Buying a home can be one of the biggest and wisest investments you’ll ever make in your lifetime. Here’s what to expect in the process of buying a house.
The Process of Buying a House
Whether you are buying a house in Toronto, Mississauga, or anywhere else in the surrounding areas, these are the basic steps involved.
Step 1: Start Researching Early
Consider what type of property and location suit your lifestyle now, but don’t forget to forecast ahead too. If children are in your near future, or you know your job is going to require you to move next year, look for a product to meet your future needs, and start researching homes and real estate markets now. Early research will help you get a basic understanding of the type of property you want to buy, what area you want to live in, and how much money you’ll need to save for a down payment.
Step 2: Calculate What You Can Afford
Considering cost is a major factor in buying a home, especially since the prices of homes in certain areas are higher than ever before. To make sure you limit your search to houses within your budget, look for online mortgage calculators to figure out what you can afford to spend.
Step 3: Choose a Real Estate Agent
Purchasing a home is a big decision with huge financial implications. It’s important to have a Realtor on your side. A good agent knows how to negotiate prices, find homes you might not be able to see in local listings, and help you stay within your budget.
Step 4: Get Pre-Approved
You don’t want to walk too far down the path of home ownership until you know you’re eligible for a loan. Pre-approval is an important step in the process of buying a house because it reveals how much the bank will lend you and what interest rate you’ll likely receive.
Step 5: Schedule Showings & Attend Open Houses
Once you’re pre-approved for a loan and have a great Realtor on your side, it’s time to get active! Schedule showings on properties of interest and start attending open houses. This is the best way to find properties that meet your expectations.
Step 6: Make an Offer
When you find a property you love, make an offer under the direction of your Realtor. You may need to negotiate back and forth with the seller if you want your offer to be accepted. This is one of the last but most crucial steps in the process of buying a house.
Step 7: Finalize Your Mortgage Loan
Once you’ve entered into an agreement, work with your lender to finalize your mortgage loan. If you don’t already have a lawyer, now is the time to select legal representation to help you complete your purchase.
Step 8: Sign Closing Documents
Once the agreed upon completion date arrives, it’s time to meet with your lawyer to sign closing papers. You’ll receive your keys at this point and have the freedom to move into your new home within the agreed-upon time frame.
Let’s Be Partners In The Process
Purchasing a home can be stressful, but it doesn’t have to be. Contact Tsuji Real Estate for professional assistance throughout the process of buying a house