Home Buying 101
Buying a home is one of life’s huge milestones and at times can seem overwhelming – and complicated! Here is an outline of the whole process, which should help clear up some of the confusion and allow you to feel more confident as you move forward in your home
Start saving for a down payment. Your down payment amount depends on the price of the home you end up purchasing. For example, if you’re planning on buying a home that is less than $500,000, your down payment is 5% of the purchase price.
Figure out your finances. It’s always a good idea to have the financial side of things figured out before you begin looking for a home. Getting pre-approved for a mortgage will help streamline the process once you do find a property.
Talk to your real estate agent. Of course, you can talk to your agent before you begin any of the above steps. Real estate agents are experts in the home buying process and will be able to answer any of your questions – big or small.
Begin the search. Have your agent find properties that fit within your parameters, or do some online shopping and bring potential homes to them. Remember as you visit these properties to prioritize things like whether the home is in good repair. Try not to get caught up on paint colours and decor.
Make an offer. You’ve found a home you want to purchase – hooray! This step is exciting, but it’s important to keep a level head, as property sales don’t always go through. Approach this step of the process as more of a business transaction. Once everything is signed and the money has been transferred to the previous owners, then it’s time to celebrate.