Home Buying Process: Preparation Checklist

The home buying process is a complex ordeal that requires a lot of planning, and instating the help of a knowledgeable Real Estate Agent. Choosing to buy a home is one of the biggest decisions you’ll make in your life, which is why this preparation checklist gives you an idea of what to expect.

GET YOUR FINANCES IN ORDER

The first thing you’ll need to do is put money aside for a down payment. This amount is (at minimum) 5% of the purchase price of the home you’re planning to buy. Second, you’ll need to meet with a mortgage broker to determine what you can afford. Shopping around for the best rate is highly recommended.

VISUALIZE YOUR DREAM HOME

Once you’ve established a price range, it’s time to decide what type of home will best suit your lifestyle. Think about things like access to schools, recreational facilities, and what the neighbourhood is like. Then there’s property specifics like size, age, and style. You may want to put this down in writing and create a needs v/s wants list to determine what you’re willing to compromise if necessary.

MEET WITH A REAL ESTATE AGENT

It’s important to partner with a Real Estate Agent you feel completely comfortable with. A Realtor® can help you find your dream home that meets both your needs and your budget. They will set you up with viewing appointments, and also help bring clarity to the complicated process of buying a home. You’ll want to go with an experienced and knowledgeable Realtor® who you can be sure will represent your best interests.

THE SEARCH

Having the first three points completed before you even start looking will make your home buying process run more smoothly. Using the property search on this site and consulting with your Real Estate Agent, you will be able to find homes in your desired area. They’ll update you frequently regarding new listings and schedule you appointments with sellers.

CLOSING

Your Real Estate Agent can help you place an offer that the seller will either accept, counter, or reject. After you’ve negotiated an offer, you’ll need to conduct a home inspection and deal with any repairs (the cost of which you can also negotiate with the seller). Finalize your mortgage with a visit to your lender, and you’re ready to sign off on ownership. This typically takes place in a lawyer’s office.

At this point, congratulations are in order! Becoming a new homeowner is a liberating and exciting experience. Now it’s time to make it your own.