| Real Estate, Steps to Owning Your Own Home |
 | |  |
Steps to Owning Your Own Home or Condo
Get a Mortgage Pre-Approval!
You need to know what you can afford. You have to be realistic
before you jump headlong into it. We suggest making an
appointment with your bank’s mortgage representative and
having a serious talk. Don’t be afraid to shop around. Check all
banks and compare rates. Don’t be afraid to haggle – most banks
will knock off 1% from the posted rates. Ask for that. You deserve
it. This is the biggest purchase of your life. Also find out how long
the rate will be “locked in" for. Usually 60-90 days. If the rate does
go down in that time period normally your bank will give you the
lowest rate in those 60-90 days, make certain that this is the case.
Get a Mortgage Pre-Approval!
You need to know what you can afford. You have to be realistic
before you jump headlong into it. We suggest making an
appointment with your bank’s mortgage representative and
having a serious talk. Don’t be afraid to shop around. Check all
banks and compare rates. Don’t be afraid to haggle – most banks
will knock off 1% from the posted rates. Ask for that. You deserve
it. This is the biggest purchase of your life. Also find out how long
the rate will be “locked in" for. Usually 60-90 days. If the rate does
go down in that time period normally your bank will give you the
lowest rate in those 60-90 days, make certain that this is the case.
| Real Estate Handbook ------------------------------------------------------------------------------ -- Our Guide to Real Estate for Sellers and Buyers is a concise and informative summary of procedures and guidelines to make your home selling or purchasing experience as smooth and profitable as possible. This handbook covers everything from the contract through the closing and even state-specific information. Select your state below, view a free preview before you purchase and download in Word format. |
Make your Home Wish List
Do you want a townhouse, semi-detached or a detached home? What about a condo apartment? How many bedrooms do you
need? What about a backyard? Is it something you want – will you be able to maintain it? Location – do you need to be near a
school for your kids?
Consult with a Realtor
to find a home to suit your needs and price range. Be honest and explain your situation. We’re here to help you. And realize
that is not always going to be easy. If you are pre-approved for a mortgage at $200,000 and you have a downpayment saved
up of $10,000 then you can look at homes priced up to $210,000. If your chosen location is Central Toronto, it will be near
impossible to find a 4 bedroom detached home for that price. You have to consider what is affordable. How much home can you
afford in your chosen location? The farther you go out of the city the less expensive everything is. If you go to Ajax for example
you could find a detached four bedroom in that price range. In Toronto, you are looking at $280,000+++.
Search for your New Home
Be patient – it may take awhile to find the perfect home or conversely, it may be the first home you step foot in! A word of
warning, in the current market homes are being sold at an alarming rate. If there is something you decide you like, it is better to
jump on it then to wait too long and have it sold out from under you.
Make an Offer on the Home you Choose
Your Realtor will take care of all the negotiations and will advise you on every aspect of the process. Standard conditions in the
offer are: Buyer arranging financing and inspection of the home by a qualified home inspection professional. These conditions
are included to protect you – the Buyer. The financing is approved by your bank and the inspection is done by a home inspector
of your choice. Your Realtor will have names of inspection companies to choose from or check the yellow pages and compare
rates. The standard is for the inspector to supply you with a report at the end of the inspection and alert you to any concerns he
or she may have. Having a termite inspection in any of the older homes in Toronto is a good idea.
Once the offer is accepted
and the conditions are fulfilled then the deal (contract) is firm and binding. You just need the Seller to move out! You will need to
prepare for moving expenses and utility set-ups (water, hydro, gas, etc.)
Closing Day!
This is the day that your Lawyer and the Seller’s Lawyer exchange documentation and funds and YOU GET THE TITLE AND
KEYS TO YOUR NEW HOME!! It may well be a stressful day for you – actually, we know from experience (We’ve done this twice
now) that yes, it is stressful. The relief of finally having your new house keys in your hand will be such a pleasure.
Moving Day!
Careful planning ensures a smooth and painless move. Whether you are hiring a moving company or you are doing the work
yourself, make certain to assess the costs and be ready. Renting a truck and doing it yourself may be cheaper at times, but to
save the strain on your back you may just let the pros do it. The costs can vary wildly.
