Deciding to buy a home is the biggest investment of your life. The process can be very daunting and stressful as it requires a lot of preparation. To gain a pleasant experience, you’ll need an experienced Real Estate Agent, who can be your guide throughout the entire process.
To prepare yourself for purchasing a home, here is a general guideline of what to expect.
Financially Prepared
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.
Knowing What You Want
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, what the neighbourhood is like, and so on.
Meet With A Real Estate Agent
It’s important to partner with a Real Estate Agent you feel completely comfortable with. 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
Your Real Estate Agent will constantly be searching to be able to find the best homes that meets your needs. Your Agent will also keep you updated on latest market trends, pricing, and listings available in the market, as well as schedule showings to view available homes.
Closing The Deal
Once you have chosen a home that best fits your needs and wants, your agent can help you place an offer that a seller can either accept, counter or reject. If the offer has been accepted, the next step for you is to hire an experienced inspector to make sure the home you have chosen is in best conditions. Then you will be ready to sign off your mortgage with your lender and meet with a lawyer to take ownership of your new home. Becoming a new homeowner is one of the most liberating things you’ll ever experience. There are many benefits to home ownership — pride of ownership, the ability to make home improvements, building equity, appreciation — the list goes on.