How To Buy A Property In 14 Steps

When it’s time for you to buy your next real estate property, there are a few thinking-steps that one must follow in order, to assure maximizing on their investment. These steps are as followed:

  1. Deciding to buy (As simple as it sounds, making a firm decision would help and benefit you in two measurable units: Time and Dollar)
  2. Finding, Interviewing and Hiring the Right Realtor® (The right realtor will show you prospective properties that actually match your criteria, negotiate the purchase contract, co-ordinate his/her qualified partners to arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing. In other words, take care of everything you need, from start to close and beyond.)
  3. Securing Financing (While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment.)
  4. Searching for and Viewing Properties (You may think that shopping for homes starts with jumping in the car and driving all over town. And it’s true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long – if weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms.)
  5. Choosing the Right Property (Choosing a property out of all of the properties you’ve seen could be frustrating and confusing. You and your realtor need to do a detailed review of your needs and wants and desires for each property.)
  6. Inspecting and Performing due diligence (Unlike most major purchases, 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.)
  7. Calculating Costs (It’s very important to know what your cost of buying and maintaining would be before you make your offer. Therefore you and your knowledgeable real estate consultant have to make sure to consider all costs before attempting to purchase.)
  8. Making Offer (When searching for your dream home, you were just that – a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies or “conditions” in Canada.)
  9. Negotiate (This is one of the most important attributes and skills that your realtor has to bring to the table. Your realtor is hired to negotiate on your behalf and protect and represent your best interest throughout the negotiations – make sure they are an incredible negotiator.)
  10. Pack (Packing could be overwhelming and exhausting. Some organizational tips and methods could help a-lot.)
  11. Close and Take Possession (Taking ownership, working closely with your mortgage broker and real estate lawyer would assure successful closing and transfer of ownership.)
  12. Upgrading* (Most of the times, the right property doesn’t mean the perfect property. Perfection comes after upgrading and customizing and designing according to your own taste, preference and budget.)
  13. Stage (Your new property most likely won’t have the same layout as your previous place of residence. Sometimes having a professional helping you stage your new home would go a long way.)
  14. Protecting Your Investment (Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch.)

 

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