When you buy a home, there’s a right way and a wrong way to do it
If you’re still early in the process and wondering how to figure out what you can afford - or how to balance your needs, wants, and budget - this article walks you through the key first steps, including how to use the Buyer’s Triangle to make smarter decisions from the start.
We’ve witnessed and helped hundreds of buyers go through the process, and here’s what we’ve found is the best approach…
1
Determine your wants and needs
Have you created a short-list of areas that fit your needs? The most important considerations are usually family, friends and work. The type of property and your price range may also affect your choice of where to live. What features do you need? Does the home need to be a certain size? How about parking? A thorough analysis of your needs can be done on your own, or with the help of some thought-provoking questions from your agent. Our goal is to help save time and clarify your goals at this stage.
Key Resources:
- Market Education Guide for Buyers: An essential overview of the entire home-buying process.
- Tour of Homes: You’ll spend two hours travelling and visiting different homes and exploring different areas so that you can narrow down your options.
- The Buyer’s Triangle & How It Affects The Home Search
2
Selecting an agent
Some people do this all on their own, and that’s fine. But having a Sherpa help you climb a mountain offers certain advantages, and it’s the same with buying a house. Ask yourself: What’s important about the agent you hire? Do you expect them to be an expert in the area? Do you value responsiveness? How will you know you can trust them? What can they do for you, so that it’s the best possible experience?
- To learn more, you can read about the importance of buyer representation on our blog, or watch our Secret Stash Podcast episode on buyer representation.
3
Responsible financing
Get the money part out of the way early, so that you avoid problems later. A pre-approval from a reliable lender will give you the confidence about your maximum budget – but that doesn’t mean you need to use it all. A proper look at the costs involved in buying – upfront and ongoing – along with your lifestyle and goals, will mean the difference between being “house poor” or enjoying the lifestyle you want.
- First-time buyer? You may be eligible for one or more of the government programs and incentives available in Canada.
- For a list of mortgage agents we trust, check out the “Mortgage Representatives” section of our Super Service Directory
4
HomeWATCH listing updates
Based on your wants and needs, we can set up instant notifications for you through our broker MLS system. You want the most complete information sent to you quickly when you’re shopping for a home. Once we know what you’re looking for, we can also begin looking for properties not yet listed on MLS through direct mail, knocking on doors and searching our database of potential sellers.
Sound good? Sign up here:
5
Market Education & viewing homes
Early in your search, it’s important to go through a series of steps to build your knowledge about the market, your property options, your budget, and how to view homes. We provide you with a guide through this stage, so that you can become an educated buyer. Your confidence in your choices goes up tremendously when you’re armed with the right information.
Key Resources:
- Market Education Guide For Buyers: An essential overview of the entire home-buying process.
- Tour of Homes: A guided look at different home types and areas to find what’s right for you.
- First-Time Buyer Class: You can watch the online version here, and/or register to attend an in-person class here.
6
Make the right offer
We will make sure the offer reflects your best interests, and we will provide you with all the research so that you always get the best deal possible. We’ll make sure to read through the entire document, so that you know exactly what you’re signing. We’re not afraid to be honest with you, and we treat your money just like it’s our own.
You can read about “The Eight Elements of a Real Estate Offer” on our blog.
7
Handle the details
There’s a lot to do after you buy the home. From setting up utilities and insurance, to revisits and arranging contractors, to choosing a lawyer and signing the final paperwork, having a handy checklist and guide will make life easier for you.
Key Resources:
- Step-by-Step: Offer to the Finish Line: We know how stressful the “Big Move” can be. That’s why we’ve designed this guide – to help explain how to successfully complete your purchase or sale… by avoiding the stress that comes from “unknowns”.
8
Moving Day and beyond
You’ll usually get your keys in the afternoon on the day of closing, and then it’s time to check the house and make sure everything works. We’ll make sure you have what you need, and we’ll even help with some food and supplies, because we believe in a “concierge” approach from beginning to end. Expect invitations to our events for years to come, because we want to be your agents for life.
