Preparing to Buy a Home

Preparing to Buy a Home Thinking of buying a home? It is an extremely exciting and rewarding experience, but there are a lot of things to remember and many important decisions to be made. This checklist will help you organize the process and carefully consider your options as you go. Refer to this list as a guide to keep your home search on the right track:

 

  • Choose a Realtor to help you get started.
  • Review and sign the Buyer’s Representation Agreement.
  • Choose a mortgage professional to help you get your financing in order.
  • Determine a purchase price that you are comfortable with, and calculate an accurate estimate of your monthly budget.
  • Determine where your down payment is coming from.
  • Decide on your priorities – the number of bedrooms and bathrooms, the size of your new home, and any other personal requirements.
  • Explore your favorite neighbourhoods in your price range.
  • Set realistic expectations as to how far your money will go in your preferred areas.
  • Consider how each location will affect your commute to work, distance away from friends and family, and proximity to your favorite amenities.
  • Find a home that meets your needs and budget!
  • Review recent comparable sales in the area with your Realtor.
  • Decide how much you are willing to pay and the date you would like to take possession.
  • Work with your Realtor to determine which conditions you need to put in your offer.
  • Once your offer is accepted, arrange for a home inspection, if required, and finalize your financing as quickly as possible.
  • Be sure to keep your financial situation the same until your closing date. Switching jobs or taking on additional debt could jeopardize your mortgage approval.
  • Call your insurance company and set up a policy for your new home.
  • Get in touch with your real estate lawyer and send them all the necessary documents.
  • Set some money aside for closing costs.
  • Set up hydro, cable, and all the other necessary utility accounts in your name.
  • Get organized, recruit some help, and start planning your moving day.
  • Pick up your keys and make yourself at home!

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