STEPS TO GETTING YOUR DREAM HOME
Buying a home can be very exciting, but also overwhelming, emotional and time consuming. There are many steps to finding the right home, securing the property, and ensuring that you pay the price you intended to. I assure you that your real estate associate will become your biggest asset in this journey, from the very beginning straight to move in day.
In order to make your dream home a reality, you have to dream smart. The best strategy is to find a home in your price range, in the area that you like, that fulfills most of your “needs” and as many of your “wants” as possible.
But where do you start? What should you do first?
Let’s review some of most important steps in home buying:
- Are you really ready to buy? With buying a home come sacrifices and responsabilities. Make sure you run the pros and cons of buying versus renting, before you make the big step. Make a household budget and stick with it.
- Be sure to check your bank account twice. To buy a house you need not only the 5% minimum required down payment, but you must also count in extra expenses such as: closing costs ( 1.5% of purchase price), inspection and appraisal fees, lawyer fees, title insurance, moving expenses, renovations expenses, furniture, condo fees, property taxes etc.
- Don’t overextend yourself. It does not matter what your friend or colleague buy, is important to buy a home that suits your needs for you and your family. Managing your expectations while aiming for the perfect home is hard, but it can be done.
- Size, price, location. What type of home do you really need? What can you really afford? Where your dream house should be? There are different types of homes to choose from. Your lifestyle should be the deciding factor in the buying process. Having a home features checklist is a good way to start.
- Do you need to sell your existing home before buying another one? Should you buy first or sell first? Sell your existing home with a Realtor or do it alone?
Your team of specialists
Find the best specialists that can help you through this process. You will need a mortgage specialist, a Real Estate Professional, a home inspector, a real estate lawyer, an appraiser, moving company.
A Real Estate Professional knows a lot about the different financing options and he or she also has experience working with the different lenders in Calgary. Let your expert direct you to someone with financing that’s right for you. Make sure you get a mortgage pre-approval( rate hold) and go though a pre-qualification process BEFORE starting to look for a property.
You will want to start with a list of properties that closely fit your needs. A REALTOR® has access to the Multiple Listing Service (MLS®) System, the largest listing of homes in Canada. Let your Real Estate Professional know what your wishes are and he/she will provide you with the most current listing information
Your Real Estate Professional can help you by providing objective information about each property and the area in which it is located. A Real Estate Professional can also help you answer two very important questions objectively.
A Real Estate Professional will help you through this sometimes overwhelming buying process. Once you come to an agreement on price; your Real Estate Expert and the selling Associalte will draw up a legal binding contract and this is no time to make a mistake. Trust your expert to ensure that the legalities of the contract are complete and accurate.
A Real Estate Professional will probably suggest that you have the home inspected. This important step will give you piece of mind and your A Real Estate Professional will recommend an inspection company to ensure the property is a good one. The inspector may find material latent defects that you cannot discover without a proper inspection! The inspection will cost aprox. $300+GST, a cost very much worth it.
Signing documents at the lawyer/ Closing
Your Real Estate Professional, with the aid of your lawyer, and based on your mortgage final approval, will ensure that all parts of the transaction are completed.
Your Real Estate Professional will be there when you take possession for the final walk-through of your home and personally hand you the keys.