ARE YOU READY TO BUY? A mortgage is a financial responsibility that requires constant upkeep. Ensure that you already have saved some of your down payment and that you have good upkeep of debt like credit card and student loans.
ESTABLISH YOUR BUDGET. Use this simple equation to consider what you can expect after you’ve saved for your down payment:
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One time costs (down payment, legal fees, inspection fees and taxes) |
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THE COST OF BUYING A HOME |
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Monthly costs (mortgage, utilities, maintenance, insurance, and property taxes) |
ESTABLISH WHAT YOU’RE LOOKING FOR. First, decide where you want to live (urban, suburban, rural) and then decide which neighbourhood suits you best and what type of home (detached, attached or apartment) you want. Whether or not the property is new or resale may also affect your costs.
GIVE US A CALL! Let us help you find listings in your ideal area that fit your criteria and together we can draw up a short list and visit a handful of homes to make an informed and wise decision.
SELL YOUR CURRENT HOME. It’s the age-old question, do I sell my home before I buy, or do I buy my new home before I sell? It’s natural to want to buy your new home first so you have the security of knowing where you’ll be living. But there are advantages to selling first, buying later:
- You’ll know how much your house is worth, so you can be surer of how much you can spend
- There’s a chance you won’t have to make your offer subject to financing
- You might be able to arrange a long closing to give you time to look
- It could be a stressful situation, but it’s also stressful to own two homes!
ADD SPECIALISTS TO YOUR TEAM. A mortgage broker may be able to get you the best possible rates. A notary public or a lawyer will help you understand the many legal documents that come with buying your home. A home inspector can save you from unpleasant surprises when you move in.
MAKE AN OFFER. We are expertly trained and will prepare your offer for you. If you have any concerns or hesitations, ask us to explain.
ARRANGE A MORTGAGE. There are hundreds of banks, credit unions and other lenders. How do you select which one is best for you? Now is not the time to be money-shy! Talk to your financial institution and call around to others. Ask friends, family and colleagues. We are very knowledgeable about mortgages and have lots of good advice and they may be able to refer you to a mortgage broker.
CLOSE THE DEAL AND MOVE IN. You offer has been accepted! Great news! With your notary public or lawyer, we will do most of the closing work. But make sure to ask about any conditions of the agreement that require immediate action on your part. Before you know it, you’ll be handed the keys to your new home.