If you’re buying a home for the first time, you must know the process of it completely. Although the process is long and complicated but knowing it will earn you the complete benefits. So instead of getting along with the wrong process, this guide is recommended for first time home buyers to make them aware of the process.
So, let’s start with the basics.
Step #1: Connect with a Real Estate Agent
Getting a good real estate agent can be fortunate for you because he will help you to connect with the right property according to your budget and lifestyle. Try your friends and family and ask if they can recommend any real estate agent, or you can also search for online reviews.
Spend your time in finding the potential real estate agent as the right one will make your dream come true. Once you decide the real estate agent, sit with him, interview him and ask about his expertise.
If his expertise matches your requirements then make up the decision of hiring him. Now, when you’re done, explain your needs and wants of the property and convey all the expectations you have from the desired property.
Step #2: Get a Loan Pre-Approval
If you’re looking for a loan to buy your dream 10 york street, then go on getting a pre-approval for a loan. The lender needs to take a look at your finances before approving you for the loan.
Step #3: Research for your Home
Now, you have the pre-approval of your loan and a real estate agent. The next step is to search for the relevant property. Dig the internet and social platforms to stay on top of your MLS searching and look for homes that pique your interest.
On the website, take a look at the available photos and information provided. Also, ask your agent to explore the property and the paperwork required for buying.
When you’re satisfied with the property attributes, visit it once and analyze it on your own. You can also visit again to make your mind for the property. But do visit as you have to live there for long so satisfaction is important.
Step #4: Strike an Offer
After getting your desired property, it’s time to make the offer by drawing the paperwork. Sit with your agent and work on everything you need for the offer.
After the offer, see if there’s space for negotiation with the property owners and then set on acceptable terms from both sides. Take it as the final deal as after this you’ll only have to move your furniture in the home. So, make it a wise deal.
Step #5: Inspect your Home
Before you settle in, inspect your home by taking a complete round and check for leakages, repairs or damages. The inspection process is important as it will give you the opportunity to negotiate more based on home conditions. For example, if there are any structural damages or signs of specific problems, you can inform the owner and ask for the settlement of these issues before you move in.
Make a written request for the proposed changes and see if you want any additional requirements. You also have the choice to move to the next property if you have a problem fitting in the first one.
Step #6: Get Off with Everything
After the inspection process, get in words with your real estate agent and the loan process.Ask your agent to wind off the paperwork and other contingencies.
Make sure you’re staying up to all the rising issues and managing it well. When you’re done with everything then go for the closing stage at the end.
Step #7: Close it Well
After following up with the stages above, it’s time to close your deal. Get with the final signing process of the official documentation and ensure that you got the hold of the property.
When you leave your Toronto lofts for rent for shifting in your new property, ensuring that you pack well. After having the keys to your home, you’re finally entitled to your new property. I wish you all a happy buying home.