Here’s how to start your home buying journey.

Here’s how to start your home buying journey.

Tuesday May 07th, 2024

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Buying your first home is a huge milestone and there are so many decisions to make along the way – everything from determining what you can afford to maintaining your home. 

To highlight these important decisions you’ll have to make throughout your time as a homeowner, we’d like to make this 'Buyers Choice Home Inspections' home-buyers' checklist available to you, to walk you through every step, ensuring you’re well-prepared and confident in your decisions.

The checklist includes the following key steps to helping ensure a smooth transition into home ownership and throughout your journey:

Step 1 – Assess Your Financial Situation

  • Calculate your budget, including down payment, closing costs and ongoing monthly expenses
  • Check your credit score and work on improving it as needed
  • Get pre-approved for a mortgage with your mortgage broker or lender to determine what you can comfortably afford to spend

Step 2 – Define Your Home Preferences

  • List your must-haves, such as the number of bedrooms, location and desired features
  • Differentiate between your needs and wants to prioritize effectively
  • Research neighbourhoods and communities to find the perfect match for your lifestyle

Step 3 – Find a Real Estate Agent

  • Ask for recommendations from trusted friends, family and colleagues, and conduct interviews to select a reputable agent with whom you feel comfortable working
  • Ensure your agent has expertise in your preferred location/neighbourhoods
  • Communicate your goals and preferences clearly

Step 4 – Start House Hunting

  • Attend open houses and schedule viewings with your agent
  • Take notes and photos to compare different properties
  • Consider the potential for future growth and resale value of each property

Step 5 – Make an Offer

  • Work with your agent to craft a competitive offer
  • Negotiate terms, including the price, contingencies and closing date
  • Be prepared for counteroffers and stay flexible, but also be cognizant of your maximum purchase price

Step 6 – Inspect the Property

  • Hire a professional home inspector to evaluate the property’s condition
  • Review the inspection report carefully and address any concerns
  • Negotiate repairs or credits as necessary

Step 7 – Secure Financing

  • Review loan terms and with your mortgage broker or lender to ensure you understand the details
  • You’ll be required to get mortgage insurance if your down payment is less than 20% of the purchase price
  • Finalize your mortgage application with your mortgage broker or lender

Step 8 – Close the Deal

  • Review the closing documents with your lawyer/notary and agent
  • Conduct a final walk-through to ensure the property’s condition
  • Sign the paperwork and receive the keys to your new home

Step 9 – Move and Settle In

  • Plan your move and hire movers if needed
  • Change your address, set up utilities and forward your mail
  • Personalize your new house so it feels like home

Step 10 – Maintain Your Investment

  • Create a maintenance schedule for your new home
  • Budget for repairs and improvements over time
  • Stay connected with your real estate agent and home inspector for future needs

Get The Home Buyer’s Checklist!

To make your home buying journey even more manageable, we’ve prepared a downloadable PDF version of the checklist. Print it out and keep it handy as you embark on this exciting adventure. With this checklist by your side, you’ll be well-prepared to find your dream home and make it your own.

Download The Home Buyer’s Checklist Here


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