Buying A Home
The Welsh & Co team has composed this step-by-step guide that outlines the buying process to make buying a house simple and fun!
In the years we've spent in the industry, homebuyers have always asked “What do I need to do when I buy a house?”.
Decide on the Right Time to Buy
If you're in need of shelter, now is the right time to buy. If you have time to wait, there's an ebb and flow to the market. We can help guide you to the best time in a given year when prices are their lowest.
Before you start searching for a home, you have to contemplate your needs. Think about the type of place you’re looking for. Are you looking for a lot of bedrooms and washrooms for your family? Do you want a pool in the backyard? Do you want to live close to a school or a mall? These are just some of the things you have to consider before start looking for a new home.
You'll also want to familiarize yourself with different types of ownership to help narrow down the perfect home. Freehold is when it’s all yours, a condo is when you take care of the inside and pay your fees to an association.
We have clients that are unsure of what town they want to live in. We can help. We take you from town to town, as far as Simcoe county, Haliburton, Toronto, Port Hope, and give you insight into each area so you can narrow your most favourite towns.
Consider your financial comfort zone. Make sure to have a budget in mind when you go shopping. Make use of our affordability calculator. We work with a number of very professional Mortgage Brokers and Banks. We'd be happy to refer you to them. Getting solidly pre-approved for a mortgage is important in this fast paced market.
What will your down payment be on the purchase? This is a percentage of the total cost of a home that you’ll need to pay on closing. Your mortgage will cover the remainder of the cost.
What will your deposit be? Once your offer is accepted by the Seller, you'll be required to submit the deposit within 24 hours (in most cases). Depening on the number of competing offers, area of purchase, and other factors, the deposit is more or less 5% of the offer price. We can help guide you with suggestions as to what is expected.
Its time to go looking for a home!
| Hire an Agent
There are thousands of real estate agents, so how do you chose one that’s right for you?
You have to pick carefully. You will need someone to look out for your best interests at all time, someone experienced and working in this business full-time, that you connect with, that you can trust and who understands what you want.
A referral from friends or family is a good first step. Of course, we would like you to consider us at Welsh & Co. RE/MAX All-Stars. We invite you to read what other people say about us.
A great agent is someone who offers you quality services to help you accomplish your goal.
Find Your New Home
Once you know your wants, likes, dislikes, and general criteria, please share them with us and we'll get you set up with auto emailing of daily new listings that suit your parameters.
Seldom do we see that perfect house for buyers right off in smaller communities. It takes a bit of searching, prioritizing needs vs wants, and getting a bit creative in making something fit your lifestyle.
Make An Offer
We send you comparable listings that have sold in the neighbourhood so that you are well versed in Market Value. We send you MPAC information and historic information on the previous times the property has sold, and what prices. Armed with this information you'll be able to identify fair market value for a particular property that also aligns with your comfort zone.
It’s time to make an offer. This is where an experienced Agent is vital. We know the tricks to the trade that help your offer be the accepted offer.
We will teach you about the specific terms and conditions that can/should be put into the Agreement of Purchase and Sale. We'd be happy to review the fine print too, one clause at a time.
We will guide you through various scenarios and possible outcomes that come with each offer. You will be in the drivers seat at all times, making the decisions with an educated thought process.
Negotiations don't rest soley on offer price. We've seen deals not come together because the closing date was unacceptable, or the deposit too low. It's our job to know what the Sellers' expectations are so that you can make informed decisions.
| Close the Sale
There are closing costs associated with the purchase that are due on the closing date, including Land Transfer Tax.
We will prepare you with estimates of closing costs at offer time, and your lawyer will finalize the exact closing costs when you sign the final documents to the deed and mortgage a few days prior to closing.