Buying Process

1. Getting ready to buy

It’s an exciting time! Buying a new home can be a rollercoaster ride of emotions. There is a lot to consider, with affordability and the changing real estate market on everyone’s minds. Whether you are a first-time buyer, looking to upgrade or an empty nester,let our team of real estate professionals guide you through the home buying journey. To help you as you begin your home buying journey,here is a 9-step home buying process to help guide you through this exciting time!

2. Choose a real estate agent that is right for you

When looking for a home, finding the right salesperson or broker tol help guide you through this process is essential

3. Understanding affordability and finances

It is important to know your budget and to stick with it! Homeownership is expensive and comes with manycosts beyond the monthly mortgage payment. That’s why it is important to prepare yourself and understand exactly how much it will cost while considering your lifestyle and possible changing life circumstances (growing your family, downsizing etc.).

4. Getting a mortgage and pre-approval

You get funding for a mortgage in several ways: through a mortgage broker, the bank or even through an online mortgage lender. Shop around and look at the different options carefully to help find the right solution that works best for your needs. Once you have selected where you want to get your mortgage, get pre-approved. This will help you understand what you can afford and also help during the offer process as things move quickly, and it might give you the edge you need to close the deal.

5. House hunting

You likely have already been checking out listings online or paying attention to lawn signs popping up in the areas you have been considering. This is the fun, exciting part of the process. Enjoy it! Work with your real estate sales professional to create a list of “must-haves,” determine preferred areas of interest, and ensure you are on the same page for what is within your budget. Once you find a property you like, things can move very quickly, so it is important to have these discussions early.

6. Visit properties and book showings

Open houses and showings changed so much over the last few years, both with technological changes and with the impact of the global pandemic. Access to viewing properties is offered both in-person and virtually. Choose what option is best for you. Seeing a property in person allows you to understand the flow of a house and see things that might not be easily seen online. Work with your real estate sales professional to see a few properties when you begin your search, as it helps guide and direct your search going forward.

7. Making an offer and closing the deal

When making an offer, there are lots of things to consider. Your real estate sales professional will work with you to determine the best offer price. Remember, stay within your budget! It is easy to get caught up in the excitement, especially if there are other bids for the house you want to purchase. Consider what conditions you wish to place in your offer, such as a home inspection, financial conditions and closing period. Closing periods can vary, typically around 30-45 days, but this is negotiable and might vary depending on the buyer and seller’s needs. Once the offer is accepted, your REALTOR® will help you finalize the deal and complete the paperwork for the property sale. You must work with a real estate lawyer to complete your paperwork, including title transfer, and a mortgage broker or lender to complete your mortgage documentation. 

8. Time to move

Congratulations, it is moving day! Moving day can be hectic, so being prepared and organized is critical. Make sure to have packed your belongings in advance in clearly labeled boxes. Here are some quick tips for making moving day a bit easier: Pack a box of items you will need on your first night in your new home. This should include essential items such as a change of clothes, plates and cutlery, toilet paper, soap, and towels. Pack items by room and make sure to label the boxes. This makes placing items in the appropriate rooms easier on moving day. Place fragile items in last, allowing you to remove them quickly when you arrive. Organize all wires with their item. Make sure to bundle wires together, and if possible, put them into bags to keep them from getting lost. Update your address. You must update your address with all your service providers, including the government. Make sure to update your utilities and transfer all services. Forward your mail. Canada Post offers a forwarding service. Once all this is completed, congratulations! You are a homeowner of a new home.

9. Enjoy Your New Home

Congratulations on your new home! You are officially a homeowner. In the first week of settling in, take time to test out your appliances and look for any issues with the property. If there are any issues, be sure to share them with your real estate salesperson or broker. It is finally time to unpack and start enjoying your new home. Take your time when unpacking, doing one room at a time. As you get comfortable and learn the flow of your new home, it will be easier to unpack and place items.

Have questions? An experienced Right at Home agent would be happy to help you. Also, here are answers to some of the more frequently asked questions.