Process of Buying a Home

When deciding to buy a home, it’s not a matter of snapping fingers and finding a dream home, moving in, and living happily ever after. There is a process of buying a home and several steps, some taking longer than others. Here are the steps that buyers should expect when buying a home.

  1. Get Pre-Approved

Getting pre-approved is a necessary first step and is the best way to know your price range for a home. It can eliminate heartbreak down the road if what you think is a perfect home is outside the budget. A pre-approval only lasts a certain amount of time, so it’s important to follow through with the next steps once the pre-approval is in writing.

  1. Find A Real Estate Agent

Ask your friends and family who they recommend.

First-time homebuyers have access to different Federal and Provincial programs that can assist with the down payment of a home and make the process a little easier. If you are a first-time buyer, we recommend finding a real estate agent who is familiar with and experienced in working with first-time buyers and knows the various programs you can apply to for assistance. Finding a real estate agent familiar with the area and type of home buyers are looking to purchase is also beneficial.

  1. Schedule Viewings

Once you’ve reviewed listings, either online or shared with you from your REALTOR®, you should plan to go to open houses and/or schedule private viewings. Seeing a property in person allows you to see if it’s the space you’re looking for and if it will suit your needs. Ask your REALTOR® about current or resolved issues in the home during different seasons, maintenance upkeep, and what kind of renovations the home has completed over the years. Be sure to inquire about remaining warranties on appliances or home repairs. Ask about the neighbours, noise levels, and the traffic in the area. Never make a decision based on the real estate photographs alone.

  1. Make an Offer

Once you find your ideal home, it is time to make an offer!  Since you’re already pre-approved, you’ll be ready for the next step in obtaining financing. Your real estate agent will draw up the paperwork.  The contract will include the amount offered, the deposit amount, the date of possession (which many refer to as the completion date), any conditions – which may include financing and a home inspection, and the date the offer expires.  You should be prepared for negotiation to commence between you and the seller.

In real estate, there are firm offers and conditional offers.  A firm offer is when there aren’t any conditions.

  1. Arrange a Home Inspection

It’s recommended that you arrange a home inspection when buying a home even if the seller has done a pre-inspection and provided you with their inspection report. It will indicate issues that may pop up that could make you change your mind. When it comes to real estate, home inspections can offer peace of mind at the end of the day.

  1. Close the Deal

When all conditions of the sale are secured (if any exist), finances put in place, and all legal land titles and deeds transferred, the transaction is complete. Once the home has closed, the new owners can move in on their agreed-upon date.

Buying a home may seem overwhelming, but having the right real estate agent will help make the journey stress-free. Many steps in the process can take time and should not be rushed. In the end, you will have a new place to call home.

Contact a Full-time REALTOR® today!

Looking for an experienced REALTOR® who specializes in the Burlington real estate market? At Royal LePage® Burloak we are here to help you with your real estate needs!