First Time Buyers

First-time buyers plan

Navigating the world of Canadian home buying

Step 1: Build A Team

The first thing you'll need to do is put together the right group of experts to help you buy.  This starts with a REALTOR® you trust.  The Green Advantage Team is here to guide you through every step of the buying process from ensuring you have the name of a reputable lender or mortgage broker, a lawyer (or a notary in Quebec), a home inspector and an insurance broker at the times that you need them.

Step 2: Figure Out How Much You Can Afford

Falling in love with a house you can’t afford can be heartbreaking and a waste of time. Avoid disappointment by figuring out your budget before you start looking.
  • First, decide how much you can afford for your down payment. 
  • Don’t forget about closing costs, like insurance, legal fees, home inspection costs, land registration and land transfer fees. Add those to your moving expenses and service hookup fees, and they can add up surprisingly fast.
  • It is advised that your monthly housing expenses (mortgage, taxes, heat, etc.) shouldn’t use up more than 32% of your income.  
  • Get pre-approved for your mortgage. It’s a good way of finding out how much you can borrow – and it speeds up the process once you’ve found the home you want to buy.  If you need recommendations on a good mortgage broker, The Green Advantage Team can help! 

Step 3: Figure Out What Type Of Home Is Right For You

Sit down and make a list of must-haves and nice-to-haves. Be realistic, but be clear about the features you can’t live without. Imagine what you need to live in the home comfortably. Consider your lifestyle and your stage of life.  How many bedrooms do you need? Bathrooms? Do you want a home office? A garage? How about a big backyard? Hardwood floors? Eat-in kitchen? When you have the answers to these questions The Green Advantage Team will be able to streamline the types of houses and properties that you are looking for so your time is not wasted looking at something you don't want.

Step 4: Decide Where You Want To Live

Living in an area you like is as important as buying a home you love. Do you want a busy urban lifestyle, a house in the ‘burbs, or a quiet place in the country? Do you want to walk to work or are you okay with a longer commute? Do you need to be close to good schools? Rec facilities? Shopping?  The Green Advantage Team can help figure out what area will best suit all your needs.

Step 5: Start Looking

Talk to The Green Advantage Team about your needs and start looking at properties!  We will set you up on Client Click, a service that will alert you anytime a new listing that meets your criteria is available.  Visit open houses, search this website, look at the classifieds or jot down a note when you drive by a house and see something in particular you like and let us know.  We will set up and arrange showings for you for any available property on MLS - not just ours!

Step 6: Make an offer.

You’ve found the perfect place – now it’s time to make an offer. An offer to purchase includes the purchase price you’re offering, chattels to be included in the purchase (like appliances or light fixtures), the amount of the deposit, the closing date and any other conditions.

The Green Advantage Team will prepare your offer, and go over all the details that are involved.  We will present it to the seller, who will either accept it or make a counteroffer (which asks for a higher price or different terms). You can accept or reject the counteroffer.  If the terms of the offer are acceptable to both parties then you have a deal!  Don't be confused though, the house may not be yours just yet, if there are conditions on the offer those will need to be met before the deal is final.

Step 7: Meet The Offer Conditions

Your offer to purchase a house may includes conditions such as financing or inspection (to name a couple). 
If your offer includes a condition of financing you'll need to get approved for a mortgage.  The Green Advantage Team can recommend a mortgage broker or lender for you.  You’ll need to decide what type of mortgage works best for your needs. Will you go with a fixed or variable interest rate? Will your mortgage be closed or open? What will your amortization period be? Will you make payments monthly, biweekly or weekly? Your mortgage broker or lender can help you find a mortgage that suits your needs – and saves you the most money in the long term.

The Green Advantage Team can also recommend home inspectors who will provide a clear, unbiased evaluation of the home's condition, answer any questions you may have and create and easy-to-read objective report regarding the condition of the home.
We will guide you through the steps of meeting the conditions of your offer and once all the conditions have been met the home is yours!
 

Step 8: Preparing For The Move

You have now purchased a home and you need to start getting ready for move-in day!  Check out The Green Advantage Team's Moving Tips page!

Step 9: Move In And Enjoy!


Buying a home comes with plenty of questions browse the website for helpful information or contact me or The Green Advantage Team today to get started. 

 

Email: rgreen@royallepage.ca

Phone: 519-821-6191

 

Trademarks owned or controlled by The Canadian Real Estate Association. Used under licence.