Step by Step Guide to Buying
Step 1: Get Educated
Start by learning about the real estate process and industry. Buying a home is a major investment, so educating yourself is invaluable.
Many online resources offer insights into real estate, making it easy to find helpful information.
Meeting with a qualified real estate agent is also essential—they can explain how current market conditions may affect your situation.
Step 2: Initial Meeting or Consultation
After choosing a real estate agent, schedule a face-to-face meeting. This meeting helps your agent understand your specific needs and ensures they can represent you effectively.
Skipping this step may limit their ability to support you fully. Since the real estate market is always changing, staying informed about your position in it is essential.
Use this meeting to discuss your goals and create a clear action plan to move forward with confidence.
Step 3: Determine How You Will Pay
Before starting your home search, decide how you’ll finance your purchase.
The three main financing sources are traditional banks, mortgage brokers, and creative financing options.
If you have a strong relationship with your current bank, it may be a good choice for a mortgage.
Mortgage brokers offer access to various lenders, providing more options.
Creative financing uses alternative methods like seller financing, rent-to-own, and private loans to help buyers who may not qualify for traditional mortgages.
Step 4: Start the Search
With your financing in place, the exciting part begins—searching for your dream home!
Set up alerts for new listings that match your criteria, and stay focused on your initial goals.
Quickly eliminate properties that don’t fit and add promising ones to your shortlist or consider making an offer.
Step 5: Write the Offer
When you find your perfect home, it’s time to prepare your offer.
Start by researching the property’s history and comparing its price to market trends.
Outline the terms, including conditions like inspection or financing approval, and include a deposit to show good faith.
Finally, negotiate the price and present the signed offer to the seller.
Step 6: Satisfy Conditions
If your offer is accepted, you need to fulfill any conditions specified in the contract.
This typically involves arranging a home inspection, providing necessary personal and property information to your mortgage broker or bank, and conducting any additional research.
Your real estate agent will play a significant role in gathering this information and ensuring a smooth process.
Once the conditions are met, the sale becomes “firm” and the property’s status changes to “sold.”
Step 7: Preparing for Possession
With the sale finalized, it’s time to prepare for moving into your new home.
Meet with your lawyer to provide all necessary paperwork, ensure your down payment is ready, and consider booking movers in advance.
Secure home insurance, transfer utilities to your name, and update your mailing address with relevant contacts.
Step 8: Possession Day
Possession typically happens at noon on the agreed date.
The seller’s lawyer will notify your agent when you can receive the keys and access the property.
To avoid delays, consider scheduling your move for later in the day. If any issues arise, contact your lawyer for assistance.
Step 9: Follow Up
After taking possession of your new home, the transaction is complete.
However, you may still have questions or concerns. Expect a follow-up call from your real estate agent to ensure everything is in order.
Write down any questions you have so you can address them during the call.