Buying
Finding the perfect home takes time. It takes lots of work and careful planning. Below are a few tips to help streamline the process.
1. Consider your requirements before beginning your search
Location
Where you live has an impact on your lifestyle and it's also one of the most significant factors on the value of your home. Choice of location is sometimes limited by the price you can afford but it is still important to consider factors such as commute to work, schools, family, shopping and entertainment.
Budget
Consider how much you have to spend, and just as importantly, consider how much you want to spend. Note that purchasing a home includes numerous additional expenses above and beyond the list price.
Features
Is it important for you to have an ensuite bathroom, an attached garage or a private backyard? Would you like a fireplace, a short commute, or maybe minimal work? Once you decide which features you would like, then it's time to prioritize the list.
Type of Home
You should consider what type of property you would like to live in. A single-family detached home is desirable to many because it typically provides more living space and land. Alternatively, a condominium may be a more appropriate choice, since condos offer low-maintenance living. It is important to determine what type of home best suits your budget and desired lifestyle.
2. Searching for a home
A real estate agent can help by using a variety of tools to identify properties that meet your requirements. One such tool is the local Board's MLS® (Multiple Listing Service®) System. MLS can be searched for listings that best match your requirements such as location and budget.
3. Viewing properties
Once you decide to visit a property, keep your requirements in mind. Also keep technical considerations in mind, such as wiring, power outlets, heating, foundation and roof maintenance, windows, and plumbing. Home inspections can provide an assessment of the technical aspects of a property and it is a good idea to have a professional inspection performed.
4. Making an offer
When you find a property that you would like to buy, your agent can put together an offer. The offer will include the price you are willing to pay, expiration of the offer, a closing date, and conditions for the purchase.
- Financing and mortgage approval
- Selling your current home
- Survey and title confirmation
- Home inspection by a qualified engineer
- Inclusion and exclusion of appliances and other items
A deposit is given along with an offer. A deposit of appropriate value will show your good faith to the seller.
5. Acceptance of an offer
Once an offer is accepted and all conditions are met, the offer becomes binding on both sides. Before signing, be sure that you fully comprehend all the terms of the offer. Before closing, your lawyers will transfer title and arrange the mortgage funds. Once the keys are in your hands, the home is yours.
6. Additional costs
Purchasing a home is associated with extra expenses, such as:
- Legal fees
- Appraisal and survey costs
- High-ratio mortgage insurance
- Interest adjustment
- Prepaid property taxes or utility bills
- Land transfer tax
- Mortgage broker's fee