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Stephen Truong
Sales Representative, BComm

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1. Finance – Determine What You Can Afford

 

Organizing your finances is the critical first step in your home purchase:

  • Consider the one-time costs associated with a home purchase, including a down payment, legal fees, inspection fees, taxes, and moving expenses
  • Understand ongoing monthly costs, including mortgage payments, insurance, utilities, property taxes, maintenance and, if applicable, condo fees
  • Take into account the equity you may have in your current home and the applicable mortgage options available for your next move
  • Pre-qualifying for a mortgage gives you the comfort of knowing how much you can afford and what your monthly payments will be
  • A pre-approval from a mortgage lender protects you against interest rate increases for a given period during your home search

 

2. Needs & Wants

 

With an appreciation of what you can afford, determine your needs and wants within your home purchase price range:

  • Consider your current lifestyle as well as any lifestyle changes you foresee longer term
  • Select an urban, suburban or rural location that best serves the needs of your evolving lifestyle
  • Choose neighbourhoods in close proximity to the amenities that are most important to you like schools, shopping, entertainment, recreation and transportation
  • Consider your commute times to work, school, friends and family
  • Determine the size of home you require, such as the minimum number of bedrooms, as well as any other space requirements, like room for a home office
  • Understand the home features most important to you, such as additional bathrooms or a large yard
  • Decide on a property type that suits your lifestyle, needs and finances whether condo, townhouse, single or multi-family dwelling

 

3. Home Search

 

Begin your home search when you know what you need and want, and what you can afford. As your chosen real estate professional, I will:

  • Provide access to both MLS listed properties and properties listed exclusively with Royal LePage
  • Send you listings of the properties that match your specific criteria
  • Ensure you are the first to receive new listings of properties that match your criteria before they become available to the public
  • Supply supplemental neighbourhood information like historical property values for the area, property taxes, schools, and public transportation
  • Help you hone your home search criteria, as required, with an appreciation of current market conditions
  • Pre-screen and preview the homes that best fit your criteria
  • Show you the properties that you are interested in viewing

 

4. Viewing Homes

 

When viewing properties you are interested in, it is important to remain objective. I will help you understand the importance of looking beyond surface aesthetics at:

  • A Home’s exterior features from the foundation to the walls, the roof, the eaves and downspouts, drainage, windows, doors, fencing and landscaping
  • A home’s interior fittings such as walls, floors, outlets and switches, lighting, kitchen and bathroom fixtures, and appliances
  • A home’s heating, cooling, plumbing and electrical systems
  • Visible signs of problems such as water or pest damage
  • The benefits of having all the above investigated thoroughly by a qualified home inspector
  • Noise levels from neighbouring properties, the street, cars and public transport, and where applicable, highways, railways and airports
  • The ability for you to live comfortably, according to your pre-determined needs and wants, with available space for your furnishings and storage requirements

 

5. Making an Offer

 

There are a number of considerations before the offer is written for your next home. As your chosen real estate professional, I will guide you through the offer process to help you:

  • Appreciate what comparable houses are selling for, how current market conditions can impact your offer, and where applicable, whether there is any competition from other interested homebuyers
  • Understand the benefits of investing in a qualified home inspector who can expose any property deficiencies and who may also provide you with an estimate on their cost of repair
  • Determine any offer conditions such as a satisfactory home inspection or arranging financing, and the potential impact of such conditions on the acceptance of your offer
  • Sort through the key elements of your offer including price, deposit, financial terms, inclusions and exclusions, and your closing possession date
  • Present your offer to the seller or the seller’s representative on your behalf
  • Manage all offers and any counter-offers, negotiating to get you the best possible deal

 

6. Closing

 

Your home purchase becomes a reality on closing day when ownership is officially transferred to you. Before and on closing day, there are a number of tasks to complete:

  • If you are renting, give notice to your landlord and arrange for the return of your deposit
  • Confirm your home purchase with your mortgage lender and finalize your mortgage details
  • Hire a legal professional to represent your interests and manage closing documentation
  • Obtain home insurance and notify your lawyer and mortgage lender of the selected insurer
  • Arrange for your self-move requirements or obtain estimates from reputable moving companies and book as far in advance as possible
  • Coordinate cancellations, transfers and change-of-address notification for medical, financial and contracted services, utilities, licenses, subscriptions, memberships, and personal mail
  • Organize the connection of services and utilities at your new home
  • Meet with your lawyer on closing day to sign required mortgage and property closing documentation, pay associated balances and fees, and collect the keys to your new home

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