8 Steps To Buying A Home

Buying a home is a big decision and there are many things to consider in the process. Use this 8 step process to help you

buying1: Is home ownership right for you?
-Consider the pros and cons of rental accommodation vs. owning your own property.
-Is your lifestyle fluid or are you committed to living in one place?
-The cost of rent and associated bills vs. mortgage, taxes, maintenance and related bills.
-Ever increasing rental expense vs. increasing property values over time.
-Are you committed to the responsibility of buying a home?

2: Do you have the financial ability to buy a home?
-Can you afford to pay your expenses and enjoy your life as well?
-Examine your TDS and GDS ratios to see what you can afford to pay each month.
-The Total Debt Service ratio is 40% of your gross income.
-The Gross Debt Service ratio is 32% of your gross income.
-These ratios include mortgage payments, heating costs, taxes and any other debt payments.
-These ratios do not determine your mortgage but how big your monthly payments can be.
-The dollar value you can buy is determined by your down payment and mortgage amounts.
-The minimum down payment is 5% of the purchase price.big cheque

3: What is your perfect home?
-What style of housing fits your needs?
-Choices include semis, towns, single detached, multistorey and bungalow.
-Features such as number of bedrooms, baths, garage, lot size, AC, green design, etc,?
-Freehold or Condominium, or other ownership options?
-Neighbourhoods: you should consider a few that you’d like to live in.
-Schooling needs: primary, secondary, college or university.
-Schools ranking: Kitchener Waterloo Schools
-Lifestyle, such as closeness to amenities, transportation or nature.
-New construction vs. resale.

4: Finding your home
-Work with a Realtor; I am your best choice!
-I will find you homes that meet your expectations.
-The search process gathers information from many sources:Andrew Shackleton MLS system, industry publications, newspapers, word of mouth, other agents, builders, online publications, for sale signs and For Sale By Owners.
-I will show you potential matches and point out the pros and cons of each.
-You’ll be offered advice as to purchasing, inspections and any other things that need attention.
-I will help you with mortgage needs such as pre-approval.

5: Buying your home
-I will establish a fair offer price.
-An agreement of purchase and sale will be completed and any necessary conditions added.
-The offer will be presented to the seller and if accepted you’ve just bought a home!
-If the offer is signed back, the objections will be carefully scrutinized and discussed with you.
-You may decide to forgo this purchase and look for another home, counter offer again or agree to the sign-back.
-A down payment is usually included with the offer.
-Once your purchase is made your Realtor will ensure that all the necessary steps are taken before closing, including financing, property insurance, property inspection, taxes, lawyers and title insurance.

Keys to your home6: Closing Day
-On closing day your lender will give the mortgage amount to your lawyer.
-You will provide the down payment, less the deposit, to your lawyer.
-You will pay any remaining closing costs.
-Your lawyer pays the seller, registers the home in your name, gives you the deed and the keys to your new home!

7: Home Ownership
-Ownership is a big commitment so consider the following points:
-Have a budget and stick to it.
-Make your monthly payment obligations.
-Keep a reserve fund for maintenance.
-Have a fund for emergencies.
-Maintain your home and landscaping.
-Pay down any debt you have as quickly as possible including your mortgage.
-Have a safe place for valuable documents.
-Make sure you have an escape plan, smoke and CO detectors, and a fire extinguisher.

8: Get me on board as your agent!
-Check me out.
-Read my reviews!
-Get in touch!