Home Buying 101

This is likely the biggest investment you will ever make. To help you better understand this process we have outlined the steps you will need to take once you have decided you’re ready to buy a home. It’s important to work with experienced people you trust because there is so much to think about and do. You want this process to be as smooth as possible and we’re here to offer you expert advice that comes from years of experience in buying and selling homes as well as investment properties.

It takes hands to build a house, but only hearts can build a home.
— Happy Home Owner
 

Here are a few things to think about:

What do you need and what do you want? Make a list of the things your new home must have like the number of bedrooms and bathrooms. Then, list some of the things you would like to have, maybe a pool or finished basement.

Understand your market. You will want your home to be in a convenient location but also in a good neighbourhood. Your Harbour Realty Group Agent knows the best spots in Hamilton and the surrounding areas to live, work and play.

What can you afford? You should know the price range you can afford before you start shopping and share that information with your Realtor. Keep in mind you will need to put up a deposit once your offer is accepted. The deposit will come off the down payment when it’s time. The more money you put into your down payment the more you will save on monthly mortgage payments and interest paid.

 


The Buying Process

Getting Pre-approved
Before you start looking for a home with your Realtor you should speak to your bank and find out what you need to do to be pre-approved for a mortgage. This step will really help you figure out what you can spend on a home. You will also be protected against rising interest rates.

Finding your home
After you’ve been pre-approved and you know what kind of home you are looking for, you can start looking. Your Realtor will take your budget and needs into consideration while they search the market to find the perfect home for you.

Making an offer
Once you have found your perfect home, your Harbour Realty Group Agent will help you put together an offer of purchase and sale. Keep in mind, your offer may not be accepted. It could also be signed back asking different terms. This is where your Realtor will shine for you, they will work to get you the best deal possible. It’s their job to negotiate for you.

Conditional/Firm sale
Once your offer is accepted you will have a conditional sale, this means that until the conditions of the offer are fulfilled the sale is not firm. Conditions can including things like financing, inspection, sale of property, etc.  Once the conditions on your offer are met, or if there weren’t any to begin with, you have a firm sale. The sold sign will go up on the property and you can call it yours. Your realtor will collect your deposit cheque and submit to the Listing Brokerage.

Having Professionals on your team
Other than your Realtor you will need a few more professionals on your team to buy your home. A home inspector is a good idea to save you from surprises you don’t want with your new home. They will inspect the property for any structural damage and anything else that is of concern. Once they are finished they will prepare a detailed report for you to go over. You will also need a lawyer. The lawyer has to be experienced in Canadian real estate and will make sure that you and your investment are well protected.

Closing the sale
The closing day is the day you officially take ownership. Congratulations you now own your home. Keep in mind there are closing costs to be aware of. These can include things like: inspections, legal fees, insurance, registration, mortgage application fees, and more. Your Harbour Realty Group Agent will be a great help in managing all of this and getting you to the last step: collecting the keys and moving in.


Your New Home Awaits