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Buyers
Purchasing a home is often one of the most significant and joyful choices you'll make in life. However, it can also be one of the most complicated and challenging. To equip you for the upcoming transition, here's a basic rundown of what to anticipate and how to prepare.
Sellers
Selling your home involves a detailed, multi-step process that benefits greatly from the expertise of a REALTOR®. As you navigate this journey, there are numerous factors to keep in mind. To assist you, here’s a basic guide on what to anticipate and how to get ready.
BUYER'S GUIDE
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The first thing you’ll need to do is put money aside for a down payment. This amount is (at minimum) 5% of the purchase price of the home you’re planning to buy. Second, you’ll need to meet with a mortgage broker to determine what you can afford. Shopping around for the best rate is highly recommended.
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It’s important to partner with a REALTOR® you feel completely comfortable with. A REALTOR® can help you find your dream home, that meets both your needs and your budget. They will set you up with viewing appointments, and also help bring clarity to the complicated process of buying a home. You’ll want to go with an experienced and knowledgeable REALTOR® who you can be sure will represent your best interests.
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Becoming a new homeowner is one of the most liberating things you’ll ever experience. There are many benefits to home ownership — pride of ownership, the ability to make home improvements, building equity, appreciation — the list goes on.
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Once you’ve established a price range, it’s time to decide what type of home will best suit your lifestyle. Think about things like access to schools, recreational facilities, what the neighbourhood is like, and so on. Why you’re choosing to buy should help answer these questions for you — so think about it carefully. You may want to put this down in writing and create a needs v/s wants list.
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Your REALTOR® can help you place an offer that the seller will either accept, counter, or reject. After you’ve negotiated an offer, you’ll need to conduct a home inspection and deal with any repairs (the cost of which you can also negotiate with the seller). Finalize your mortgage with a visit to your lender, and you’re ready to sign off on ownership. This typically takes place in a lawyer’s office.
SELLER'S GUIDE
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Don’t worry if you’re still paying off your mortgage, there are several options depending on what type of mortgage you have. However, you’ll need to talk to your lender before you can proceed.
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Pricing your home too low or too high is not an option. Setting a fair price will attract more potential buyers, and give your home more exposure. Your REALTOR® should be able to explain to you the multitude of factors influencing pricing, including: competitive pricing, current market stats, and of course the estimated value of your home.
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After the hard work of marketing and promoting your home pays off, you’ll hopefully have a few offers on the table. Once you’ve accepted an offer, your buyer will want to conduct a home inspection and (potentially) negotiate the cost of any repairs. Finally, your lawyer and REALTOR® will walk you through the paperwork and legal bits needed to close.
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Congratulations! With the sale of your home complete, you can now begin looking for a new place.
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It’s important to partner with a REALTOR® you feel completely comfortable with. Don’t fall for the trap of partnering with the first REALTOR® who suggests the highest asking price. Shop around. A good REALTOR® can help you price your home to sell, answer questions like “When is a good time to sell?” and has in-depth knowledge of the market.
Start your search for a reputable REALTOR®, by checking if family and friends have a prefered REALTOR® or search online for the most visible and professional one. Visit your local real estate office; pay attention to advertisements and For Sale signs.
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The next step will be to sign a Listing Agreement, which gives your REALTOR® permission to post your property on MLS (Multiple Listing Service). They’ll then begin marketing your home through a variety of mediums — digital and traditional — and inform other REALTORS® (representing buyers) that your property is on the market. Your REALTOR® can also help you prepare your home for staging.