There are eight basic steps involved in buying a home.
- Make the decision to buy: . Home ownership is the best investment most people ever make and, if done correctly, lays the foundation for a life of financial security and personal choice.
- Hire your Agent: Using an agent costs NOTHING for a Buyer. Commissions are paid by the Seller. It is the responsibility of your real estate agent to expertly negotiate on your behalf, to manage the professionals involved, the paperwork and the deadlines and to trouble-shoot. Your Agent will act as your advocate and your interests throughout.
- Secure financing: If you pay rent, you can likely afford to buy. While you may find the thought of home ownership thrilling, the thought of taking on a mortgage and such a large financial commitment may be downright chilling. Your agent will lead you through the steps of securing financing.
- Find your home: Carefully assess your values, wants, and needs, both for the short and long term. Your agent will walk you through a series of questions to be answered in order to zero in on the perfect home for you – and one you can afford to buy.
- Make an offer: You need to approach this process with a cool head and a realistic perspective on your market. This is where the experience of your agent really comes into play.
- Perform due diligence: Once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important. The property inspection ensures that you know exactly what you’re getting into before the final commitment. Don’t sweat the small stuff! Things that are easily fixed can be overlooked.
- Close: The final stage of the home buying process is the lender’s confirmation of the home’s value and legal status, and your continued credit-worthiness. Again, your agent will lead you through this process. On closing day your lawyer will finalize your mortgage, pay the seller, pay your closing costs, transfer the title from the seller to you, and legally record the transaction.
- Protect your investment: Make sure you maintain your home in order to protect the long-term value of your investment. Keep in touch with your agent and continue to make use of their expertise and knowledge.
I believe the most important thing you can do once you have made a decision to buy, is to interview a few agents and find the one, with experience and a track record, you are most comfortable with. I do hope I am that agent!
From Kris' Blog
What a year it was! The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2017 was 17,083 vs 15,526 in 2016, an increase of 10%. Residential sales volume was up 16% and the condo market up 22% increase in the number of units sold. Average 2017 residential sale price was $425,063, an increase of 6.8% over 2016, while the average condominium sale price was $269,903, an increase of 3.4% over 2016. For the month of December, members of the Ottawa Real Estate Board sold 771 residential properties through the Board’s Multiple Listing Service® System compared with 711 in December 2016, an increase of 8.4%. The 5-year average for December sales is 687.The average sale price of a residential class property sold in December was $434,098, an increase of 3.4% over December 2016. The average sale price for a condominium class property was $255,335, a decrease of 3% from December 2016. December saw an increase of 8.4% in the number of units sold in residential sales and 25% in condo sales. This could very well be attributed to the changes in the mortgage qualification rules implemented January 1, 2018. Since every area is different, if you are thinking of buying or selling, please do give me a call. And – don’t forget those referrals – they are a huge contribution to the success of my business. Kris...