BUYING A HOME IN SUDBURY: STEP BY STEP GUIDE

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Buying a house can be a scary thing. It is often the largest purchase of a personas life. Usually spending hundreds of thousands of dollars. It can certainly be stressful. Especially if its your first home, you might be wonder what you should expect during a home buying process. Well I took the time to explain each step is detail! If you have any question at any time about anything I wrote please contact me or leave a comment and I will try and answer as quickly as possible! Well here it goes.

 

Step 1 – Make the decision

First step is always to make a decision. It can be a difficult decision because it is a long rigorous process. Weather you are currently renting and want to buy your first time home, upsizing or downsizing it is rarely a quick and painless process. So if you are ready to do so read on for the next steps.

 

Step 2 – Find your budget  

This is an important step. There are many ways to figure out your budget. Basically what are you willing to pay a month for your house. A rule of thumb is your mortgage plus all your other debt payments (Not including utilities) should not be more than 40% of your income. You will be making these payments for a long time so make sure you are confortable with the price you are willing to pay. There are also additionnal costs to buying a house that you may not be aware of. See link below for a Table of those Costs.

Here is a 1 page PDF of the ALL the costs involved in buying a home in Sudbury – TABLE OF ESTIMATED BUYING COSTS IN SUDBURY

Step 3 – Pre-Approval Financing

Going to see a mortgage specialist or a bank will save you a lot of time and worry. You want to shop around for the best place to get a mortgage. There are 3 main questions to ask the mortgage specialist that will help you make your decision.

  1. What interest rate do you offer?
  2. What are your costs to get out of a contract?
  3. Do you get charged for making pre-payments?

 

Once you find the right mortgage specialist weather it’s a bank or a through a mortgage broker you should get a pre approved mortgage. This means that your mortgage lender basically give you a price point at which they are willing to lend you money once you find your home. A pre-approval is important because one of the leading causes of real estate deals falling through are due to financing. Also, having solid financing in place gives you more power of negotiation when you decide to put an offer on a house because the sellers see it as an offer that is less likely not go through.

 

Step 4 – Find a Realtor

Having a knowledgeable Realtor is very helpful. They have access and give your information about each step of the home buying process. The best tool that realtors have access to is the Multiple Listing Service (MLS). They get an updated list everyday of the newly listed home before they are available to the public. A good realtor will know exactly what each of his clients are looking for and if a home that fit their criteria he will let you know as soon as possible. Here are a few questions to ask when choosing a Realtor.

 

  • What kind of technology are you using to best serve me as a client?
  • How well do you know the area in which I am looking to buy?
  • Can you share any references?

If you you would like to consider me as your Realtor please Contact me.

 

Step 5 – Viewing homes

This is probably the most fun part of the home buying procedure. Driving to different homes and using your imagination to see if any of the homes fit your family and lifestyle. Having a good Realtor is important for this step because they provide a lot of neighborhood and value knowledge. They have access to listings as soon as they hit the market.

 

Step 6 – Writing up an offer/negociating price

Once you find a home that suits your needs and is within your budget the next step is to write and submit and offer. You need to have a strategy going into an offer. A lot of different aspects are taken into consideration. Are there other offers? How long has it been on the market? What kind of upgrades does the house need? The conditions can also be a determining factor in weather or not your offer is accepted. There are a set of conditions that are included in almost any deal. This is something your Realtor will explain to you before submitting the offer.

 

Step 7 – Find a lawyer

Each party to a transaction needs a lawyer. As the buyer, your lawyer ensures that there are no discrepancies on the Title of the property. They will also deal with the Lendor of your choice for the transfer of funds. There are certain lawyers that specialize in Real Estate Transactions. They can also be expensive so I would recommend asking your Real Estate Agent who he recommends if you don’t have anyone is mind specifically.

 

Step 8 – Fullfill Conditions

As I stated above, most offers are subject to certain conditions before a certain date. Two common conditions are: Home inspection and financing. For the lawyers to go ahead and complete the transaction the buyer needs to give a notice of fulfillment waiving each clause. Then you are on to the final stretch!

 

Step 9 – Complete the paper work

Once all the conditions have been lifted the lawyer will have you come into his office and sign paper work for the transfer of deed and the transfer of funds! On the day of closing of the following day you will receive the keys to your new house! How exciting! Now there is only one step left!

 

Step 10 – Move In!

Last step of the process. It is time to move in! If there is anything you want to repair it would be best to do so before you move in all your things to not get them dirty or broken. Another reminder would be to call to get your hydro, water and gas transferred to your name!

Now sit back and enjoy your new home!

IF you need more of an explanation for any of the previous steps please send me a message or leave a comment! If you found this helpful share it with your friends and familly!

 

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