Steps to Buying Your Home
Use a Realtor?
dealing with buying your own home it is important to consider the following:
- Do you have the time, energy,
experience and resources to find the right home?
you have access to all of the relevant information concerning one of the largest
purchases you will make?
you confident in your ability to draft and execute a legally binding Contract
of Purchase and Sale?
you comfortable and capable of negotiating the best price for yourself?
you have a firm understanding of all of the stages involved in buying a home?
on, and find out about the steps involved in buying a home and how a we can help
you with this process.
Determining Location & Type - The first step involves taking your
dreams (and a good dosage of reality) and deciding the location, size, and type
of home you want and need.
Finding a Real Estate Agent - Buying a home is one of the largest financial
investments you will be making, so it is important that you have a real estate
professional working for you. When you buy a home you will be entering into a
legally binding contract, and a Realtor is professionally trained to create this
contract for you, and ensure that your interests are protected. Look for someone
who will be comfortable working with, who will answer your questions and help
you find a property that meets for specifications.
Getting Pre-qualified - It is also important at the beginning of the
process that you evaluate what price range you can afford and determine the amount
of financing you will require. Your Realtor can help you with this process by
getting some basic information about your income, debts and credit. Finding out
how much of a loan you qualify for will also help in determining the type of property
to look for. Some lenders will pre-qualify you and guarantee a rate and terms
for a set period of time - a great idea to do when rates are on the rise.
4) House Hunting
- This is where the fun begins! However, you might find that your initial optimism
of finding the right place quickly fading if you do not have access to all of
the available information about the current market. Sometimes the property you
are seeking is available but not actively advertised in the market, and it will
take some investigation by your Realtor to find all available properties.
Selecting Your Home - Your main job in this whole process is to make the final
selection of the right property for you. Emotions run high during this time, and
your Realtor can offer you informed objective information about the properties
that you are considering. Your Realtor spends their day dealing with all aspects
of property and their advice can be invaluable. For instance, information concerning
zoning, schools, and the local community can help in your decision making process.
Finding a Lawyer/ Notary - It is also important to find a Lawyer or Notary
to help in the closing and conveyance of the property. Having a professional lined
up ahead of time will help in making the buying process as smooth as possible.
Your Realtor can recommend several Lawyers or Notaries to use.
Making an Offer & Negotiating the Deal - Once you have found the right
home now is the time to make an Offer to Purchase. There are many aspects involved
in making your offer including, but not limited to price, financing, terms, possession
date, inclusion and/or exclusion of repairs and fixtures or equipment. You will
also want to provide a period of time for you to complete appropriate inspections
and investigations of the property before you are bound to complete the purchase.
Professional Inspection - Once you have negotiated an agreement it is time
to complete the evaluation of the property. Depending on the area and property,
this could include inspections for leaks, dry rot, asbestos, faulty structure,
roof condition, heating systems, oil tanks... just to name a few. Your Realtor
can assist you in finding qualified responsible professionals to do most of these
investigations and provide you with written reports. You will also want to see
a preliminary report on the title of the property, which your Realtor should provide.
The title indicates ownership of property and can be mired in confusing status
of past owners or rights of access. The title to most properties will have some
limitations; for example, easements (access rights) for utilities.
Setting up Your Mortgage - If you have already pre-qualified with a lender
for a mortgage the step will be fairly painless! Remember mortgage interest rates,
fees and other terms vary widely and are often open for negotiation. Research
what is available by calling several mortgage lenders or using the Internet. Your
Realtor can help you in finding the appropriate lender. Find out more about saving
money on your mortgage interest payments.
Closing - The last step is the closing. Find out more about closing
costs. Closing involves:
of title - arranged by your lawyer and the seller's lawyer
of money - deposited to your lawyer's trust account
of the offer-to-purchase
walk-through of your new home
your Real Estate Agent can guide you through this process and make sure everything
flows together smoothly.
Tricks & Tips for Successful Home Buying
Us Help Find the Right House for You...an
easy to fill out form highlighting your "Dream Home".
Your Home with Just 5% Down...see if you qualify.
Pre-approved for a Mortgage...find out how you can increase your bargaining
Money on Your Mortgage...helpful suggestions to reduce the amount of interest
Costs...don't forget about closing costs when you are purchasing your
Transfer Tax Exemption...you might be eligible for an exemption of up