Our team strives to give you the best of the best. In the years that we've spent in the industry, homebuyers have always asked us “What do I need to do when I buy a house?” We’ve composed a step-by-step guide that organizes the buying process to make buying a house simple and fun!
Before you search for a home, you have to understand your needs. Think about the type of place you’re looking for. Are you looking for more bedrooms and washrooms for your family? Do you want a pool and backyard? Do you want to live close to a school or a mall?
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, a condo is when you take care of the inside and pay your fees to an association, and a co-op is similar to a condo but you rent a unit in the building and pay maintenance and repair fees.
There are thousands of real estate agents, so 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 and understands what you want.
You'll want a trained professional who knows your area inside out. A great agent is someone who offers you quality services to help you accomplish your goal.
There are many ways of finding that dream home! First, you have to make sure you are also financially ready with a budget.
One thing to keep in mind is your down payments. 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 the cost of borrowing. Another important aspect is getting pre-approved 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.
Now that you’ve found the house that you are set on, 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.
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.
There will be closing costs associated with the sale that need to be paid either by or on the closing date. It can include mortgage application fees, inspections, and legal fees. But once that’s taken care of, you get your new house.
Congrats, and welcome to your new home! You’re all ready to move in!