Step 1: Decide Where and What to Buy

Congratulations on taking this first step toward buying a home! Pride of Home Ownership is indeed one of life’s greatest joys and biggest accomplishments. It’s an exciting time and our hope is that this guide will bring clarity and peace of mind during your home buying journey.

Let’s get started! The first step is deciding where you want to live, what type of home you are looking for and what feature’s are “must have’s” or “would be nice to have’s” in a home. This will help us sort through the options together to find you the best house, at the best price, with as many of your wants and needs as possible.

Here are a few questions to help you get started:

• What type of home are you looking for: detached, semi-detached, townhome or condominium?
• How many bedrooms and bathrooms do you need?
• What are you looking for in terms of the layout of the house?
• What are your highest priority features?
• Are there any important locations factors (where you commute to work, how close do you need to be to transit, shopping, schools, hospitals)?
• What size of lot are you looking for and any features you may want (garden, pool, landscaping)?
• How much are you able to invest in modifying the home after purchasing?
• How long do you plan to live in your hew home?

If you already have a clear picture of what you want in a home, create a list of your wants and needs to bring to our first meeting. If you could benefit from some guidance, I can help you narrow down the options and figure out what will best fit your and your family's needs.

Step 2: Decide Where and What to Buy

Getting Preapproved for a Mortgage

Talk with a mortgage broker or financial planner. Independent mortgage brokers tend to offer the most options because they don’t just work with one bank. However, if you have a good relationship with your bank, contact them as your first step toward finding the right mortgage for you. Having preapproval documentation can offer you several benefits:

• Save your time by focusing on properties that are within your budget.
• Rate guarantees and mortgage terms can save you money for years to come.
• Less stress throughout the process – guarantee you are ready and capable of purchasing a home.
• Get a better deal on the home you want – sellers like to know buyers have financing in place.

We are partnered up with professionals who are here to serve you with the absolute best service and dedication. If you need help finding a mortgage broker, contact us for more information and we can help connect you.

Step 3: speaking with a realtor

It’s important that you understand whose interests realtors are legally bound to serve in a real estate transaction.

The Listing Agent:

The Listing Agent is under contract with the seller to market and sell their property for the best possible price. It's possible to work with just the listing agent to:

• Arrange a showing of the property.
• Provide details about the property.
• Explain all the forms and agreements related to buying the property.

Your Personal Realtor:

When you engage the services of your own personal agent – someone who is under contract to work solely in your best interest – you get all of the services listed about plus your personal Realtor provides:

• Confidential assistance that addresses your needs first
• Honest, loyal and diligent care free from any conflicts of interest
• Access to all listings including MLS, bank owned properties, distress and estate sales, New Home Sales.
• Constantly keeping you informed and up to date on new properties on the market.
• Expert negotiation of the offer to purchase to achieve the best possible price and terms for you.
• Expert advice on market value, inclusions, and location.
• Expert advice on all clauses, discovery and disclosure of all information about the property including liens, warranties, disclosures, seller's purchase price, and market and planning activity in the area to protect your interests fully

As your Personal Realtor, my job is to ensure you are an educated buyer in all aspects of your home buying process.

I work behind the scenes to make sure all your bases are covered to get you the best possible home for you at the best possible price.

Step 4: Becoming an Educated Buyer and Making an Offer

While you're searching for your home, we will empower you with the key market information to make informed decisions and create a stress-free and enjoyable homebuying process.

What to expect from working with me:

• Comparative market analysis to look at how each home is priced relative to other homes in the area
• Proactive prospecting within your desired area to locate potential sellers with homes that match your criteria that may become available soon
• Up-to-the-minute access to the best deals on the market including brand new MLS listings, newly price reduced properties, New Home options, and private sales.
• The most current real estate market information that may impact your buying decisions including mortgage changes, statistical sales data on median house prices, sales and months of inventory, local area market changes, and more.

Making an Educated Offer

When you've found a home you like, we will work together to prepare an offer that protects you, follows your instructions and matches your schedule and needs. I will present and negotiate the offer on your behalf to get you the home that you want at the price and terms you want.

What happens after this:

• The seller may accept your offer.
• The seller may reject your offer – not common but I will work to find out why.
• The seller may counter sign, changing the terms of the offer and present the offer back to you.

Step 5: Closing Costs & Must Know's

Home Inspection:

It is highly recommended that a home inspection be completed prior to purchase to ensure that are no hidden defects that you were not made aware of. Average cost is between $300 & 600, depending on size, age and value of the house and if there are any suspected issues.

Land Transfer Tax:

This fee is payable to the provincial or municipal government upon closing, it is commonly a certain percentage of the purchase price on the property. In Ontario, the rates are as follows:

• 0.5% on the first $55,000 of the purchase price
• 1% on the next $195,000 of the purchase price
• 1.5% on the next $150,000 of the purchase price
• 2% on the remaining purchase price

When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax. The maximum amount of the refund is $4,000.

Legal Fees:

This usually covers the cost of completing a title search, drafting the title and deed, preparing the mortgage documents, registration fees and other disbursements. These fees will be due at closing and typically costs $1,500.

Property Insurance:

Your lender will require you to obtain property insurance, as the home acts as collateral for the mortgage. Most lenders only require insurance that covers fire and weather-related damage in place on closing day. Annual premiums usually start at $500 and increase from there. Contact your insurance agent for rates; we have proven professionals that we can recommend to you if you do not currently have one.

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