As your personal guides and trustworthy agents, we strive to give you the best of the best. In the years that we’ve spent in the industry, homebuyers have always asked us “What do I need to do when I buy a house?”. We've composed a step-by-step guide that organizes the buying process to make buying a house simple and fun!

Step 1: Decide to Buy 

For most people, buying a home is the biggest decision they will ever make. Buying a home is a very exciting time, but it is important that you know all the facts and make sure buying makes financial sense to fit your lifestyle. Before you start your search, you have to understand your needs. Think about the type of place you’re looking for. Are you looking for a lot of bedrooms and washrooms for your family? Do you want a pool in the backyard? Do you want to live close to a school or a mall? These are just some of the things you have to consider before you start looking for a new home. Once you have narrowed down some qualities, its time to go looking for a home!

Step 2: Hire an Agent

There are thousands of real estate agents so how do you chose one that’s right for you? You have to pick carefully. They will be acting as your representative and you will need someone to look out for your best interests. You will need someone that you can trust and someone who understands what you want. Your real estate agent should act as a consultant and guide you through the buying process. This includes answering questions about the neighbourhood, market conditions, schools, and helping you get the financing you need. At the same time, your agent will assist you in acquiring a mortgage pre-approval.

Step 3: Find your Home

There are many ways of finding that dream home! First, before you go shopping you have to make sure you are also financially ready. Make sure to have a budget when you go shopping. You can use the affordability calculator by clicking here. One thing to keep in mind are your down payments. This is a percentage of the total cost of a home that you’ll need to pay. The more money you put down, the more you’ll save on monthly payments and cost of borrowing. Another important aspect is getting pre-approved for a mortgage. When the lender approves you for a mortgage, it gives you an idea of how much you can afford. Keeping these things in mind, you can begin house hunting! You can browse listings using the smart listings search on our website, here.

Step 4: Make an Offer

After you find your home, your agent will begin the process of moving you in as quickly and easily as possible. The process usually begins with preparing an offer to the seller that includes your conditions (if any). After the seller accepts the offer, closing is usually held within 30-60 days from the offer date. If the seller doesn't accept the offer, they can submit a counter offer. This should not discourage you. Your agent will help you assess the counter offer and help decide whether to accept the counter offer, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions. Your agent will be well-prepared to guide you through this decision process. 

Step 5: Arrange Financing

During the closing period, you will be working with your mortgage lender to obtain the financing you require. Your agent will also be involved in this step by gathering the necessary property information that the lender requires.

Step 6: Sign Documents and Close The Deal

Closer to the closing day, you will meet with your lender to sign documents related to your mortgage. Prior to receiving the keys from your lawyer, you will meet with him/her to review and sign legal documents (e.g. title insurance, transfer deed, closing statement, etc.). There will be closing costs associated with the sale that need to be paid either by or on the closing date. It can include mortgage application fees, inspections, and legal fees. But once that’s taken care of, you get the keys to your new house.

Step 7: Move In

The most exciting step in the home buying process - moving day! A little bit of planning here will help ease the pressure of moving. You may choose to hire a moving company or you can enlist the help of your family and friends.  Do not forget to change your address with utility companies, credit card companies, government agencies, etc. For a small fee, Canada Post offers a mail-forwarding service for up to a year so your mail can be automatically forwarded from your old address to your new one.