The 9 Steps of Home Ownership
Step 1. Make the Decision to Buy
Obvious right? Not always. Consider the reasons you want to Buy and write them down. Where do you want to live? How long do you plan to live in your new home? Can you afford a home that will fit your list of "Must Haves?"
Step 2. Seek Professional Help
Two People you should meet with before you ever look at a home:
- A Real Estate Professional. When we meet for the first time we go over your list of wants and needs, talk about neighbourhoods, schools, and economic factors that affect the market today and could affect the market in the future.
- A Mortgage Broker. Being pre-qualified for a mortgage serves a couple purposes, first of all it assures you that the bank is willing to finance your purchase of a new home and secondly it gives us an idea of the maximum you can afford.
If you are looking for information on obtaining a mortgage Jacqueline Baker at the Mortgage Center is a great resource. Contact her at 604.724.6982 or baker.jacqueline@gmail.com.
Step 3. Begin the Hunt
After our initial meeting I will have a fairly good idea of what you are looking for. When possible, I will preview homes in order to eliminate those that don't fit your criteria. I will then schedule a private tour of the homes at a time that is convenient to you. (No need for you to spend your weekends going to Open Houses). As we tour the homes you will get a better idea of what is available in your price range and possibly amend your wants and needs list.
Step 4. Know the Market
Knowledge of the local market is essential in your search. I will let you know when the market in a particular neighbourhood is "hot" and needs immediate action or when it has "cooled" and allows time for more thought. In a Sellers Market it is not unusual to see multiple offers on a property, full price offers or offers above the asking price. On the flip side, during a Buyers Market there are more homes available for sale-this gives us more negotiating room as homes take longer to sell.
Step 5. Find your Dream Home
When we find the home that is right for you I will put together a Contract of Purchase and Sale (an Offer) that is tailored to your situations unique needs. Stated in this offer will be: items included in the sale price (appliances, washer/dryer, window coverings etc), Subjects to your benefit (financing, inspection, documentation etc) and finally price.
The offer is presented with a "Good Will Deposit," typically 5% of the purchase price to be paid upon subject removal or a firm offer.
Step 6. Negotiate the Deal
It is not unusual to receive a counter-offer after the original offer is submitted. This should not discourage you , often times sellers like to "play the game" and not accept the first offer. We will discuss the counter offer and decide whether to accept it, submit our own counter offer or reject it and move on. Market conditions play a major role in how aggressively we negotiate. The best idea is to set your limits before we start negotiating and stick to them.
Step 7. Get a Loan
During the closing period you will be working with your mortgage broker to close the loan. Since you were pre-approved before starting your house hunt you will be that much closer to the end. I will supply the mortgage broker with the property information that they need.
Step 8. Close the Deal
Once you have satisfied all of your subjects (financing, inspection, documents etc) it is time to sign off and make the property yours. This is when the "Good Will Deposit" of 5% is due.
Step 9. Move in
Congratulations on your new home! The time has come to move in. I will give you a moving day checklist to ensure your day goes smoothly. Enjoy this exciting time.
Buying a Condo, Townhouse or Penthouse in the Lonsdale Area?
At Lonsdale-Condo.com we recognize that every transaction is unique. Whether you are buying your first home, a luxury penthouse, downsizing to a Townhouse or looking for an investment property you can expect nothing but honesty, integrity and exemplary service from the team at Lonsdale-Condo.com.
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