Thinking of Buying a House
Buying a home is one of the biggest financial decisions you will likely ever make. The process is extremely exciting but can be very stressful at the same time. Here are a few tips to help you determine if you are ready to buy a house and how to get started.
1) Before you start shopping, you should evaluate your financial situation to see if you are in a position to buy a house and if so, determine the price range to shop in. Keep in mind most mortgage lenders require a 5% minimum down payment (20% if you don’t want to pay CMHC or Mortgage Default Insurance). How much you can afford then depends on your current debt load and monthly income. Your monthly debt load should not be more than 40% of your gross monthly income. This does include the mortgage principal and interest, taxes, and heating, plus any other debt payments you might have (credit cards, vehicle loans, student loans, line of credit, etc) You can do some preliminary work on this by checking out CMHC Calculators, and then it is time to make an appointment with a Mortgage Specialist or Mortgage Broker.
2) You have now been pre-approved for a mortgage and are ready to shop! Take a look at the Communities section on my home page to help determine what areas of Saskatoon appeal to you.
3) Its time to work on your wish list. You will want to make a list of what is important to you in a home. Do you want to be close to schools and parks? Is it important to have 2 bathrooms? Do you want a new home or a fixer upper?
4) If you haven’t yet contacted your CENTURY 21 Fusion Real Estate Agent, now would be a very good time to call, email, or text me to set up an appointment.
5) When we meet, I will review with you my duties to you as your Real Estate Agent. I will explain to you how you can earn Air Miles when buying a home through CENTURY 21 and we will discuss the home buying process. I will listen to your wish list and then we will start shopping! If you are interested, I will set you up with automatic email notifications on new listings in the areas you are looking or considering. We will then get out and start viewing properties (I will arrange and coordinate all of these appointments for you). This will help both you and I to uncover exactly what it is you are looking for.
6) You found your home! We will discuss the price and complete an Offer to Purchase. You will already be familiar with the process as we will have covered this in our initial meeting. Just as a reminder, you will have to decide a possession date at this point. At this stage you also have to be prepared to write a cheque for the deposit and you may also want to get a home inspection, which you as the buyer would be required to pay for.
7) Once we have an accepted offer, the next step is to complete or satisfy the conditions. This typically includes financing and a home inspection if you requested one.
8) Once all conditions are satisfied and removed, I will forward all documents to your lawyer to complete the transaction and land title transfer.
9) Possession Day. The day has finally arrived!! On possession day we will take one last walk through of the property to make sure all terms of the contract were completed. I will then hand over the keys to you and leave you to get settled in your new home!