, including price and conditions, your real estate agent can be someone you turn to for advice. Your buyer’s agent can help guarantee that important documents are not overlooked and can also walk you through each one to clarify any details that aren’t clear to you, and give you the information you need to complete them properly. He will guide you to decide need to decide how much to offer, what contingencies you want and how much earnest money you’ll deposit. Once the seller has received your offer, they can either accept it, reject it or request changes. If they make a counteroffer, your agent can act as a go-between during negotiations.
Completion or Closing
As you reach this exciting and stressful day, it’s important to take a deep breath and embrace the moment. Moving into a home is meant to be a big milestone!. Closing is done by your lawyer, who deals with seller’s lawyers and prepares ledger statement by making adjustment such as property taxes etc. Although the whole process may seem at times difficult and stressful, having experienced and knowledgeable contacts along the way is key. Your real estate agent, mortgage broker, and family are all there to support you, meaning it’s important to trust the process. As long as you stick to the plan by saving for a down payment, figuring out where you want to buy, getting pre-approval, finding an agent, submitting an offer and closing, the process will work out in the end.
Here is mortgage calculator to get you an idea of monthly payments
Randeep Brar
REALTOR®
Coldwell Banker Peter Benninger Realty
508 Riverbend Dr. Kitchener ON N2K 3S2
519.500.7300
randeep@soldbybrar.com