07 Oct Steps to Take When Buying a Home in Today’s Market
Steps to Take When Buying a Home in Today’s Market
With Canada’s central bank making its a third cut to its overnight lending rate this year, and the potential for further rate cuts, now is a good time to review the steps to take when buying a home. If you are thinking of purchasing, you don’t want to wait too long to purchase and be in the same time frame as many other buyers who have also been waiting for the economy and inflation to change.
Register with a Realtor®
An experienced Realtor® will explain and guide you through the process and steps. They will also set up a home search so that you will receive all new property listings that match your home search criteria. Working with an experienced Ottawa real estate agent who knows the neighborhood(s) where you’re most interested in living will help your search go smoothly and efficiently. We can also help with a new build home with one of the many Ottawa builders.
Know Your Financing Options
Speak with your mortgage broker and bank to get a mortgage pre-approval and steps to take to ensure you are financially prepared. From deposit, down payment, inspections, appraisals, closing costs, land transfer costs, moving/storage, all should be factored into your budget. This will make obtaining the formal mortgage approval easier after you have an accepted offer on a property. If you are a first time buyer, ask us and your mortgage broker about government grants and programs that you may be eligible for. There has also been some recent changes in mortgage rules allowing 30 year amortizations on insured mortgages (effective Dec. 15,2024) for first-time homebuyers and those purchasing new builds.
Closing Costs – Budgeting for Your Home Purchase
When budgeting for your home purchase you will need to include costs at the time of purchase and costs at time of closing. There are also different costs to plan for when buying new construction. See Budgeting for Your Home Purchase for a summary of the costs.
Understand the Changes in Ontario Real Estate Services
Read the Real Estate Council of Ontario (RECO) Information Guide. and learn more about the Trust in Real Estate Services Act (TRESA) and working with a real estate agent.
Understand the Language and Terms
Understand the language and terms of an offer to purchase a home or condo and the associated forms so that you are ready when the time comes. Ask us for a copy of the blank forms so that you can read them and ask questions.
Select a lawyer
It is equally as important to select a good real estate lawyer who represents your best interests in the closing of the deal. Your lawyer will help with multiple aspects of both buying and selling real estate. As part of the purchasing process you will wan to make sure everything is in place to send to your lawyer i.e, Insurance, Preapproval letter, Agreement of Purchase and Sale and any other relevant documents for the closing process. Ask your lawyer about title insurance.
Whether purchasing or selling a home in Kanata, Stittsville, Barrhaven and greater Ottawa we are here every step of the way to guide you through all of the different stages. We are always happy to assist and answer any real estate questions you may have!
Feel free to Contact us