Buying a home is a big deal – whether it’s the first time or the nth time. It is a big responsibility, and when there exist so many horror stories, getting started on the right foot can be nerve-racking. Here’s a step-by-step checklist to get you through the homebuying process.
Keep calm, and don’t fret. Remember, you are in the driver’s seat. Make the process easier for yourself by following these steps
Figure Out Your Budget
- Calculate your monthly income and expenditure.
- Also, calculate the debt you have to pay.
- Check your credit card report and score.
- Use a mortgage calculator.
- Figure out methods of payment.
Get a pre-approved mortgage
- Choose the type of mortgage or loan you want.
- Speak to loan officers, lenders, and mortgage brokers.
- Consider the best interest rates and get pre-approved.
Determine Your Need
- Understand what you want and need in your home.
- Choose the location and type of property you want.
- Based on your budget and flexibility, choose a price range.
- Determine the size and choose the architectural style.
Research Your Local Market and Target Neighborhoods
- First of all, analyze the market trends of the area you like.
- Look online for facilities provided nearby.
- Look for information on schools, crime rate, and traffic in the area.
- Determine your work commute.
- Look out for local amenities, such as parks, shops, and restaurants.
Work With A Real Estate Agent Who Knows The Area
- Ask for referrals from friends and family.
- Search the web for the best Mississauga real estate agents.
- Meet up with at least three of them.
- Check their reviews and question them.
- Look for experience.
- Make sure they understand what you exactly want.
Search for homes in multiple listing service
- Browse online listing and condos for sale Burlington.
- Ask your agent to narrow down the search for homes that fit your criteria.
- Check for classifieds in local newspapers, advertisements online.
- Pick up flyers and attend open houses.
Deeply research about every home you want to buy
- Look at comps to estimate the market value of the properties, if you can’t do it yourself, ask your agent to do it for you.
- Ask the sellers why they are selling.
- Review their property disclosures.
- Find out restrictions on the property.
Make an Offer
- To determine the offer price
- Consider market conditions.
- Determine the price of comps that have been sold in the past 6 months.
- Condition of the property.
- Closing schedule.
- Rent backs.
- The time period the house has been listed on the market.
- Inspection costs.
- Spell out any repairs you want included in the sale.
- Define the closing and move-in date.
- Once the seller agrees, sign the purchase and sale agreement.
Seal the Deal
- Hire a professional appraiser and get the house appraised.
- Hire a professional home inspection and get the property inspected.
- Consider getting a roof inspection, and special inspection for pests and termites.
- Use these reports(appraisal and inspection) to negotiate the asking price.
- Complete the loan process.
- Do a walk-through inspection with your real estate agent, prior to closing.
- Set money aside for down payment and costs associated with closing.
Close The Purchase
- Review the settlement document. See how funds are distributed and will be collected.
- Get a cheque for the amount you need to pay at closing.
- Sign the closing contract.
- Keep a copy of all the documents.
- Get the keys, and be ready to move in.
If you follow this checklist, you will get from the application of a loan to closing without any hassle. Take charge, and make it happen.
Happy house hunting! We hope this article helped you!