Are you just beginning to think about starting your home search, but you aren’t sure where to begin? Stay tuned as we offer you Home Team Ottawa’s Road Map to Buying a Home. It’s perfect for First Time Home Buyers to get an idea of what to expect – or for Home Owners that are thinking of making a move or buying a second property, and can’t remember how the process goes. Put your seatbelt on – it could be a bumpy ride!
Your Real Estate adventure will most likely start with a Pre-Home Search. You’re beginning to toy with the idea of buying your first home, or your next home. You start noticing For Sale signs while you’re out and about, and find yourself looking at listings online in your spare time, and telling your partner about “this great house I saw.” What steps should you be thinking about before your search really gets serious?
Continuing along the Road to Home Ownership, you wake up one morning and find yourself in the middle of an Active Home Search. Now your Search is really starting to heat up, and it’s starting to feel real. You’ve signed with a Real Estate Agent, and you’re out there looking at the homes that fit your wants and needs, in the neighbourhoods that fit your lifestyle. This stop appears to be a short one – there are only a few key points along the way – and while it can last only a few days, it could also be any number of months depending on what kind of property you’re looking for, and the market you find yourself looking in. Don’t lose hope – trust your instincts and your Agent to guide you to your perfect home.
It’s been a few weeks, or maybe a couple of months now that you have been actively searching for your new Home, and you’ve finally found that perfect home that you want to submit an offer on! You have officially reached your Fourth Stop along the Road to Buying a Home. Your agent will guide you through this stop, and will prepare all of the paperwork that you need to submit – but it doesn’t hurt to know what questions to expect or what you should be asking your agent. You’ll want to be clear on your conditions – do you need to secure financing, or schedule a home inspection? Do you know what price you want to offer the sellers? Will this price change depending on a multiple offer situation? And finally you should have your deposit accessible and ready to hand to the selling agent at a moments notice. Now you’re ready to make your offer!
You submitted an offer on a property that was accepted! Welcome to the final stop in this Real Estate Road Map. If your offer is conditional upon any factors such as Home Inspection or Financing, now is the time to ensure that you fulfill these conditions by the agreed upon date. Once you have a firm offer you will make arrangements with your agent to complete the final walk through of your property and meet with your lawyer to sign the closing and mortgage documents before your closing date. Make sure that you keep your finances in order throughout this time – don’t take on any new credit or loans. Finally, after weeks, months, or what feels like forever of home searching, offers, and then packing and organizing for your big move; your closing date has arrived – it’s time to pick up the keys and enjoy making memories in your new home! Congratulations!