Step by Step Guide to Buying

STEP 1 – Build a Budget & Get Educated

An effective budget will map out your plan to set aside money for your down payment and additional costs. It will also help determine the price of home you can afford.


STEP 2 – Realtor Meeting

Your realtor will play a vital role in your home buying experience. The best realtor will be a combination of a personal advisor, consultant and negotiator. Suman Brar can show you homes that match your criteria, guide you through the home buying process, negotiate the best possible price for your home and deliver your closing documentation.


STEP 3 – Investigate Mortgage Options

There are many different types of mortgages. If you don’t have the 20% down payment for a conventional mortgage, you can get a high ratio mortgage, combined with mortgage default insurance, that allows for a smaller down payment. You should be pre-approved for a mortgage before you start house hunting.


STEP 4 – Start the Search

House hunting can be a long process if you don’t have a real estate professional helping you or if you don’t know what you want. To save yourself time, hire a Realtor and know exactly what you want in a home beforehand. Think about your immediate needs, future plans and lifestyle. When you look at homes, you may be tempted to concentrate on the home, but don’t forget to look at the whole property: the lot, the neighborhood, the surroundings. How close is the home to facilities and services important to you?


STEP 5 – Write the Offer

Once you have found a home, it is time to make an “offer to purchase.” Your realtor will be working on your behalf and will aim to negotiate the best terms for you. If your offer of purchase is accepted, you will need to hire a lawyer and in most cases, a property inspector. Your Real Estate Advisor will be able to help you with this.


STEP 6 – Satisfy Conditions & Firming Up The Deal

Finalizing the deal will include being satisfied with the home inspection/new home warranty, the final approval of your mortgage, and waiving any other conditions that were negotiated in your deal. You will also be meeting with your lawyer to finalize details like insurance and conditions, and the results of a title search.


STEP 7 – Preparing for Possession

There’s a lot to do before you move. Line up utilities and other services like phone, cable and internet. If you rent, you must give your landlord notice. Also, forward your mail to your new address and hire a moving company. Preparing these things well in advance will help you make a smooth transition to your new home


STEP 8 – Closing Day

This is the day you legally get possession of the house. Your lawyer completes the paperwork (so the home is in your name), payments are finalized and you receive formal ownership and the keys!