Homebuying Step by Step: Your Guide to Buying a Home in Canada. CMHC Canada. Retrieved from https://www.cmhc-schl.gc.ca/odpub/pdf/60946.pdf
10 Steps to Buying a House - Home Buying Process. Discover Home Loans Blog. Retrieved from https://www.discover.com/home-loans/articles/10-steps-to-buying-a-home
What is a Buyer Representation Agreement? Retrieved from https://blog.theredpin.com/blog/what-is-a-buyer-representation-agreement-b-r-a/
LIKE WHAT YOU SEE? LET'S GET STARTED ON YOUR JOURNEY.
The Buying Process
1. Enter into a Buyer’s Representation Agreement
2. Obtain financing pre-approval
3. Determine your budget and comfort zone
4. Itemize all the requirements for your home
5. Determine the neighbourhoods of your choice
6. View homes that match your criteria
7. Evaluate preferred properties
8. Prepare Agreement of Purchase and Sale
9. Make an Offer
10. Negotiate a Deal - Accept, Counter or Reject
11. Close the Deal by fulfilling all conditions
12. Move in!
REAL ESTATE REPRESENTATIVE
Buying a home is one of the biggest decisions a person can make. Even apart from the financial considerations, deciding on a home determines where years, even decades, of memories will be made.
Purchasing a Home
Before going out to look at homes, know what you want. Start with taking stock of where you are in life, what your long-term goals are, and how a new house fits with them. Find out how much you can afford and what you hope to get for your money. If you're retiring, maybe a fixer-upper isn't what you're looking for, but a home with a community of seniors is. If you desire to stay active, a place with yard space or proximity to parks and recreation facilities is a good fit. The trick is to imagine your perfect house first, then go out and find it!
Choosing the Right Neighbourhood
Like selecting a home, choosing a neighbourhood should be all about what you want. Develop a profile of your perfect area. Consider things like how far you're willing to drive to work, nearby family and other priorities. Do you want to live in an established or historic area, or would you prefer a new community with hi-tech amenities? If you plan to spend your days exploring on foot, you'll want a neighbourhood that's walkable with shops and restaurants close by. It's all about deciding what you want and then working with your realtor to find the ideal home in the best neighbourhood for you.
It is critical that we discuss our relationship together throughout this process - from the expectation of myself, to the services you require as a home buyer. This is where a Buyer's Representation Agreement (BRA) comes into play.
A BRA is a contract that defines the relationship of the buyer (you) and the real estate brokerage that is working on your behalf. In the BRA, all of your requirements are outlined in detail - from the exact property type you're looking for and your desired geographical location, to your complete list of must-haves. In addition, the BRA clarifies the agent's commission structure and compensation. This not only removes any room for potential miscommunication, but also contractually commits your agent to find the right residence for your needs.
Lastly, the BRA protects your interests, as all the information you provide your agent must be kept confidential by law.
Here are a few things to consider before we begin finding your dream home:
Determine How Much House You Can Afford
It’s important to figure out how much you can afford to spend before you start
looking for a home. Your mortgage payment will probably be the biggest expense,
but there are other costs you should be aware of.
(You don’t want any unpleasant surprises!)
The more you know about your current financial
situation, the more prepared you’ll be when you
meet with your lender or broker. These calculations
will clarify your current financial picture and help you figure out just how much you can afford.
Get Prequalified for Credit for Your Mortgage
I recommend that my clients be pre-qualified by their bank before we begin looking
at homes. This will help you have a good grasp of what you can afford.
To get prequalified, you just need to provide some financial information to your
mortgage banker or broker, such as your income and the amount of savings and
investments you have. Your lender will review this information and tell you how
much they can lend you. This will tell you the price range of the homes you should
be looking at.
Shop for Your Home and Make an Offer
Now that you have a clear picture of your finances and mortgage options, it’s time to start thinking about the kind of home you want to buy! We'll begin browsing listings and visiting available homes, talking about which features are most important to you and your family. Once you find the house you want, I'll help you with the process of making the offer. After that, all that's left to do is to return to the bank to secure your mortgage, and then move in!
I'll be there for you through every step so you know what to expect at every turn; as your sales representative I am fully committed to a successful purchase and equally dedicated to finding you the best home to meet your needs.