Brampton Real Estate home

Buying a Home Steps

1. Home Ownership

  • Advantages: financial security, home modification flexibility, stability
  • Disadvantages: Financial Stress, maintenance, responsibility
  • Are you committed to a lease & when can you move (lease terms & notification)

 

2. Down Payment and Closing Costs

  • You need a minimum of 5% of the cost of the home
  • Need money for closing costs (need approx 2% for lawyer fee, inspection, land transfer tax, adjustments, mortgage insurance premium  

3. Mortgage Pre-Approval

  • Do you have good credit (have a credit history, pay bills on time, positive net worth)
  • Determines you affordability based on income, mortgage payments, property tax, heating, loans/debts --> debt service ratios: GDS & TDS

 

4. Determine your Wants & Needs

  • Location: commute, shopping, schools, park/recreation, family/friends
  • New vs. resale, size, features, style, “upgrades”, lifestyle – wants vs. needs
  • Type (detached, semi-detached/duplex, row/townhouse, condominium)

5. Home Search

  • Find a Real Estate agent you are comfortable with and understands your needs
  • realtor.ca/mls.ca, newspapers, for sale signs, new home builder websites


6. Make an Offer

  • Offer to purchase with ideal price (comparable market value) and contract terms (closing date, chattels/fixtures, conditions: inspection, warranties) & counteroffer

 

7. Hire a Lawyer, Inspector & obtain Mortgage Commitment

  • Obtain a lawyer, mortgage & home inspection within the contact time limits

 

8. Move into Home

  • Move possessions, determine changes & maintenance needed, enjoy

 

 

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