Let me help you
When purchasing a home, there is a multitude of decisions and choices to make, but the most important one is whether you are fully prepared. I am committed to helping you through the process from start to finish so that it doesn't feel so overwhelming. I want you to enjoy the process with as little stress as possible. This is a really exciting milestone in your life, let me guide you through the steps and make it a great experience!
1. Pre-approval with a Lender
Don't get caught in that trap of finding a perfect home that you can't afford. The first step to purchasing a home is to visit your lender and get a pre-approval. This will let you know the maximum purchase price you will be approved for and what your monthly mortgage payment will be. If you don't have a mortgage professional, I can refer you to someone that I have worked with and would highly recommend.
2. Make a List
Organize your thoughts on paper and come up with a master house list that you can refer to. The more specific the better! Divide it up into must-haves, would-be-nice items, and deal breakers. Once you have established the list, I can get to work and determine which properties fit your needs. The MLS (Multiple Listing Service) allows me to show you anything listed on the market whether by my office or any other in the area.
3. Let the Fun Begin
The next step is to start viewing homes that fit your specifications. It's important to keep an open mind when you are looking at photos online as they are only as good (or bad) as the photographer that took them. Viewing several different styles of homes in different areas is always a great start to show you what is available within your price range. Once we know the style and area you like the best, we can target those houses and find you the perfect property to call home.
4. Process of Making an Offer
Once we find the perfect home, we propose an offer in writing to the vendor. This can sometimes go back and forth a few times until we have negotiated a purchase price that both you and the vendor are happy with.
There are two common conditions of the sale: financing and inspection.
The sale is conditional on approval by your mortgage broker or lender. Even if you’ve got mortgage pre-approval, your lender must sign off on a particular property. The home inspection will give you peace of mind to ensure the home has no issues that may be expensive to fix down the road.
We usually allow two weeks for this process to get approval from the lender and be satisfied with the inspection. Once the conditions are removed the property is considered sold and you can start making arrangements for the big move.
4. Closing Costs
Here’s a basic rule of thumb:
Plan on spending about 2% of your purchase price on additional costs. If you have a down payment of less than 20%, another 1.8% - 4% of the mortgage amount will be added to your costs, although this is usually added to your mortgage amount.
Typical costs to budget for.
-Home Inspections average between $400 - $600
-Adjustment costs can vary but you will need to reimburse the previous owner for any property taxes that have been paid beyond the closing date.
-Legal fees vary but range between $500 to $1500 for the lawyers to draw up the paperwork and transfer the title into your name.
-Your mortgage provider will require you to have insurance to cover the replacement value of your home and its contents. Shop around!
-Check with your utility providers to find out what your exact moving fees will be.
5. Move In Day
The day has arrived. And there will be as much excitement as there will be sore backs. But you can take the pain out of moving day by planning ahead. Here are some tips for a smooth move:
-Make a moving checklist that details a plan for things that need to be done weeks before you move all the way up to moving day itself
-Plan for packing by clearly labeling boxes with the rooms they are to go to. You might even want to provide a small floorplan for the movers so they know exactly where to take them
-Make sure you get competitive quotes from reliable moving companies. Or, to save money, find out how much it would cost to hire a moving van yourself (And bribe your friends to help you)
-If you own your current home, cancel your cable and utilities and make sure to have the gas, electricity, cable, and internet hooked up at your new home
-Inform your key contacts – work, Canada Post, doctors, friends, pharmacy, etc… – of your change of address
-If you have children, make sure you talk to them and explain why you’re moving and reassure them that the friends they’ve made can continue to be their friends. Ask for their opinion too on things like what colour to paint their rooms. Try and make it exciting for them
-On moving day, plan an easy meal like picking up some take-out. Moving is stressful enough without having to cook
Congratulations. You’re all moved in. Welcome home!