Helpful Tips for Buyers...


Finding the perfect home doesn't happen in one day. It takes planning and lots of work. Fortunately, there are a number of things you can do to simplify the process. 



1. Things to Consider Before Starting Your Search


What Features Do You Need? Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a short drive to work, or minimal yard work? 


What’s the Ideal Location? Where you live affects your lifestyle; it’s also one of the most significant influences on the value of your home. Consider such things as distance to work, schools, shopping and entertainment.


What Kind of Home? What type of property do you want? Determine what type of home best suits your desired lifestyle and budget.


What’s Your Budget? How much do you want to spend? Remeber that there are numerous additional expenses that you’ll pay to complete the purchase of a home, for example:

  • Land Transfer Tax
  • Interest adjustments
  • Reimbursment to Seller for prepaid utility bills and/or property taxes
  • Legal fees and REALTOR® fees where applicable



2. Choosing a REALTOR®


A REALTOR® can help you answer all of these questions and help you navigate through what can be a complicated business transaction. It’s important that you’re comfortable and confident with the REALTOR® you choose.



3. Searching For a Home


A REALTOR® will use various tools to try and find properties that meet your specifications. 



4. Viewing Homes


When you select a property and decide to visit a home, there are many things to consider. Does it have all the features you want? Is the neighbourhood what you expected? Try to picture your favorite furnishings in a room. Remember all of the technical considerations, including: type of wiring, type of heating system, condition of roof/foundation/windows, etc.



5. Making an Offer


Once you find a house you want to make your home, your REALTOR® can help you develop an Offer. In the Offer, you should specify how much you're willing to pay. State when the Offer expires, suggest a closing date for the transaction, and propose some conditions if applicable. 


You will need to present a deposit along with your Offer. An appropriate deposit will show your good faith to the Seller. 



6. If Your Offer is Accepted


After your Offer is accepted and all conditions met, the Offer becomes binding on both sides. If you later refuse to honour the Agreement, you may lose your deposit or may be sued for damages.


Before signing, make sure you understand and agree with all terms of the Offer.


Before the property can formally change hands, there are still a few things to do. Be prepared to furnish proof to your lender that you’ve insured your new house. On or before closing day, both Buyer and Seller's lawyers will arrange to transfer title of the property from the Seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the Seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.


Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say, except Welcome Home!




To discuss Buying a new home click here.