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Whether you are new to owning a home or it’s your second, third, or fourth home, buying a home is an exciting time. Yet, it can take a lot of effort and a lot of time. It can leave some people feeling overwhelmed.
Don’t panic. We’ve got you covered! These 10 steps can help you navigate the sometimes chaotic road of buying a home in Canada.
1. Do Your Research Is it a good time to buy a home?
Is the market in a good state for it? Where do you want to live? How much does a home cost these days? Do a bit of research first. It can prepare you and set you up for what to expect.
2. Plan Your Budget What can you afford?
The average person goes with a 20% down payment when buying a home. Consider this and what is within your budget.
3. Explore Your Mortgage Options
If you don’t have a 20% down payment, it isn’t the end of the world. Some people go with as little as 5%. If you do go with less than 20%, you will likely have to get mortgage insurance, so keep this in mind!
And shop around for your mortgage options. Find the best pre-approved mortgage for you and your life.
4. Find a Real Estate Agent
They can help you scout out potential homes with your budget and needs in mind. Plus, they can guide you through the entire process of buying a home.
5. Start House Hunting!
But… Before you set out, consider making a list of priorities. What do you want in your house? Do you have certain criteria? Making a checklist can help you narrow down your choices.
6. Put in an Offer
Found a home you like? Place your offer. Your real estate agent will then take your offer to the sellers. They will either accept, reject, or provide a counter-offer.
And once accepted...
7. Get a Home Inspection
A home inspection can cost anywhere from $200-500. But it’s worth it. If there are any major problems you weren’t aware of, a home inspection will find ‘em!
If problems do arise, you can re-negotiate with the buyer.
8. Seal the Deal
Finalize your mortgage approval. Go over all the necessary documentation with your agent or lawyer. You’re almost there!
9. Start Planning Your Move
The time is near. If you need to hire a moving company, start looking now. Begin thinking about utilities and internet plans. Get yourself ready to make your move go as smooth as possible.
10. It’s Your Move-in Day!
Congratulations! It’s time for you to move into your new home. Your closing day signifies when you become legally in possession of your home. You can move the day of or any day thereafter.
Need help scouting out your new home? Team Forester can help you! Our experienced and trusted real estate agents can guide you through the process. We can narrow down your search and help you make the right choice based off of your budget and needs.