Step by Step Homebuying Process

The following is a summary and some added input of the CMHC’s Homebuying Step by Step Article.

1. The first thing you must be sure of is “Are you ready to be a homeowner?” – This brings in the buying vs. renting as well as preparing yourself for all the other costs that come into play, utilities, upkeep,property taxes, land transfer tax, etc.

2. Know your financial situation. What can you afford? What do you want?

3. Know what you are getting into? Know the costs, benefits and disadvantages.

4. Consider your choices. There are many types of homes available on the market with many different options (Detached vs. semi detached, condos, freehold, etc.)

5. Get help. Buying a home is huge, and requires many different professionals including realtors, lawyers and bankers.

6. Like step 4 there are many options, try to narrow down where you want to live or what would you like to be close to (schools, shopping, and other amenities)

7. Choosing a home and making a offer. Once you find a home you like, the next step is to make an offer. Having a real estate agent working for you is beneficial at this stage as the seller (usually always) has one working for them that is focused on the best interests of his clients. After you make the offer the seller can either accept, reject or counter your offer.

8. Close the deal. Closing costs can vary greatly and can be expensive. You may also be required to do more if you have included conditions that must be completed before the offer is firm.

9. Build your budget.

10. Keep it up! Stay on track not only with your budget but with the upkeep of your new home as well. It is always easier to fix small things before they become bigger problems!

Hopefully this has helped you get a better idea of the process involved in buying a home. If you would like any more info. or would like some help from us feel free to ask or contact us.