The Buying Process Made Simple

Whether you have purchased a home before or this is your first time, it’s in your best interest to know what to expect when buying a home. Knowing the buying process will help eliminate surprises, help you set appropriate expectations and ultimately reduce stress. Here you will find step-by-step instructions about the buying process made simple.

STEP 1: Financing

Speak with a mortgage broker or specialist and see what your maximum mortgage amount is and if you feel comfortable making the mortgage payments. Get a Mortgage Commitment Letter rather than a pre-approval.

STEP 2 - Needs and Wants

Sit down with your spouse or partner and create a list of all the things you must have and the things you might want in your new home. Revisit this list often to make appropriate changes, because believe me, things will change on this list.

STEP 3 – Availability

Check out what’s out in the market right now by setting up a search with your Realtor, visiting Realtor.ca, pursuing social media or by driving around in your area(s) of interest. It’s always a great idea to do a drive-by whether you are familiar with an area or not. Pictures can be very deceiving!

STEP 4 – Showings

Pick your favourites that meet your needs and price point and arrange with your Realtor to visit at least 3 to 4 per planned day.

STEP 5 – Visit Open Houses

Open houses are an easy way to see a lot of homes fast and get instant answers to your questions about the house you are visiting from the listing agent.

STEP 6 – Make an Offer

In the current market, you need to act fast when you do find a home that you just gotta have! Establish a few key points for your offer such as offering price, deposit amount, closing date, and conditions. It is always a great idea at this point to establish the maximum price you would pay on the house, so emotions and the hype of the deal don’t cloud your judgment.

STEP 7 – Accepted Offer

Congratulations, your offer has been accepted! Now it's time to deliver the deposit you promised offering the seller good faith you plan to follow through on your commitment. You have 1 business day, unless otherwise stated, to deliver your bank draft or send your wired deposit. After this, it's time to fulfill your conditions, if any, of a home inspection, mortgage financing, etc. Once this is complete, you have bought yourself a house!