Almost Home

1. Location is Key
Proximity to family and friends, commute to work and overall neighbourhood safety are three important factors to consider. It’s also a good idea to consider the type of space you’re looking for. Are you looking for a place with a huge backyard (for all those fun barbecues in the summer) or are you more of a condo dweller? Lastly, you’ll need to consider the cost. You’ll be expected to come up with a down payment and closing costs, as well as manage a mortgage, property taxes and the upkeep of a home.

2. Get Help
Real estate agents are great assets as they find and show you the kind of houses you want, and act as a negotiator between you and the vendor. Secondly, you’ll need a mortgage broker to arrange your mortgages, usually at no cost. Because a broker has access to many lenders, you’re likely to get a lower rate than you would through a bank. Lastly, you’ll need to hire a lawyer to handle all the legal details of your sale (they’re usually involved once you’ve found a place).

3. House Hunt
Once you’ve drafted up a list of places, the next natural solution would be to go to the actual houses and check them out. Bring along a digital camera to take a snapshot of some of your fave places. And, don’t get discouraged if the first, second or even third aren’t to your standards. It took Weddingbells’ assistant editor Sara Duck and her husband over twenty houses before they found the one (which they’re loving!).

4. Offer Time
After you’ve found the home of your dreams, make an offer. If the asking price is fair, the bid should be close. With your input, your agent will draft an offer of purchase and then meet with the vendors and their agent to hammer out the details.

5. Money Talks
If you qualify, your mortgage broker or banker will base your mortgage on the selling price of the house, your down payment and whether or not you need more mortgage insurance. Once your finance is approved, your lawyer will handle all the legal fees and on the day the sale closes, you’ll receive the key to your new home!