You've probably heard it before: Buying a home may be the largest purchase you will ever make. We know that sounds extremely stressful and overwhelming but also consider it may be the best investment you will ever make.
If you are ready to take the next step let us help guide you through this process and make it as exciting and enjoyable as possible. Start here for an overview of what you can expect during the home-buying process
Why Choose an MTR Agent?
Experienced, Trained and licensed Professionals
Our team has a diverse background that includes varying levels of education in marketing, sales, and finance. We are market experts and will continuously monitor what the market is doing especially in neighbourhoods/areas of interest to you.
We handle every negotiation as if it were our own home. Our experience and access to resources will ensure the best possible outcome for you.
We Manage the Details
Buying a home is a complex process. We manage all the details of your transaction so the process runs smoothly. We take care of ensuring all the appropriate paperwork is completed and filed in a timely matter.
We are Always a Phone Call Away
Yes, Yes, we are those people who are always at arms reach from our phones. We are always available night and day to answer any questions or address any concerns you may have throughout the process.
Renovation and home build experts
Our agents have extensive knowledge of home builds and renovation. We will actively look at homes with you and point out any apparent deficiencies, an estimated cost of repair, and provide you with information on how to maintain a home. We are also experts in renovation enabling us to help you see the potential in any home, and provide you with accurate cost estimates and what a home could be worth with the right upgrades. Ask us about some of your builds and renovations!
10 Steps to Buying Your New Home
- Hire a real estate agent
- Contact a mortgage broker/bank/lender to get pre-approved and set your budget
- Have a discussion with your Realtor about what you are looking for
- Identify homes you like and have your Realtor schedule showings
- Make an offer!!
- Work with your realtor to satisfy all purchase contract conditions (ie. home inspection/financing/etc.)
- Remove conditions - You have officially purchased your new home!!
- Hire a lawyer to assist with closing
- Start packing, hire movers, and set up utilities
- Take possession of your new home!!
Getting pre-approved for a mortgage can be a daunting process. Your lender will check your financial standing to determine how much you can borrow, how much you can afford, and which loans might be right for you. Here are a few things you should be ready for when meeting with your mortgage lender:
They will check your credit score:
Knowing your credit score will give lenders an inside look at your credit habits and history and will help them decide if you’re a good candidate for a loan. Credit scores are ranked on a scale of 300- 900 and the higher the better.
They will check your employment history:
Lenders ask for a list of your past employers, how long you’ve been with your current employer, and what your annual salary or take-home pay is. They want to make sure you consistently earn money, with no major gaps in income, and can make regular mortgage payments.
They will check your assets and debts:
Be prepared to show your past tax records, recent bank statements, and current debt amounts, including credit card debt, car loan, or student loan. Lenders want to know your debt-to-income ratio to know if you can make each loan payment with the income you earn.
Start Your Home Search
As a home buyer, you can expect to see an array of different home styles and designs. You’ve got the choice of single-family, condo, townhome, lakefront, acreage, or luxury; you can also choose bungalow, multi-storey, or split-level. In addition, you can choose a pre-existing home or new construction. In other words – you’ve got options. But what’s most important is that you choose a home that complements your lifestyle and your income. To narrow down your choices
- Know your budget and stick to it.
- Determine a desired location.
- Consider how many bedrooms, bathrooms and square feet you need.
- Decide which amenities are must-haves versus like-to-haves.
- Consider your needs for outdoor space, like a yard or balcony
Once you’ve identified your must-haves, browse listings or mitchthompsonrealty.com and ask your MTR Agent to send you listings that meet your criteria via email, text message or social media. Your agent will coordinate showings for properties you’d like to see in person.
When it comes to house hunting online, there are lots of things a potential buyer can do to get a feel for a property by simply utilizing the tools that are available online. Your Agent is a great resource to lean on, as they often have lots of information on the property that may not be included in the MLS listing description.
