How to Buy a Property

So you’ve done all the preliminary work, your financing is in order and you’ve committed to either door A – a condominium, or door B – a house. Let’s look at what comes next.

 

Expectations – Setting a clear understanding of what your day to day needs will be is very important and will help you focus on only the properties that match those needs. How many bedrooms do you need? Are stairs ok or do you prefer a bungalow? Is a yard important to you? What about parking? Make a list and prioritize – Can you really not live without those gold-flecked quartz counters?

 

The Search – This is the fun part!  Your agent will send you listings that on a daily basis and make recommendations based on your feedback.  When the market is busy, you should try and view the property as quickly as possible – Great properties sell fast! It’s important here to be realistic and to keep an open mind. That trendy new neighbourhood may well be above your price point, but there are lots of up-and-coming areas that are worth investigating…

 

Offer time – Once you’ve located a home that you are interested in purchasing, it’s time to submit an offer. Your agent will go over the terms of the offer and give you a thorough explanation of what they mean. These will include conditions of finance approval, home inspections, closing date and of course, the offer purchase price! Negotiations can be tense and you should be prepared for a possible bidding war – this is where preparation and strategy come in. A good agent will know exactly how much comparable properties in the area have sold for and how much the competition is listed for. Armed with this information you’ll know how low you can start negotiating and how high you should go before walking away – Don’t let your emotions get the best of you!

 

Closing Day – You’re almost there! The property has been appraised, your financing has been approved, and the home inspection is complete. On the day you are to take possession, it is important to view the property as quickly as possible. In general, your lawyer will contact you to pick up the key to your new home somewhere between 2-4pm. You’ll conduct one last walkthrough to look for any outstanding issues and if everything checks out, that’s it, you’re officially a new homeowner! Time to pop the bubbly and start unpacking…