Feb

7

I’m buying a home for the first time and I’m confused!

Filed Under Brampton, Buy, Condos, Homes, Real Estate 

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Let’s face it - buying a home will probably be the biggest purchase of your life. And if you’re new to buying a home, I can understand how confusing and crazy it may seem. But take my word for it. The process is not as scary as you may have thought. Here are the general steps that you will have to take when you decide to look for a new home to buy. I’ve simplified the process, and you’re welcome to contact me if you have any additional questions about buying real estate in Brampton.

  1. Decide exactly what you are looking for: Are you looking for a house or a condominium? Where in the city do you want to live? Do you need to be near public transportation and any major highways? How many bedrooms do you need to comfortably accommodate your family? These are all the types of questions you need explore so that you have a firm idea in your mind of exactly what fits your needs. It will make your house searching simple and fast!
  2. Can I afford to buy a house?: You will need to visit your bank or any other lending institution to obtain a pre-approval. This will tell you exactly how much you can afford to spend on your new home. No sense looking around first if you don’t know how much you can spend yet. Get that pre-approval!
  3. Start looking for that home: Now the fun part begins. I will help you search a home on MLS (the Multiple Listing System). It is a nationwide database of all the houses currently for sale. Armed with your criteria, I can quickly find the most suitable houses for you to see. I’ll book the appointments for you to see the properties, and we’ll keep looking until we find your dream home!
  4. You find the perfect home and we make the offer: This is where we go for it! I will submit an offer on your behalf to purchase the house. Depending on the details of that offer, we will negotiate with the sellers until we mutually agree upon a sale price and the conditions of the sale.
  5. They accept!: The offer is negotiated to acceptable terms and conditions for you, and the seller accepts our offer to purchase.
  6. You provide a deposit: The day after the offer is accepted, you will need to provide a certified cheque, money order, or bank draft as a deposit on the house. Generally, a deposit will range between $5,000 - $10,000, depending on the value of the home. This deposit will be held ‘in trust’ by the selling brokerage until the deal becomes firm. If the deal does not go through, you will be refunded your deposit in full, so don’t worry!
  7. Condition removal process: There will be some conditions in the offer that will have to be met. Generally, this will take between 5 and 10 days after the offer is accepted. These conditions are provided for the benefit of you, the seller, and allows you to back out of an offer if you can’t meet the required conditions. You can typically expect either a financing condition, a home inspection condition, or a status certificate condition included in your offer. As conditions vary for each purchase, I will carefully and thoroughly explain the conditions of your offer and what they mean to you during negotiations.
  8. We waive the conditions: All the conditions have been met and we waive them, thereby making the offer firm. Congratulations, you’ve got yourself a new home!

Hopefully, this makes the task of buying a new home seem less daunting. If any of these steps are unclear, or you’d like more details about the process, please leave me a comment and I will get back to you! Best of luck hunting for your dream home!

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