A Step-by-Step Guide to Buying a Home
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? Hone in on what you are looking for and what your goals are.
Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like water, electricity, strata fees or home maintenance that could easily affect your budget.
Just because you feel confident in your ability to afford a certain monthly payment doesn’t mean the mortgage company will automatically agree. While they might approve you for a higher amount, they could also approve you for less or even deny your application. Factors like job history, credit score, past bankruptcies, or other financial issues can impact your approval. Before you fall in love with a home, it’s important to speak with a mortgage professional to determine the loan amount you qualify for. Being prequalified will also give you an advantage when making an offer, as many sellers prefer buyers who have already secured financing. I work with some trusted mortgage brokers who would be happy to assist—just let me know if you’d like a recommendation!
Whether you're a first-time buyer or an experienced homeowner, I’m here to guide you every step of the way. From understanding the current market to navigating agency relationships, I’ll ensure you’re fully informed, confident, and supported throughout the entire process. I’ll help you identify properties that match your needs, arrange showings, and manage the offer process. My deep knowledge of the market and local trends will give you a competitive edge and peace of mind. Let me take the guesswork out of your home search and show you properties that align with your vision. With my experience, you can focus on finding the perfect home while I handle the details.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Let you know of features of the home, property, and area. Make sure to take time to explore the neighbourhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, I will craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate in your best interest.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year. Work with your mortgage lender to select the option you feel the most comfortable with.
When preparing for a move, buyers should start by organizing the logistics well in advance. Renting a moving truck or booking professional movers is essential to ensure the safe transport of belongings. It’s also important to set up utilities in the new home, including electricity, water, gas, and internet, so everything is ready when you arrive. Packing ahead of time, labeling boxes clearly, and sorting through items to donate or sell can also help reduce stress. Don't forget to update your address with the postal service, banks, and other important contacts to keep everything running smoothly.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and lawyer and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
