THE 10-STEP HOMEBUYING PROCESS
Buying a new home can be overwhelming and stressful. However, with some planning and the right advice, the experience can be extremely rewarding.
Here are a few steps to consider throughout the process. I'd be happy to help you any step of the way.
Find out what you can afford. Do some research and understand property values in your area. Set a minimum and maximum price range.
You don't necessarily want the most expensive home in your range, but understanding what you can manage and what your requirements are will simplify the process tremendously.
1. BUILD A BUDGET
There are many types of mortgages. It's important to understand what type of mortgage works for you. Property is a big commitment for most people so knowing how much you need to put down for a down payment, whether the cost of lending will change, and how for long you'll be paying off your home are all important factors when buying a home.
Check out a Mortgage Calculator to help you understand the finances.
2. INVESTIGATE MORTGAGE OPTIONS
Here's where I come in.
I will play a vital role in your homebuying experience. By using my expertise and skills in property valuation, negotiation, and providing valuable advice, I will guide you through the rest of the homebuying process based on your needs and your budget. My job is to make your experience simple and enjoyable.
Learn more about me and how I can help you find the perfect home.
3. CHOOSE A REALTOR
A lawyer who specializes in real estate will be a great asset throughout the homebuying process. Property deals can often be complex and having someone work with you to understand the nature of the purchase will be valuable.
Contact me for some recommendations.
4. CHOOSE A LAWYER
Identifying what you are looking for in a home will save you time and ensure you get exactly what you want. I can work with you to find out your requirements and long-term plans to identify the perfect home to meet your needs.
Check out the Resources menu at the top of the page for valuable tools to assist you.
5. HOUSE HUNTING
Once you have found the house that you're looking for, we will work together to make the offer to the seller. In most cases, the sellers will come back with a counter-offer. I will negotiate on your behalf in order to meet your goals and bring you the best possible deal.
6. MAKE THE OFFER
A home inspection is optional but extremely recommended. A home inspection will help you identify any potential issues with the home and allow to make an informed decision during the negotiations.
The offer can include an intent to purchase conditional on the outcome of the home inspection. If your inspection reveals major issues, you can negotiate the resolutions with the seller or legally withdraw your offer.
Based on my experience in property appraisal, I will be able to provide guidance on any immediate issues prior to making the offer.
7. ORGANIZE A HOME INSPECTION
Once the inspection is complete and you're ready to move forward with the purchase, your mortgage will need to be approved and details like insurance and other conditions will be confirmed.
If you're planning on selling your previous home, learn about how I can help you by listing with me.
8. FINALIZE THE DEAL
The home is yours! There's still a lot to do before you take possession, such as organizing utilities, cable/internet and other services. Don't forget to have your mail forwarded and change your address on important documents and identification.
Having all of these in place before you move will ensure a smooth transition.
9. MOVING PREPARATION
This is the day you legally get possession of the house. Your lawyer will complete the paperwork and you will receive the deed and the keys. Congratulations on your new home and start of a new chapter in your life!
10. Closing Day
ADDITIONAL COSTS TO CONSIDER WHEN BUYING YOUR HOME
The purchase price is the biggest aspect of the investment when buying your home. There are some additional costs to consider as well. I can provide helpful advice about the other costs involved.
MORTGAGE BROKER FEE
You may be charged a fee by a lender or mortgage broker when income or credit issues may affect the approval process.
An appraiser is used to determine the property's value and the buyer is normally responsible for this cost.
If you are applying for a high-ratio mortgage, mortgage insurance is used to protect you and the lender in the event of missed payments.
LAND SURVEY FEE
Understanding where your property boundaries are requires a survey. The lender will typically want to see this as terms of the loan.
The lawyer that is used to complete the home buying process will require legal fees after conducting a title search, preparing a deed etc.
PROPERTY TRANSFER TAX
Tax payable once the purchase is complete and is 1% up to $200,000 and 2% for property value over $200,000. First time buyers may be exempt from this tax.
NEED SOME ADVICE?
Send me a message and I'd be happy to answer any questions you have.