Steps of buying a home
When buying a home, preparation is key and Irving Real Estate is here to help.
Here are a few keys to consider:
Typical Real Estate Purchasing Costs
Deciding to Buy
Needs vs Wants – make a list of the things you simply can’t live without, like the number of bedrooms and bathrooms and location. Then list some nice-to-haves: maybe a pool or deck, finished basement or mud room. This will help you further down the road when evaluating homes
Brush up on types of home ownership – make sure you know the difference between freehold , condo and co-op ownership. Each type comes with different ownership experiences
Understand market conditions – supply and demand can change from neighbourhood to neighbourhood, region to region. So, getting to know the market can help you get more house at the best price. Irving Real Estate can give you all the information you need.
Like many things in life, planning ahead is the key to success. So, you should know the price range you can afford before you start shopping. Here are a few things to keep in mind:
Down payment – how much do you have saved to put down on the house immediately?
A larger downpayment can lower your interest and insurance costs.
How much can you afford – on a monthly basis. Total home pricecomes down to 3 factors: your monthly mortgage payment, your down payment and the amortization period or length of time it will take to pay off the loan. Whether a first time home buyer or current home owner, knowing exactly what you can afford in your new home can be difficult without help. We work with every major bank and multiple referred Mortgage Brokers who can tell you exactly what you can afford and explain in detail all the necessary steps needed to sell or buy your home. We will also work with you to ensure you maximize your payment schedule to make sure you get the house you want, while reducing long term interest costs.
Get pre-approved – this will tell you how much you’ll be allowed to spend, before you start shopping. You’ll also be protected against rising interest rates. The pre-approval is a great negotiation advantage as well as we can walk in knowing that the buyer is pre-approved.
Buying a home is personal and emotional experience. The relationship with your real estate agent has to be built on expertise, trust and mutual respect. After all, they will be acting as your eyes, ears and voice throughout the process. They have a fiduciary duty to act in your best interests, to be completely transparent and accountable to you. Irving real Estate will:
Choosing an Agent
Educate you about the current market conditions
Discuss and analyze your wants and needs against your budget
Guide you to homes that fit your criteria
Coordinate the work of other professionals you’ll need during the process
Negotiate with the seller on your behalf
Make sure all the required paperwork is fully completed, accurate and that deadlines are met
Work with you to resolve any challenges that may arise
While we will likely be a great source of advice on financing, it is ultimately your responsibility to understand and secure it with your bank or one of our referred Banks/ Mortgage Brokers.
So now it’s time to get out there and find your dream home. Most people start off by having a neighbourhood in mind but a great agent may suggest options that you may not have thought of. Here are some considerations as you set out to house hunt:
Finding Your New Home
Choosing the right neighbourhood – Do you need to be close to schools, public transit, highways or where you work? What about amenities like parks, grocery stores, doctors and recreational centres? Our Team will be able to inform you of property values in the area and how they’ve changed over the years.
Shopping around – the hunt can be a lot of work but it can also be a lot of fun. So when you visit homes, go with a partner – spouse, parent, or friend – because two sets of eyes are better than one. Don’t be shy about asking some tough questions regarding the home, our team is fully informed of the market and our inventory, and if we do not know the answer we know where to find it. Remember that checklist wemade? Now is the time to pull it out
View open houses with open eyes – curb appeal is one thing but try not to focus on the bells and whistles. Keep a lookout for the potential a home may have with your touches. Similarly, you’ll be getting a home inspection later, but keep an eye open for potential issues such as leaks, squeaky floors, soggy areas around the yard that indicate poor drainage that can lead to a wet basement, lighting, drafty windows and missing shingles.
Making an Offer
Not all offers are the same – most offers will include key elements such asl include price, closing date, deposit, inclusions and exclusions. Offers can be either firm or conditional and will vary depending on the situation. With a firm offer your are willing to buy the home exactly as it is, with no caveats. Otherwise you can make a conditional offer closing may be dependant upon such things as a home inspection, approval of financing or the sale of your existing home.
Negotiating may come into play – the seller will either accept your offer, reject it or make a counter offer based on things like price, closing date or other conditions.. Some good tips for negotiating are: making sure what you’re asking for is fair and equitable; be polite and collaborative; hold fast to your “needs” and be flexible on your “wants”; and know when to walk away no matter how hard that may be
A home inspector – an absolute must in saving you from some unpleasant surprises later on. A home inspector will check your property for any structural damage; perform a thorough examination of the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement and more; then prepare a complete written report detailing all their findings. Average costs for inspections are based on size of house, style, country or not, etc. Our team will advise you on approx costs for this on an individual basis.
A legal professional – when it comes to complex legal documents, it takes a lawyer experienced in Canadian real estate law to help make sure that you and your investment are protected. A real estate lawyer will review the agreement of purchase and sale, do a property title search, check that your home complies with current building and zoning codes, ensure utilities and property taxes are paid up, review the mortgage agreement, and get all the paperwork ready for closing. Ask one of our team members for referred Lawyers in the specific city you require and we will have one.
Closing the Sale
After agreeing on terms and signing the offer, it’s time for the next step…
You’re almost in the home stretch now. Just a couple more steps…
Legal Fees and Disbursements
Land Transfer Taxes – Example Calculator Below
All these costs may seem confusing, but remember our team is there to help you through the entire process.
Make a moving checklist that details a plan for things that need to be done weeks before you move all the way up to moving day itself
Plan for packing by clearly labeling boxes with the rooms they are to go to.
Make sure you get competitive quotes from reliable moving companies. Or, to save money, find out how much it would cost to hire a moving van yourself
Cancel your cable and utilities if you own your current home, and transfer any rented appliances (like water heater or furnace) to the new home owners. While you’re at it, make sure to have the gas, electricity, cable and phone hooked up at your new home
Inform your key contacts – work, Canada Post, doctors, friends, pharmacy, etc… – of your change of address
If you have children, make sure you talk to them and explain why you’re moving and reassure them that the friends they’ve made can continue to be their friends. Ask for their opinion too on things like what colour to paint their rooms. Try and make it exciting for them
You’ve fallen in love. But it’s important that you don’t let your emotions get the better of you when making an offer. Remember, real estate is a significant financial investment. Fortunately, Irving real Estate .ca is here to help you put together an Offer to Purchase and discuss all the details. Here are a few things you should know:
With our help, you will now need to bring in a few pros to help get you to the finish line and make sure the investment you’re about to make is sound. Our Team can put you in touch with these people and make recommendations from our extensive referred contact list. Here are a couple of key people you should be talking to:
Closing day is the day you officially take ownership of your new home. It’s an exciting time for sure. But there are a couple of details you need to keep in mind before you get handed the keys:
Closing costs – these fees need to be paid by or on the closing day and include mortgage application fees, inspections, legal fees, insurance, registration and Land Transfer Tax. Below is a rough estimate of some of these costs;
The day has arrived. And there will be as much excitement as there will be sore backs. But you can take the pain out of moving day by planning ahead. Here are some tips for a smooth move: