Questions to ask yourself……
Is now the right time?
The dream of home ownership gets propitiated throughout our society. Our media, our television shows, our family and friends can all put a lot of pressure on us to stop renting and buy a home. Buying a home can be a tremendously rewarding experience both in pride of ownership and wealth creation. This being stated, it is an incredible commitment. A few things to ask yourself;
- Are you ready financially?
- If you’re buying your home with your partner or spouse are you both on the same page?
- Are you happy in your career or would you like to have the flexibility to start over?
- Are you really ready to commit to the biggest investment of your life?
- Are you really ready to downsize?
These are some of the things you should ask yourself before you start this journey.
How much can I afford?
To get a rough idea of what the payments will look like for a given price point try the mortgage calculator provided here on my site.
Once you have a rough understanding here the next step is to get pre-qualified by a bank or a credit union.
I would recommend reaching out to:
Alex Roctus-Mortgage Broker
He can quarter back the pre-qualification process and get you a hard number in terms of what you will need to have saved for a down payment and what purchase price you can finance within days of beginning the process. Once you have a hard number in place the process of deciding where and what kind of home you would like to purchase is a lot easier.
What kind of home are you looking to purchase and where?
What kind of home do you want? Townhome, Condo, detached, home acreage etc. Which community do you want to live in? Is community more important than the size of your home or do you need to have your little piece of heaven and you’re willing to commute farther to get it? Do you want to bounce some ideas off of me? Just pick up the phone and call, I’m always excited to talk about Real Estate. I’m happy to have a telephone conversation, meet you for coffee, come to your home or host you at my office.
Now It’s time to for us to have a meeting, discuss your goals, and make a plan to view some homes!
I’m happy to meet with you where and when is most convenient for you. Give me a call and we can set up a time to review your goals, set up a search based on those goals and make arrangements to start viewing some properties! This process should be fun, and I will endeavour to work around your schedule to arrange showings and make sure we find the right house for you! Sometimes it happens quickly sometimes it takes a while to find that perfect home that speaks to you. I will work hard for you throughout the whole process!
We found it! Let’s make an offer…
This is the one we’ve been looking for! I will help you decide what price to offer the sellers and how much we should include as a deposit. We will discuss in detail what dates work for you the best; we will also discuss what items you want included with the home. I will then draft an offer with terms and conditions that protect your interests. I will explain this document and all of the other paperwork in detail. Once you have signed the offer, I will present it to the Seller’s agent. If the Sellers choose to counter, I will help you understand what they are countering on help you decide the best strategy moving forward. I will do my very best to ensure your offer is accepted but sometimes deals simply don’t come together. This can be very frustrating but you can be confident that I am still on your side 100% and will do everything I can to help you continue with your search.
Congratulations! Your offer has now been accepted. Chances are we still have conditions or “Subjects” on the offer. I will review the next steps with you in detail as every offer and every property is unique. That said there are a few things that need to happen right away.
- I will send the accepted offer to your mortgage broker or contact at the bank you’re working with. While YOU may be pre-approved the bank still needs to review the deal before they grant your financing.
- You will need to get a quote for home/fire insurance in place
- I will obtain all the pertinent documents; title search, Property disclosure statements, site surveys, renovation permits (if applicable), sites surveys (if available), Strata documents (if applicable). I will help you review these documents, if everything looks good it is time to book a home inspection…..
- If you don’t have a home inspector in mind, I would be happy to refer you to some really good ones for you to choose from.
- Depending on how things go during the inspection we may remove subjects as is, we may ask for a price reduction or we may decide there is too much work to be done and walk away and send the Sellers a release. While walking away from a home you have fallen in love with can be very hard but sometimes it is the only prudent thing to do.
- If your home is on a septic field it is prudent to have a septic test done, if the home is on well water it is also prudent to have a water potability study done. Having grown up and helped build homes on acreages with both wells and septic systems and having helped many buyers and sellers navigate these systems as it pertains to the sale or purchase of their home, I am well equipped to guide you through this process.
Once we have done our due diligence and you are satisfied that all of your conditions have been met it is time to remove subjects. I will draft the paperwork; you will need to obtain a certified cheque or bank draft for the amount agreed upon in the offer. The bank draft will be payable to Vybe Realty Ltd. It will sit in my brokerage’s trust account until the completion day at which point it will make up part of the purchase price.
Once we have removed subjects, we will need to declare a notary or lawyer as the conveyancer.
Well, you’re moving!
At this point it is official. You have bought a home! Tell everyone you know and start making arrangements to move. Rent a truck if you’re moving yourself or arrange to hire movers. Hire cleaners for your current home. This is also the time to start setting up and arranging your utility accounts (Internet, cable, hydro, gas, and your landline etc)
About a week before the completion day (the day the title transfers from the previous Owner’s name to yours) the lawyer or notary will call you to come to their office and sign all of the conveyancing paperwork. They will explain everything to you in detail and answer any questions you may have.
I will meet you at your new home on the possession day and hand you the keys (My favourite thing to do!)
Are you ready for this!?!?
Get in touch with me and I’ll get to work for you!