Whether you are a first-time buyer or not, deciding to own a home is a huge milestone! It’s an experience that is fraught with so many questions, variables and decisions that it can often be overwhelming for even the most seasoned real estate buyer.
To help you better understand the home buying experience, I’ve outlined eight key steps that you can expect when purchasing a home in Mississauga.
Step 1: Make the Decision to Buy
For most people, buying a home is the biggest decision they will ever make. It certainly is a very exciting time, but you must know all the facts first. When you decide to buy, make sure that a house purchase is a sound financial decision that fits your lifestyle and budget.
Step 2: Get Professional Guidance
Whether you are looking to buy or sell, you must get advice from a trusted real estate professional. Your realtor should act as your consultant and guide you through the entire buying process. This includes answering questions about your desired neighbourhood, understanding market conditions, being well-versed with local schools and so much more.
Step 3: Begin the Search
To begin the search, you should have a general idea about the type of home you want – detached, semi-detached, townhome or condo. Your real estate sales professional will then use all of their resources to find homes that fit your criteria and tour these properties with you.
Step 4: Finding your Dream Home
After you find your dream home, your realtor will draft an offer to the seller that is tailored to your needs and budget. If the seller accepts the offer, closing is usually held within 30-90 days from the offer date.
Step 5: Negotiate the Deal
The seller will likely submit a counteroffer. This should not discourage you. Your real estate sales representative will help you assess the counter offer and decide whether to accept it, submit another counter offer or reject the counteroffer and move on. Emotions can often get in the way of making good decisions and your agent will be prepared to make this step easy and stress-free.
Step 6: Arrange Financing
During the closing period, you will be working with your mortgage lender to obtain financing. Your real estate agent will also be involved in this step by gathering the necessary property information that the lender requires.
Step 7: Close the Deal
When you submit your loan application, you will be presented with closing cost estimates and the expected down payment. Your agent will review the closing cost estimate and provide you with an idea of how accurate the estimate is.
Step 8: Move In
The most exciting step in the home buying process is, without a doubt, moving day! Remember: a little bit of planning will help ease the pressure of moving. Your real estate agent can connect you with moving companies, painters and other contacts within their network of trusted professionals.
Your Mississauga Real Estate Sales Representative
If you are thinking of buying or selling a detached or semi-detached home, townhouse or condo in Mississauga, contact me, Deborah Clerk, Real Estate Sales Representative and Accredited Senior Agent (ASA) at Keller Williams Real Estate Associates, Brokerage, for more information.
I can help you through every step of the real estate process – from deciding whether or not to buy a house to submitting a winning offer on your next dream home!