10 Steps To Finding Your Dream Home
1. Download my buyer's guide and educate yourself on the process.
Most people just get on a website like mine and start shopping before they even know what goes into buying a property. The more you know about what you are doing the better experience you will have.
2. Choose the right Realtor.
Since you are on my website you are one step closer to this! A Realtor is so much more than someone who just takes you on showings. The true strength of a Realtor is in the additional value that they bring to the table. Your Realtor should introduce you to the best mortgage broker, lawyer, moving company etc. Your Realtor should know the neighbourhood that you are looking at inside and out. Your Realtor should be an expert negotiator and provide insight into how much you should spend on a particular property.
3. Sit down with a mortgage professional.
The biggest mistake that most buyers make is going online and using a "what can I afford" calculator to determine their budget. The first step that every buyer should take when purchasing a property is to sit down with a mortgage professional to determine how much you can afford.
4. Focus! Choose a neighbourhood.
The city is a big place with a lot of properties. The more you focus the better chance you have of finding the best property for the best value. If you try to look in too many places it's like finding a needle in a haystack and ultimately it will leave you frustrated.
5. Create a list of wants vs needs. (checklist in our buyer's guide)
Of course, we all want a west facing property with views of the city, a massive balcony, split bedrooms and a massive kitchen island. The reality is if you include too many wants in your search you may be left on the sidelines for a long time. Make sure to properly balance your wants vs needs and be realistic about what's available.
6. It's time to house hunt!.
You can now start your property search! A Realtor will start by sending you listings that fit as close as possible to your list of wants and needs. Once you see listings that catch your interest, the next step would be to visit the properties and get a feel for the surrounding area. An important tip when seeing properties is to focus on the potential of a property. Try to envision how you can make the space your own. When you find the right place you'll often get that feeling that it's the right one. As you see more and more properties you can refine what is important to you.
7. Make an offer based on comparables.
Once you find the perfect place you need to move fast! We don't ever rush our clients, but if you have properly prepared it won't feel rushed. We know how hard it is to find amazing places and we simply want our clients to have them! When making an offer your Realtor will protect your best interests by including conditions with the offer and negotiating with a maximum price in mind to ensure you don't overpay or go past your comfort level.
8. Deliver the deposit check.
Once an offer is accepted (even before it goes "firm") you typically have 24 hours to deliver the deposit check to the seller. The deposit amount is negotiated during the offer process but it is typically 5% of the purchase price. If you deliver the check even 1 minute more than 24 hours, the deal is technically void. Moving money isn't always fast so make sure to have your deposit prepared in advance.
9. Waive any conditions.
If your offer contained conditions like a finance condition, you have a specific amount of time to "waive" the conditions or the deal will become null and void and your deposit will be returned to you. If you waive the conditions, the deal becomes "firm" a and you are obligated to now close on the property. Neither side can back out at this point.
10. Close the deal with your lawyer and mortgage team, and get the keys!
Your lawyer and mortgage broker will set up meetings with you for a couple of days before closing to sign off on the final documents. At this point, your job is to book the movers and get your finances in order. The lawyer will let you know exactly how much you need to bring with you when you meet, but it will include the remaineder of your downpayment, land transfer tax and legal fees. Once you have done that, you get the keys to your awesome new property!