The 7 major steps to buying a house


With the purchase of a home, many people enter uncharted territory. Here are the 7 major steps to buying your first home.

 


 

1. Gather the money needed to buy a property

The first step in buying a home or condo is to determine what you are looking for in order to establish your budget. Look at real estate listing sites to get an idea of the price of properties in your desired area. You can also check municipal and school taxes, get an idea of how much the welcome tax will be, estimate the cost of moving depending on the distance from your current place of residence, etc.

The amount to be gathered will be used for :

  • The down payment, which is 5 to 20% of the value of the property
  • Property inspection fees
  • Notary fees for the transaction
  • Moving expenses
  • The welcome tax
  • Furniture, appliances or other items to furnish the house
  • A cushion for the unexpected

Other costs to consider in your daily life:

  • Municipal and school taxes
  • Home insurance
  • Condo fees (in condominiums)
  • Service fees
  • Snow removal and maintenance fees (house)
  • And so on.

Plan your down payment for the purchase of your first home

11 costs to consider when purchasing your home


 2. Choosing a real estate broker

Once you have gathered the money to start your real estate search, choose a real estate broker who will accompany you in your search. With his expertise, he will guide you in all the steps of the purchase of your house or condo and will help you make the best decisions.


 How to choose a broker?

Find a Sutton real estate broker


3. Get pre-approved for a mortgage

Before you begin your real estate search, an important step in buying a home is the mortgage pre-approval. The mortgage pre-approval gives you an idea of the maximum amount you can borrow. It does not commit you to anything, but it is essential to facilitate your real estate search and better position you to make a promise to purchase quickly.


 What you need to know about mortgage pre-approval


4. Start your real estate search

In the home buying process, the house or condo search is the most obvious part: finding interesting properties and visiting them. This step requires some preparation. Be clear about your criteria, both for the property itself and for the neighbourhood and all the elements that will influence your lifestyle.


How to organize your real estate searches?

The home buyer's checklist

8 criteria for choosing your future neighbourhood


5. Make an offer

You've found the perfect property, you're ready to make an offer. For this step, your real estate broker will work with you to prepare the offer and negotiate on your behalf to get the best possible terms. If the seller accepts your offer, all you have to do is prepare for closing and move in!


Understanding the Promise to Purchase: Guide for First-Time Buyers

Be vigilant about inclusions and exclusions when buying a property


6. Prepare for the closing of the transaction

This is one of the most stressful steps in buying a home as it concludes one of the most important transactions of your life. This is why working with a real estate broker will allow you to not forget anything and to take the weight off your shoulders.

A summary of items to be considered for closing the transaction:

- Prepare the necessary documentation to complete the transaction.
- Ensure you have valid homeowner's insurance for the closing.
- Finalize your mortgage documents with your lender.
- Carefully plan your move.
- Transfer your telephone, cable or other services if applicable.
- Complete your change of address with all government services and any other services you subscribe to.


 Buyer's closing day preparations

Everything for a successful moving


7. Move in

Although this is probably not your first move, it's still new: it's your own home! You own the place, you can do whatever you want with it (almost).

With the exception of necessary renovations, take the time to settle into your new home as it is. This will allow you to become familiar with the place and get used to the expenses and costs of owning and maintaining a home. Wait until you have your budget worked out for your new life before embarking on any major renovations.

 

You are ready to enjoy it. Welcome to your home!