It’s time! You are ready to buy a house and as you eagerly scroll online and notice every for sale sign out there you’re dreaming of decorating, renovating and moving in. However, before those dreams become a reality there are a few steps to complete.
1. Figure out what you can afford.
Going over your finances is an imperative first step in the home buying process. Having a realistic budget will save you time and money as you venture into the real estate market.
Nobody wants to find their dream house just to be told they just can’t afford it, so to avoid disappointment, it is a good idea to crunch some numbers first.
2. Mortgage Pre-Approval.
What you think you can afford and what the bank thinks you can afford might be two completely different numbers. Meeting with a mortgage broker or bank representative will allow you to have a tangible price point to work with.
They will give you a clear picture of your financial health and an amount that you would be able to borrow for your purchase.
They will also be able to give you details on monthly mortgage payments, cost of borrowing, etc.
3. Research your new home.
Pre-approval in hand, you are ready to look at some options. Have you determined what you are looking for in a new house? Do you want property? A certain number of bedrooms or bathrooms?
These questions are a good way to narrow down your search and ensure that your next house meets you and your family’s needs.
4. Meet with a Realtor.
You are at the point when you can start going to houses and taking a look. Having a knowledgeable realtor assist you in the purchase is crucial.
Realtors know the ins and outs of the market, how to negotiate offers and what to look out for when purchasing.
Being a buyer you do not pay commission (exceptions apply), so why not use such a valuable resource when making such a valuable purchase?
5. Make an offer.
You’ve found the house! It’s the one! Now comes the offer and negotiations. Your real estate agent will put together the paperwork and submit it to the sellers realtor, or the seller directly.
An exciting and nerve wracking time as you wait to hear if your offer has been accepted.
It is very common to have counter-offers and at times competing offers, however, you are in good hands and your agent will be keeping you updated.
6. Meeting conditions.
Accepted! The call you were waiting for. Many offers are submitted with conditions such as financing, home inspection and insurance.
Now that you have an accepted offer you will submit that to your mortgage broker or bank and they will process for a mortgage approval.
In the meantime, you or your realtor will arrange for a home inspection and confirmation of home insurance as both may be required for mortgage purposes.
7. Lawyer up!
Conditions have been waived and you now have a firm and binding contract.
Stretch those hands out, because the next step is meeting with a lawyer and signing all the paperwork that comes along with your purchase. A lawyer will go over all the details of your purchase, mortgage and title insurance information.
Once you’ve signed, they will coordinate all documents with the vendor’s lawyer and arrange for keys to be available for pick up on the closing date.
8. Get a move(r) on it.
It’s packing time! Though it feels like a long process, your moving day will be here before you know it! Arranging for movers will aid in a smooth and effortless closing day.
It is a good idea to remember that keys may not be available until later in the day so to not waste time or money, coordinate the best time with your realtor and lawyer.
9. Final walk through.
You are so close! The closing day is around the corner and you have mentally moved into your new house already!
However, before your deal can close you will want to take a final walk through of the house to ensure everything is the way you are expecting it to be. Your agent will schedule a time and accompany you as you confirm that the details of the agreement of purchase and sale have been complied with.
10. The Big Day!
It’s moving day! You made it! To ensure the day goes off without a hitch your realtor, lawyer and mortgage company will work simultaneously to close your deal.
As you are busy preparing for closing, make sure to be readily available for any last minute questions, concerns or document signing.
Though it may seem daunting to buy a new home, with the help of knowledgeable professionals, your purchase and move should be a time of excitement!
Team Forster is part of a fully accredited real estate brokerage regulated by the Real Estate Council of Ontario (RECO). We adhere to the Real Estate and Business Brokers Act, 2002, government guidelines and statutes, and a strict code of ethics.
We know the London, St. Thomas, and surrounding communities and their real estate markets. Let Team Forster guide you through the buying process so you can find a home you cherish. Our team of real estate professionals lives and work in the area and we know real estate.
Not seeing a home that meets your needs?
Call or Text Team Forster 519-851-2844 for more information about moving to London, Ontario!