Understanding The Home Buying Process

The more you know about the best way to reach a goal, the more likely you are to get the results you want. So, whether you’re hunting for a new job, assembling a backyard BBQ, or training for a 3 mile run, you’ll want to use a proven process to help you get there.

That certainly holds true when shopping for a new home. There is a proven process to getting the home you want, in the neighbourhood you want, at a price you can afford. Here are the highlights:

1. Get Ready

There’s a lot you must do before you pack your energy snacks in the car and go looking at homes. If you own your current home, you must prepare that property for sale. You should also get financing for a new home pre-approved, so you know exactly how much you can afford.

2. Go shopping

Your next step is to view the right homes currently available on the market. It’s a good idea to make a wish list of property and neighbourhood features you’re looking for in a new home. You may not be able to get everything you want, but you can probably come pretty close.

3. Make an offer

When you see a home you like, the first thing you’ll need to do is to make an offer. This can be tricky especially if there are other interested buyers.

4. Get an inspection

Always get the home checked out by a qualified home inspector. A property may have issues, such as a foundation leak, that are not obvious during a viewing.

5. Prepare for the move

Once you’ve made the purchase, you need to arrange for moving and deal with other details, such as utilities, telephone, mail forwarding and so forth.  

Elizabeth Warberg is with CENTURY 21 Leading Edge Realty Inc. in Toronto, ON.

1 Comment

  1. mortgage calculator canada 03/14/2011 at 11:05 AM

    I would just like to add that step 1) Get ready should also state that you should be using a mortgage calculator to view your options, amortization charts etc. for different properties and interest rates. Software like this is so beneficial and people need to start taking advantage of it! I know I do every change I can and I recommend it to friends and family when they need help with a mortgage.

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