Eight Steps to Owning a Home
Tuesday Aug 29th, 2017Share
Whether you are a first-time buyer or not, deciding to own a home is a huge milestone! It’s an experience that is fraught with so many questions, variables and decisions that it can often be overwhelming for even the most seasoned real estate buyer.
To help you better understand the home buying experience, I’ve outlined eight key steps that you can expect when setting out to purchase a home.
Step 1: Make the Decision to Buy
For most people, buying a home is the biggest decision they will ever make. It certainly is a very exciting time, but it is important that you know all the facts first. When you decide to buy, make sure that a house purchase is a sound financial decision that fits your lifestyle and budget.
Step 2: Get Professional Guidance
Whether you are looking to buy or sell, it is important that you get advice from a trusted real estate professional. Your sales representative should act as your consultant and guide you through the entire buying process. This includes answering questions about your desired neighboorhood, understanding market conditions, being well-versed with local schools and so much more.
Step 3: Begin the Search
To begin the search, you should have a general idea about the type home you want – detached, semi-detached, townhome or condo. Your real estate professional will then use all of their resources to find homes that fit your criteria and tour these properties with you.
Step 4: Finding your Dream Home
After you find your dream home, your real estate sales representative will draft an offer to the seller that is tailored to your needs and budget. If the seller accepts the offer, closing is usually held within 30-90 days from the offer date.
Step 5: Negotiate the Deal
It is very likely that the seller will submit a counter offer. This should not discourage you. Your real estate sales representative will help you assess the counter offer and decide whether to accept it, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions and your agent will be prepared to make this step easy and stress-free.
Step 6: Arrange Financing
During the closing period, you will be working with your mortgage lender to obtain the financing you require. Your agent will also be involved in this step by gathering the necessary property information that the lender requires.
Step 7: Close the Deal
At the time of submitting your loan application, you will be presented with closing cost estimates and the expected down payment. Your agent will review the closing cost estimate and provide you with an idea of how accurate the estimate is.
Step 8: Move In!
The most exciting step in the home buying process is, without a doubt, moving day! Remember: a little bit of planning will help ease the pressure of moving. Your real estate agent can help by connecting you with moving companies, painters and other contracts within their network of trusted professionals.
Your Mississauga Real Estate Sales Representative
If you are thinking of buying or selling a detached or semi-detached home, townhouse or condo in Mississauga or the Great Toronto Area (GTA), I’d love to hear from you!
I can help you through every step of the real estate process – from deciding whether or not to buy a house to submitting a winning offer on your next dream home!