Thinking of buying your first home? We know that this can be both an exciting and stressful time, so here are a few things to keep in mind as you begin your journey to home ownership.
Hiring Your Buyer Team
Have an initial consultation with a real estate agent to discuss your needs, wants, and what to expect during the process of buying your first home. It is okay to meet with a couple different agents to see who you feel will work well with you. Discuss any questions you have about the process, timelines, and even what other professionals may need to be called upon during your home buying journey. Once you and your real estate agent have decided to move forward and work together, a Buyer Representation Agreement will be signed.
Secure Your Mortgage Approval
Whether you choose to meet with your bank/financial institution or a Mortgage Broker, we recommend booking a meeting early in your home buying process. Your mortgage professional will help you determine the maximum house price you can afford; this will prove to be vital insight into your financial position. The most important factors to consider are your income, your debt, the amount of down payment you have available, and interest rates.
During your meeting, in addition to discussing your financial position, you will be provided with various mortgage options and other money-saving options and strategies. Make a note to inquire about what your monthly carrying costs, required down payment, and mortgage insurance fees will be, and if there are any Government Programs available that could assist you.
Don’t know who to call? Not a problem! Our team has a list of preferred mortgage contacts that will give our clients exceptional knowledge and service as well as the best rates possible.
Start Your Search
This is what you have been waiting for! If you are just beginning your search or are new to the area, we will complete a market orientation tour. This tour will aid in your understanding the market and the area. As you preview homes, you may notice that the initial list of your needs and wants may change – this is normal until you get a good sense of what you are looking for.
Depending on the type of property you are looking for and its location, there may be many homes to view. On the other side, there may only be a few available properties, if your requirements are more specific. We find that many of our buyers know they have found the perfect home the minute they walk through its door. For some it is the first home, for others, it is the 105th! Our team is committed to you helping you find that feeling when buying your first home.
We Found a Home, Now What?
Writing an Offer
Once we find “the” home, we will look at the comparable sales in the area to get a reflection of value. We will discuss and develop a strategy for writing a competitive offer that also protects your interests. Once the Agreement of Purchase and Sale is signed, the offer is registered and delivered to the listing agent, who then contacts and presents the offer to their sellers. The negotiation process can be a stressful process, but we are with you every step of the way to ensure you are successful in your home ownership dream.
Conditions and Inspections
After the Agreement of Purchase and Sale is accepted, it is time to conduct the necessary inspections and fulfil the conditions. From home inspections to water well samples, our team will assist with all the details and stand by your side, ensuring your interests are protected in a timely manner. Once all the inspections are complete and your financing is firmly set in place, your offer becomes firm and you are another step closer to moving in your belongings.
Final Walk Through
Before you close on the property, a final walk-through is completed of your soon-to-be home to make sure it is still “in the same” condition as it was at the time of purchase. This is also the time to check on any repairs that were agreed to during the offer negotiations or home inspection.
Today is the day you have been waiting for! A couple of days prior to closing, you will meet with your lawyer to sign documents and bring any funds that are required for closing. Most lawyers will communicate directly with you to inform you that your home has closed and the keys are ready for pickup (this can take until 6:00 p.m.).