Buyers
Your most important Purchase
Buying a home is one of the most important investments you’ll ever make, and it offers life-changing benefits. Beyond simply owning property, homeownership can be an “intentional investment,” providing a foundation for financial security, wealth building, and personal freedom.
The Freedom to Decide
When you own a home, you’re investing in your future. Homeownership allows you to build equity, benefit from property value appreciation, and enjoy potential tax advantages. If you’re currently renting, you might be surprised to find that you could afford to own a home and start building your own financial future today.
For first-time buyers, programs like the First-Time Home Buyer Incentive offer options to make buying a home even more accessible. Take your first step towards homeownership and experience the freedom and financial rewards it can bring.
Choose A Realtor®
Your REALTOR® will play a vital role in your home buying experience. The best REALTOR® will be a combination of a personal advisor, consultant and negotiator. Also, he/she will show you homes that match your criteria, guide you through the home buying process, negotiate the best possible price for your home and deliver your closing documentation.
Investigate Mortgage Options
Before you begin house hunting, it’s wise to secure a mortgage pre-approval. This gives you a clear view of your budget and mortgage options, so you can move forward with confidence. To get started, use the CMHC Mortgage Calculator to estimate how much home you can afford.
Build a Budget
Creating an effective budget is key to planning for your down payment and additional home-buying expenses. A well-structured budget helps you understand how much home you can afford and keep track of your financial goals. Get started with this budgeting guide from the Financial Consumer Agency of Canada to make the most of your planning.
Choose A Lawyer
Hiring a lawyer who specializes in real estate is essential. A real estate lawyer will review your offer to purchase, conduct a title search, and check for any outstanding taxes or liens on the property, ensuring a smooth and secure transaction.
House Hunting
House hunting can be a lengthy process, so it’s crucial to define your priorities in advance. Consider both your immediate needs and future plans as you think about your ideal home. While exploring properties, remember to evaluate not just the house itself but also the entire lot, the neighborhood, and the surrounding area. Pay attention to the proximity of essential facilities and services that are important to your lifestyle. This approach will help streamline your search and ensure you find a home that truly meets your needs.
Make The Offer
When you find your perfect house it’s time to place an offer! Your agent presents the offer to the seller. This document includes the price, conditions, deposit and closing date. Afterward, the seller either accepts, rejects or counters the offer (also called “signing back” the offer).
Home Inspection
Hiring an inspector is voluntary, but it’s a smart idea for resale homes. You can also choose to make your offer to purchase the home conditional on the outcome of your inspection.
What is a New Home Warranty?
New Home Warranties are typically used when you buy a brand new home. Additionally, the builder provides a New Home Warranty to cover things like deposits and completion dates, along with labour and materials for at least one year after the home was built. It also protects you against structural problems for a minimum of five years.
Finalizing The Deal
Finalizing the deal will include the final approval of your mortgage, and also a meeting with your lawyer to finalize details like insurance and conditions, and the results of a title search.
Moving Preparations
Before you move, there are several important tasks to tackle. First, arrange for utilities and services like phone, cable, and internet to be set up at your new home. If you’re currently renting, don’t forget to notify your landlord of your move. It’s also essential to forward your mail to your new address and consider hiring a moving company to assist with the transition. Preparing these items ahead of time will help ensure a smooth move to your new home. For more tips on making your move easier, check out this helpful guide: Tips for a Smooth Transition When Moving.
Closing Day!
This is the day you legally get possession of the house. Your lawyer completes the paperwork (so the home is in your name), payments are finalized and you receive the deed and the keys. Congratulations on your new home!
Buyers Guide
For Real Estate Buyers in Waterloo Region
Prepare for Closing and Moving Day
As you near the completion of your home purchase, it’s crucial to be thoroughly prepared for both closing day and the subsequent moving process. This stage can be both exciting and overwhelming, but with the right planning, you can ensure a seamless transition into your new home.
Begin by familiarizing yourself with the necessary steps and documents required for closing. This includes understanding the financial aspects, such as reviewing your mortgage agreement, ensuring all fees are accounted for, and preparing for the transfer of ownership. It’s also wise to double-check that you have all the essential documents ready, such as your identification, proof of home insurance, and any necessary disclosures.
Moving day itself requires careful organization. Consider creating a timeline that outlines when to pack, schedule utilities, and coordinate the moving truck. Make a detailed inventory of your belongings to keep track of everything during the move. Don’t forget to plan for your first night in your new home by packing a box with essentials like toiletries, clothes, and basic kitchen items.
Additionally, it’s beneficial to communicate with your real estate agent and lawyer to address any last-minute questions or concerns. Their expertise can be invaluable in ensuring that everything is in order.
For more resources and helpful tips on navigating this important phase, visit the CMHC Closing and Moving Day guide. This guide will provide you with additional insights to help you navigate the closing process and make your move as smooth as possible. With the right preparation, you can focus on what really matters—starting your new chapter in your new home.
