CHECKLIST
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CALCULATE WHAT YOU CAN AFFORD
Before you start looking for your dream home, determine how big you can dream. Assessing a realistic budget is the first and most important step in buying a home.
COSTS OF BUYING A HOME:
ONE TIME COSTS
- Deposit
- Down Payment
- Legal Fees
- Title Insurance
- Inspection Fees
- Land Transfer Taxes
MONTHLY COSTS
- Mortgage Payments
- Utilities
- Property Taxes
- Maintenance Fees
- Home Owners Insurance
SELL YOUR CURRENT HOME
Buy or sell first? Many people are able to time the sale and purchase of their homes so they happen on the same “closing date”. As a buyer, you can make your offer “conditional” on the sale of your existing home, ensuring that you are not paying for the upkeep of two homes. Alternatively, when selling, you can attempt to extend the “closing period” to allow yourself sufficient time to locate your next property.
ARRANGE A MORTGAGE
A mortgage provides you with the funds to finance your real estate purchase. Your Bank or Mortgage Broker can assist you in determining how much debt you can service.
FIND A REALTOR WHO’S RIGHT FOR YOU
Realtors aren’t just people who help find you a home. You are entrusting a Realtor with your most valuable possession, your home. Choose wisely.
MAKE AN OFFER
You’ve found a home? Your Realtor will assist you in submitting an offer to purchase. Realtors will prepare, present and negotiate the offer on your behalf to the listing brokerage.
FIND A HOME INSPECTOR
When you’re buying a home, you’ll want to scrutinize every last detail. A home inspection prior to ‘firming up’ you offer is money well spent. A thorough inspection can save you from unpleasant surprises and costly repairs.