Steps to Buying a Home

1.  Make sure you're prepared for the journey

The first challenge is deciding whether you’re prepared to go through all the necessary steps. Locating your perfect home is rarely an easy task and obtaining a mortgage loan can be a complex and tiring process. Once you’ve determined that you’re ready to move forward on your home-purchasing goal, the rewards are unquestionable.

2. Arrange a Mortgage

Getting the best possible mortgage is imperative, so don't rush this.  Talk to banks and consider hiring a mortgage broker.  Your real estate agent should also be highly knowledgeable about mortgages, and can be a valuable resource here.  

3. Decide what your needs are for your upcoming home purchase

Start with location and type of home.  Are you a city-slicker?  A suburbanite?  Or do you enjoy the tranquility of a more rustic setting?  What neighbourhoods do you see yourself in?  Do you prefer detached homes, or are you shopping for an apartment or condominium?

4. Decide on your price range

The cost of a home is non-trivial - it is one of the biggest (if not THE biggest) purchases most of us make.  The cost of a home involves up front costs (down payment, legal fees, inspections, taxes, realtor fees) as well as mortgage payments over time.  Selecting an investment that is comfortably within your means is important.

5. Find the right Real Estate Agent for your needs

In the challenging multi-step process of buying a home, a good agent will save you time, money, and (numerous) headaches. Working with someone you trust is paramount, but it's also important for them to have expertise and experience dealing with the type of real estate you're interested in. Take your time, conduct your research, and even do a few interviews before settling on the right fit. 

6. Conduct a search and begin the buying process

Use our search tools or talk to a realtor about your specific needs.  Compile a list of properties you're interested in within your price range, and work with your real estate agent to ascertain which ones are the best investments.  Once you've decided on the home, your agent will guide you through the buying process, from offer to close.

7. Make an offer

Your real estate agent will assist you with the offer and negotiation process.  They will prepare your offers, and clarify any questions you might have.  Make sure you use this valuable resource.  

8. Close the deal, sign the paperwork, and pack your bags

Once your offer has been accepted, get ready to move in!  Your agent will do the brunt of the closing work but there may be some final requirements or actions needed on your part.  Congratulations, this is an exciting time!