The Buying Process Broken Down - Here's what to expect!

So, you’ve made the decision to buy a home and now you’re wondering what the next step is. Buying a home is a huge investment (to say the least), so taking all the right steps to make sure you choose the perfect home for you and your family is key. Here are some of the most important things to keep in mind when you are about to make the biggest purchase of your life.

Know Your Budget
A thorough understanding of your financial standing is a crucial first step in the home buying process. Determining your fixed monthly expenses and how much of a down payment you are able to set aside will guide you to defining the appropriate price range for your new home. Using a household budget calculator can help identify the size of a monthly mortgage you will be able to afford. Our team can also help with determining your budget and connect you with a mortgage specialist that will work to pre-approve you for a suitable mortgage loan.

Here’s a blogpost I wrote a few months ago on how to improve your credit.

Your New Home Needs
The reasons which triggered your home buying decision are ones that need to stay top-of-mind throughout your quest to find the perfect home. Maybe you need more space for a growing family, or maybe you decided to relocate so that you’re closer to certain amenities that are important to your lifestyle? Whatever the case, don’t let those main reasons become overshadowed. Working with your realtor to create a ‘wish list’ of features that you hope to include in your new home will also make your house hunt a whole lot easier. Include even the smallest details on your list of desirable features (tile backsplash, double garage, walk-in closet, close to schools, etc) and you can be sure that nothing will be overlooked when reviewing your new home options.

The House Hunt
Once you know exactly what characteristics you are looking for in a home, the search can begin! For many, this point of the home buying process is overwhelming and even exhausting. However, this is the stage that an effective realtor can make your life a whole lot less stressful. Our team will be able to search through thousands of listings and tailor select the best home options that fit your needs. This will save you significant time and allow you to focus more of your energy on exploring the details of your potential new home. Visiting our website’s featured listings page is another great resource during this phase of your home buying journey.  

Making The Offer
When you find the home that meets all your needs, it’s time to make an offer that turns your dream home into a reality! Our team has the experience and knowledge to put together an offer that respects your budget and also clearly outlines all the legalities involved – this includes any conditions, closing date and the deposit. There may be additional negotiations involved after this step if the seller returns with a counter-offer; however, our team will be there to represent your best interests at all times.

It’s always important to have a professional inspect your potential new home before the sale is final. An inspection will ensure your prospective new home doesn’t have any unexpected issues or concerns, which may not be visible to the untrained eye. It also provides peace of mind – something that is extremely valuable when making a purchase that is as significant as a home!

Signing The Dotted Line
Your offer has been accepted and your new home has passed its inspection. Now, it’s time to sign on that dotted line and make it official! At this stage your mortgage advisor will finalize your mortgage documents and a lawyer will walk you through all the legal documents that need to be approved. Our team will be here to help along the way with any questions you may have and make sure this process goes as smooth as possible.

Moving Preparations
The big day has been set. Your possession date is now confirmed, so moving preparations should be getting underway. There’s a lot of details that need to be completed before you move into your new home! Some of the most important things on your to-do list will include:

  • Transferring utilities to your new address

  • Forwarding your mail

  • Lining up a moving company

  • Notifying your landlord (if you were previously renting)

Keys To Your New Home
Possession day has arrived and you’ll have received the keys to your new home. At this point, your lawyer will have transferred your new home to your name and completed all necessary paperwork. Buying a new home is one of the most rewarding moments in someone’s life, and our team will be by your side until you happily have the keys to your new home!

Ready to take the plunge? Call me, Chris Proctor, at (780) 709 0811 and let's get started!

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Chris, thank you for the Great Job you did selling my condo. Your service and professionalism are exceptional. Chris’ marketing is great, he managed to bring multiple offers and did a great job negotiating the best of the lot. Chris also did a great job dealing with nightmare tenants, as I live in a different city. Thank you for all of the extras Chris and I will definitely recommend you to anyone I know selling in Edmonton.

- Erika Worger

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