Steps to Buying a Home

You likely already understand the advantages of owning real estate if you have landed in this section of our website so we will get right into the Steps to Buying a Home. 

STEP ONE: Decide if home-ownership is right for you. 

• What are the pros and cons of buying vs renting? (Perhaps this worksheet will help)
• What is your employment outlook for the next few years? 
• Are you prepared for the responsibility of home maintenance? 

STEP TWO: Assess if you're financially ready. 

• Calculate your household expenses and liabilities (here's an affordability calculator)
• Plan for various expenses related to home-ownership (e.g. heating, property taxes, maintenance, renovations as required)
• Determine affordability using formulas that lenders typically use (e.g. Debt Service ratio calculators here) 
• The maximum house price that you qualify will depend on a combination of: a) Gross monthly income, b) Downpayment, c) Mortgage interest rate, d) Credit history 
• Make an appointment with a mortgage specialist to understand different mortgage options and which one works best for you

STEP THREE: Consider the criteria that are important to you. 

• Size (e.g. square footage, number of bedrooms, number of bathrooms, number of parking spaces)
• Type (e.g. apartment, townhouse, semi-detached, detached)
• Location (e.g. which part of town, corner lot, access to major transportation routes)
• Style (e.g. 2-story, 3-story, side- or back-split, bungalow)
• Features (e.g. A/C, fireplace, swimming pool, energy efficient, hardwood, counter-tops)
• Ownership (e.g. freehold or condominium)

STEP FOUR: Turn the vision into reality. 

• Our team sets out to find exactly what you are imagining (ask us about all the avenues we explore to make this happen)
• You are immediately notified about any new listings (via a real human not an automatically-generated system)
• You pick which listings you would like to see
• We arrange viewings 
• You decide which options you like and dislike 
• We prepare and submit a meticulously crafted offer on the option you've chosen
• Once the offer has been accepted, we provide all relevant information to your mortgage broker
• The lender confirms any information related to the sale to finalize the mortgage approval
• We remove any conditions once they are satisfactorily met 

STEP FIVE: Move in. 

• Meet with your lawyer on the closing date (or a few days before) to sign the final documents
• The lender provides the mortgage amount to the lawyer
• Submit your down-payment (less the deposit) to the lawyer (plus any closing costs determined by your lawyer)
• Your lawyer pays the seller and registers the home in your name
• You get the keys to your new home from your lawyer
• You move in
• We celebrate with you

STEP SIX: The ever after part.

• We check-in periodically to make sure you're always enjoying your home
• We make sure you never have a real estate related question left unanswered
• You always feel comfortable reaching out to us for help with anything

If you have questions about any part of the buying process (any questions at all), please reach out to us. We would be happy to help however we can.