Making an Offer
Your real estate licensee will provide you with information to help you make an informed decision on what to offer. That information will include looking at comparables (recent sales of similar properties in the same neighbourhood) and discussing your preferences. It’s your choice what to offer.
A deposit can be a sign of how serious you are about the purchase. You need to have the deposit ready at the time of your offer.
A term is a detail in the purchase contract that the buyer and seller agree to. terms include:
Possession date:the date on which you will take possession of the property.
Inclusions and exclusions:Inclusions are items you want to be included in your purchase, typically appliances, security systems, etc., and exclusions are items excluded from the purchase, for example, if the sellers are taking the curtain rods or TV wall mount with them. Inclusions and exclusions can be negotiated between the parties.
Attached goodsare items you cannot remove from the property without causing damage. Unattached goods are movable items. In the absence of specific inclusions or exclusions in the offer to purchase, attached goods are typically included in a sale while unattached goods are not.
Time for acceptance/expiry of offer:You want to include an expiry date/time that:
- Creates a sense of immediacy for the seller
- May encourage the seller to review your offer before others
- Removes the need for you to formally withdraw the offer at some point in the future
Pre-possession inspection:A pre-possession inspection term allows you to view the property, with your Realtor, before possession. Such an inspection can help you confirm the property is in substantially the same condition as it was when you viewed it and made your offer.
Buyers often place conditions in their Offers to Purchase to protect their interests. When you write a conditional Offer to Purchase, it means you want to buy the property but before making it a firm sale, you want the ability and time to review or confirm information. Some common conditions include home inspection, financing, and a review of condominium documents (if buying a condominium). The conditions you may want to include will differ depending on the type of property, for example:
- if you’re buying a single-family home, you may want a home inspection
- if you’re buying a condominium, you may want condominium document review condition
- if you’re buying a country residential property, you may want satisfactory results of a water or soil test as a condition
All conditions need to have an expiry date. Make sure the expiry dates you include will provide you with enough time to satisfy the conditions. If you don’t waive your conditions in writing by their expiry date, the contract ends, and you and the seller have no further obligations to each other. If you are ready to waive your conditions, your Realtor will provide you with the required waiver, and the purchase contract becomes final and binding.
There will likely be some negotiation between you and the seller after you submit an offer to Purchase. Sellers can outright accept or reject your offer, make a counteroffer, or ignore your offer completely.
This scenario happens when multiple buyers submit an Offer to Purchase the same property at the same time. If this happens your MTR agent will guide you through the process by providing you with your options:
- Increasing your offer prior to its presentation to the seller
- Leaving the offer as it is
- Withdrawing the offer
- Reconsidering the fixtures, chattels, terms and conditions of the offer
- Advise on other considerations that could improve your position including:
- A term or condition that will compel the seller to deal with the offer at the time of presentation or face withdrawal
- A requirement that the seller does not disclose the price and terms to any other buyer or face withdrawal
Satisfying and Removing Conditions
If you included a financing condition, you need to confirm your financing with your lender before waiving this condition.
A home inspection is a professional opinion on the condition of a property based on a non-invasive examination of its features and components. The inspector will look at various things such as electrical, heating/air conditioning, roof and foundation. They will also attempt to determine if there are any moisture problems in the home. It is not unusual for them to uncover some problems. Having a discussion with your Realtor will help you determine if you are comfortable to move ahead with the purchase.
Condominium Document Review
When you're buying a condominium, you're buying into the corporation, a common property, and shared responsibilities. You want to ensure the condominium corporation is financially stable, managed well, and that the property is properly maintained.
Conditions Are Met
Once all conditions have been satisfied you can waive them and now you have officially purchased a home. Time to start packing!
How Much will it Cost?
Great news! In most cases, our fee is paid by the sellers. This means when you purchase a home you do not have to worry about our commission.
Other Fees to Expect
Condo Document Review
**These costs often vary and depend on the provider you choose**
Please let us know if you need any recommendations.