So, you’re ready to jump into the world of home ownership! Maybe you are looking for an upgrade for your growing family, or maybe you’d like to find your dream home on the water. Whatever you’re searching for, there are certain things to keep in mind. Before taking the leap, be sure to build your checklist for home-buying success by using the following guidelines.
Get Approved For A Mortgage
Although it would be nice to pay for your house in cold, hard cash, the majority of people turn to financing to secure their real estate investment. First things first: prepare your documents to submit to a bank or lending institution for a mortgage pre-approval to find out a) if you qualify and b) how much you qualify for. During this process, the bank will verify your income, debts, credit history, and how much you’ve saved for a downpayment. In Ontario, the required down payment for purchasing a home is 20%, so the more you have saved, the better your pre-approval will be.
Build Your Dream Home Wish List
Now that you know what budget you’re working with, start building your wish list! This is the fun part. Do you want high ceilings and modern fixtures, or would you prefer original wooden beams and interior brick walls? What about a luxury townhome near the city core, or perhaps a sprawling mansion on a quiet portion of the lakefront?
Whatever you wish for, jot it down; this will help you to determine what you can afford if you will need to consider renovations and more. For instance, many homes for sale in Burlington have recently been renovated and put back on the market. This means you can shift how you use your budget based on where you’d prefer to spend your money.
Hire The Expert
When you’re armed with your list, it’s time to pick your team. One of the best things you can do to aid in making one of your biggest investments in life is to find the best realtor for your needs who will provide focused, expert support and who has a track record of very happy customers. At this point, you will likely already have a lender—such as a big bank or a mortgage broker—to help you with the financial details, making your last team hire a real estate lawyer. They will help with the legalities of home buying and ownership during the negotiation and closing process.
Make An Offer On Your Potential New Home
House hunting is one of the more exciting aspects of buying a home, and where you look for your house depends on what type of dwelling you’re wanting based on your wish list. If you are looking for a luxury townhome-condominium or lakefront home, a good place to start is the Oakville area with its wide range of selection and value. If you’re looking for a modern, spacious condo or big-city accessible home, you might look to homes for sale in Mississauga.
Once you’ve decided “this is the one”, now comes the time to make an offer. During this time, your realtor will guide you through the agreement of purchase and sale that outlines everything from offer price to conditions on the sale to your ideal closing date. Ideally, the first submission would be accepted but, more often than not, the seller will come back with amended negotiations or you might be facing a bidding war. Whatever the case, by following the checklist and hiring a team, you’ll be able to tackle any obstacle and make the best investment possible.
Take Care Of Conditions, The Deposit, And Closing Costs
If you’ve been accepted as the official home buyer, the final step is to take care of all the negotiation details. Now is the time to hire an inspector, work through any financing conditions, and provide your down payment to secure your deal until the official closing date. Lastly, with the closing date in hand, you and your team will make the final payments and legal transfers, making you the new official homeowner.
Looking for your new home is fun, exciting, and a little bit scary. But, when you’re armed with a checklist for success, being a home buyer feels great. To kickstart the process, start building your team. If you’re looking for houses for sale in Oakville, Ontario or nearby in Burlington and Mississauga, check out Alex Irish & Associates for a full-scale real estate firm. Get started today!