I hope that you have read my last blog post on the first 5 steps in the home buying process. Once you’ve read that you’ll be wondering what’s next? Here are the next five steps in the home buying process
Step 6
You’ve found a home that fits your budget, checks all the boxes of future needs and is in the perfect location. After writing an offer with your realtor that includes price, conditions, deposit and closing date, the document is presented to the seller. Now the seller will either accept your offer or may decide to counter your offer, so expect some negotiating back and forth.
Step 7
Having a home inspection is a great way to protect yourself from any costly hidden surprises. The offer might state that the home inspection is a condition before the purchase is final. Should repairs be needed you can then negotiate them with the seller before closing the deal, or you can legally withdraw the offer depending on the scope of the repairs.
When purchasing a new home, a home inspection is not usually required because the builder provides a home warranty. This will cover things such as the deposit, closing date, labour and materials for at least one year after the home is built. An additional warranty covers anything structural for a further 5 years.
Step 8
After the final approval on the mortgage, you should meet with your lawyer to complete details such as insurance, conditions and results of the title search.
Step 9
Time to prepare for your move! Give notice to your landlord, arrange to have utilities connected, get your mail forwarded, and hire movers.
Step 10
Closing day means a last visit to the lawyer to finalize payments and receive the deed and keys to your new home. Congratulations on being a homeowner.
As you can see, one of the first steps is understanding your mortgage options and sitting down with a mortgage agent before you make an offer. I have assisted many residents in the GTA with securing the keys to their dream home. Take that first step and book your appointment today with a mortgage broker in Brampton like myself.
