There are a number of things you can do to simplify this,
including setting your financial parameters, targeting
potential neighbourhoods and defining the desired features in your next home. Make a “wish list”!
How many bedrooms and bathrooms do you need? Do you need a garage? How about schools and proximity to work? A single home dwelling or a condo?
Once your list is complete, decide what is most important to your lifestyle.
Then it's location, location, location!
Your choice of location may be limited somewhat by your budget. Make sure you consider such things as distance to work, schools, shopping and entertainment.
The next consideration is the type of property you want. A single-family detached home ... it typically provides more living space and land.
On the other hand, a condominium may be a more appropriate choice for maintenance-free living.
Once you have selected a property, consider the following technical aspects of the home:
what type of wiring does the house have?
what about power outlets? Different appliances use different types.
what type of heating system does it use, gas, electric?
what about the roof and foundation?
what condition are the windows in?
what about the plumbing?
Having a qualified home inspector look at the house is a good idea. Home inspection services can save you time and money in the long run.
Work with a Realtor to develop an offer on the home you have chosen. You can also propose some conditions on the offer.
Some common types of conditions are:
getting a suitable mortgage/pending financing.
the sale of your current house
the seller providing a current survey
a title search (your lawyer will check this out )
you may wish to make the purchase conditional on an inspection by a qualified home inspector
any inclusions - basically, what stays and what goes.
You will need to present a deposit along with your offer.
After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Make sure you understand and agree with all of the terms of the offer before signing.
You may also have to pay:
a mortgage Broker's fee:
an appraisal fee;
surveying costs (if the seller couldn't come up with a current survey); and,
a high-ratio mortgage insurance premium.
an interest adjustment.
As well, you must also pay any legal fees, and, if applicable, any Realtor fees. Be prepared to furnish proof to your lender that you have insured your new house.
On or before closing day, your lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or
outstanding legal fees.
Finally......you will receive the keys to your new property..... welcome home!
* This is a general guideline for buying a home, please check with your local authorities for exact or specific information. *
