WANTING TO BUY?
Thinking it’s time to buy a home? There’s a lot to know! Here’s the low down on things you should think about.
STEP 1 – Get the money part figured out Getting pre-approved for a mortgage should always be your first step when looking to buy a home. The lender will look at your income, assets, debts, employment history, down payment and credit history and assess what type of loan they can offer you. Another great reason to get pre-approved is then you’ll have the low down on how much you can really spend on your new home. Not sure who to call for a lender or mortgage specialist? We’ve got some suggestions that can start this process for you. (list)
STEP 2 – House Hunting 101 Pre-approved and ready to get out there? Give us a call, we want to join you for the fun. We will chat about your wish list. Knowing what you want and need in your new home is important. How many bedrooms? Do you need a big yard? What neighborhood do you love?
The real estate market is HOT so compromise is a part of the process. The typical compromises come down to 4 things: size, location, finishes and $$$. It all comes down to what is more important to you and your family. Would you rather live in a bigger house or closer to downtown? Would you spend more money on a renovated house or could you buy a less expensive house and do renovations yourself? Could you live on a busier street for more affordability to be in a better neighborhood with access to the best schools?
This IS a big deal! You’ll want someone experienced to help you do it right. We’ve got a team that won’t let you down. Now it’s time to clean your keyboard, and fill up your gas tank. 94% of Canadians search for homes online now. It’s good to go online and get a sense of what’s out there. Homes can look a lot different in real life! Don’t always believe the descriptions and read between the lines. Remember that asking price isn’t the selling price. In a hot market, houses often sell for more than the listing price. As much as we love sites like realtor.ca they are a day or two behind what’s actually come on the market. Having a realtor helping you is where you’ll be ahead of other buyers in knowing about properties the moment they are active.
Now get your running shoes on and come with us to check out some places in person. Sometimes just by walking into a home you get the feeling this feels right. Visit homes for sale in real life with your agent or by attending an open house. Not all listings have open houses, so working with an agent you trust is the only way to guarantee that you’ll get a showing on your time. It’s important to take notes and pictures (if permitted) of the homes especially if you’re visiting a few. Rating them out of 10 is our favorite trick! Don’t be shocked to see how some people live, Don’t let bad décor or lack of cleaning supplies get in the way of finding your perfect home.
Flat Rate Realty Peterborough team will help you pick something with a great return on investment! We stay on top of new properties in THE neighborhoods as they come on and off the market. We can send you daily listings of what’s available and totally up your alley. The point of us is to save you time, we can check stuff out for you and screen what is or is not for you.
STEP 3 – Now it’s offer time! This is our favorite part, you are that much closer to owning your new home and we love negotiating. Don’t be intimidated by bidding wars, the real estate market is hot and realistically there could be one. This document includes the price you’re prepared to pay, to the inclusions you want (washer/dryer, appliances) to your ideal closing date (the date it’s yours!!), to conditions that need to be met before it is a done deal (financing, home inspection).
STEP 4 – Closing Time You can finally see the light! The deal has firmed up and the Seller has agreed on the price and agreement terms. You have now submitted a deposit and there are no more conditions to waive. Now is the time to reach out to your lender and your lawyer. They will need all the details and the money. In the weeks approaching the date you take possession you’ll be signing lots of paperwork. Including a certified cheque for the balance owing and of course you get to pick up your new keys!
Cost of buying a home
-Deposit (payable at the time the offer is accepted)
-Down payment (Minimum of 5% down on a residential home)
-Purchase Price (less the money you have already provided as the deposit)
-Land Transfer Taxes Lender Fees Adjustment (the seller may have pre-paid taxes, utilities or other)
-Legal Fees (plus applicable taxes)
Your lawyer will calculate the final amount owing and you will have to provide them with a certified cheque for the full amount before the property comes into your possession.
Oh ya congrats! This has finally happened so soak in the moment and enjoy your new home.