For our first home we, with a few friends and family members, moved us in. We were going from an apartment to a house and it
was easy. The initial cost of the truck was not too expensive, it was the additional mileage cost that was tacked on at the end
that was not so pleasant. Not to mention the pain in our backs and knees the next day from all the lifting and stair climbing! And
we weren’t out of shape, it was just crummy, hard work.
But here’s the truth, for moving into our current home we broke down and hired a moving company – not a big name but still a
bonded, insured company and the guys were great. They brought the truck, emptied out our storage locker and got everything
into our new home quickly and efficiently. Yay! No sore back and knees for us! We personally are in relatively good shape and
not lazy by any stretch of the imagination, but we are also not into busting our backs again. So, ultimately, the choice is yours.
Yes, it’s cheaper to do it yourselves just make certain you are ready for the work, that’s all we’re saying.
Do you want a townhouse, semi-detached or a detached home? What about a condo apartment? How many bedrooms do you
need? What about a backyard? Is it something you want – will you be able to maintain it? Location – do you need to be near a
school for your kids?
Consult with a Realtor
to find a home to suit your needs and price range. Be honest and explain your situation. We’re here to help you. And realize
that is not always going to be easy. If you are pre-approved for a mortgage at $200,000 and you have a downpayment saved
up of $10,000 then you can look at homes priced up to $210,000. If your chosen location is Central Toronto, it will be near
impossible to find a 4 bedroom detached home for that price. You have to consider what is affordable. How much home can you
afford in your chosen location? The farther you go out of the city the less expensive everything is. If you go to Ajax for example
you could find a detached four bedroom in that price range. In Toronto, you are looking at $280,000+++.
Search for your New Home
Be patient – it may take awhile to find the perfect home or conversely, it may be the first home you step foot in! A word of
warning, in the current market homes are being sold at an alarming rate. If there is something you decide you like, it is better to
jump on it then to wait too long and have it sold out from under you.
Make an Offer on the Home you Choose
Your Realtor will take care of all the negotiations and will advise you on every aspect of the process. Standard conditions in the
offer are: Buyer arranging financing and inspection of the home by a qualified home inspection professional. These conditions
are included to protect you – the Buyer. The financing is approved by your bank and the inspection is done by a home inspector
of your choice. Your Realtor will have names of inspection companies to choose from or check the yellow pages and compare
rates. The standard is for the inspector to supply you with a report at the end of the inspection and alert you to any concerns he
or she may have. Having a termite inspection in any of the older homes in Toronto is a good idea.
Once the offer is accepted
and the conditions are fulfilled then the deal (contract) is firm and binding. You just need the Seller to move out! You will need to
prepare for moving expenses and utility set-ups (water, hydro, gas, etc.)
Closing Day!
This is the day that your Lawyer and the Seller’s Lawyer exchange documentation and funds and YOU GET THE TITLE AND
KEYS TO YOUR NEW HOME!! It may well be a stressful day for you – actually, we know from experience (We’ve done this twice
now) that yes, it is stressful. The relief of finally having your new house keys in your hand will be such a pleasure.
Moving Day!
Careful planning ensures a smooth and painless move. Whether you are hiring a moving company or you are doing the work
yourself, make certain to assess the costs and be ready. Renting a truck and doing it yourself may be cheaper at times, but to
save the strain on your back you may just let the pros do it. The costs can vary wildly.
For our first home we, with a few friends and family members, moved us in. We were going from an apartment to a house and it
was easy. The initial cost of the truck was not too expensive, it was the additional mileage cost that was tacked on at the end
that was not so pleasant. Not to mention the pain in our backs and knees the next day from all the lifting and stair climbing! And
we weren’t out of shape, it was just crummy, hard work.
But here’s the truth, for moving into our current home we broke down and hired a moving company – not a big name but still a
bonded, insured company and the guys were great. They brought the truck, emptied out our storage locker and got everything
into our new home quickly and efficiently. Yay! No sore back and knees for us! We personally are in relatively good shape and
not lazy by any stretch of the imagination, but we are also not into busting our backs again. So, ultimately, the choice is yours.
Yes, it’s cheaper to do it yourselves just make certain you are ready for the work, that’s all we’re saying.