2. Decide to Buy a Home
That sounds reasonable, doesn’t it? Yet, so many of us are really “just looking” rather than seriously considering changing the location of our home.
Why is it that you want to find a new home?
Has your lifestyle changed enough to warrant this type of investment?
Until you identify your NEEDS and your WANTS, you’ll find it very hard to find, just the right home for you.
2. Find a great real estate consultant.
Once you’ve decided to buy a home, find a great real estate consultant. What you’re looking for is a Buyer’s Agent.
What is a Buyer’s Agent?
This means that the consultant represents YOU as the buyer, rather than the person selling the home. They will have YOUR best interests at heart.
Really good consultants know their markets, and will help you find the best match for your needs and wants.
They can also recommend mortgage brokers with whom they’ve worked in the past.
3. Secure financing.
If possible, get “pre-approved” for a loan in the amount you’re willing to borrow.
With this pre-approval, you are in a stronger position to buy a home when you’re ready – rather than finding your dream home, only to lose it to another buyer, because you were waiting on the approval.
4. Find your dream home.
Now that you have your “wish list”, your consultant, and your “pre-approval” in hand, go forth and find yourself a home.
Tip: Keep the listing, notes, and a photo in a notebook so you can remember all the homes you’ve seen.
As you go through homes, make sure to keep the listing, notes of your impressions of the house, and a photo (if possible) in a notebook, so that you can remember all the homes you’ve seen.
5. Make a written offer & negotiate the price.
Once you find your home, work through your consultant to make an offer. Typically your first offer is going to be lower than the listing price.
Listen to your consultant – they are representing you and know what homes have sold for in that neighbourhood.
Rarely will the seller accept this first offer, so they’ll counter with another price.
Back and forth you’ll go until you settle on a price. (This is where the consultant is really using their expertise).
6. Put a deposit in.
Once you and the seller have agreed on a price, you’ll give a deposit, which is held in trust in the listing broker’s or lawyer’s trust account.
How much should I deposit?
Most buyers offer 2 to 5% of the selling price of the home, but this number varies tremendously.
A good real estate consultant will structure your offer to protect your deposit if you find a problem with the home or your mortgage.
7. Have an inspection.
The home inspection is to protect you from buying a home that may have serious hidden structural problems or defects.
8. Send everything to your lawyer. Later, get the key & move into your new home.
Finally! The home has been inspected, you’ve cleared the title to the property, and you’ve “closed” on the deal.
All you have to do now is move in!
Summary: The 8 Steps to Buying Your Next Home
- ✅ Decide to buy a home
- ✅ Find a great real estate consultant
- ✅ Secure financing (“Pre-Approval”)
- ✅ Find your dream home
- ✅ Make a written offer & negotiate the price
- ✅ Put a deposit in
- ✅ Have an inspection
- ✅ Close the deal and move in!
Want early access to serious buyers?
If you’re going to be moving in the next six months, what you might not realize is that there are a significant number of buyers searching for homes like yours.
In fact, for every buyer actively viewing homes right now, there are 5-10 more about to begin their search, or eagerly waiting for the perfect property to come up.
If you’re interested in getting a head start on finding a buyer for your home, leave us some details below… We’ll see if we can find a match!
Want to know what your home is worth?
Before you put your house on the market, you need to find out how much it’s worth in today’s market, so you can make your plans based on the most current information available.
We can prepare a detailed Pin-Point Price Analysis for you that shows the most current market activity in your area for homes like yours, and we can recommend an optimal marketing price range that will give you the best odds of selling quickly – and for top dollar!