Steps in Buying a Home:

1) Wants Vs. Needs – The first step involves determining your wants and needs.  Things you need to think about and consider are when you want to move, where you want to live, what size of home you need and what type of home.

2) Selecting a Real Estate Agent – Buying a home is probably the largest financial investment you will make so it is important to have a professional working for you.  When purchasing your home you will enter into a legally binding contract and your realtor will help ensure that your interests are protected.  The most important things when selecting a realtor is making sure you trust and are comfortable with them. 

3) Determining What You Can Afford – Before you start looking you want to be pre-qualified.  This will determine what price range you are able to afford and the amount of financing required.  Most Mortgage Brokers and Banks will also hold an interest rate for you. This is especially important if rates are on the rise.  They will typically hold a rate for about 90 days.  Your Realtor will be able to help refer you to someone that can help with this process. 

4) Searching for Your Dream Home – Finally you can start looking for your dream home or at least as close to it as you can afford!  Your Realtor can help you with finding the available homes on the market, sometimes the home you are looking for is not actively advertised on the market and it may take some investigation from your Realtor to find the available properties.  Your Realtor can also keep you up to date on the new properties that are coming available.

5) Choosing Your Home - Your main job in this whole process is to make the final selection of the right property for you. One thing you need to consider is your wants versus your needs.  You probably won’t find a home that fits everything you want and need in a home and you will need to determine what you are willing to compromise on.  Emotions run high during this time, and your Realtor can offer you informed objective information about the properties that you are considering. Your Realtor spends their day dealing with all aspects of property and their advice can be invaluable.

6) Finding a Lawyer/Notary – It is very important to find a Lawyer or Notary to help with the closing and conveyance of the property.  Having a professional selected ahead of time will help take some of the stress out of the buying process.  Your Realtor can help by referring someone to help with this process.

7) Making an Offer – Now that you have found the perfect home you can make an offer.  There are many things to consider when making an offer.  The terms might include price, possession date, inclusions or exclusions.  The next thing to consider is the conditions like financing, home inspection, whether you need to review the strata documents or title certificate. 

8) Negotiating Your Offer - Once you have made your offer the Seller has 3 choices.  They can accept it, reject it or counter it.  This is when the negotiations (if any) start.  Once you and the Seller have reached an agreement you have a conditional offer. 

 9) Financing Your Home – Since you are pre-qualified this step should be easy.  Many people mistake being pre-qualified with being approved.  The bank will still need to approve the purchase.  Your Realtor can help by making sure they have all the documents they need relating to the house.  Your role will be to make sure they have all the documents pertaining to you that they need.

10) Inspecting Your Home – This is a very important step.  Many people want to skip this step to save money however Home Inspectors can you save a lot of money by helping you determine any repairs that are needed.  When selecting a Home Inspector you want to use someone who is a member of the Canadian Association of Home and Property Inspectors - http://www.cahpi.bc.ca/.  You also want to make sure that you do not choose one who does home renovations or repairs and this is a conflict of interest.  Your Realtor can help recommend a qualified and responsible Home Inspector.

11) Removing Your Subjects – This is the point of no return; once your subjects are removed you now have a firm deal.  This is when you can start making your plans to move.  Some things you will need to do are arranging a moving truck/company and transfer the utilities. 

12) Deposit – Your deposit forms part of your purchase price.  Depending on the terms of your contract it may be paid right away, upon subject removal or in some cases some right away and it is increased on subject removal.  This is paid into a trust company; usually your Realtor’s company, and then transferred to your lawyer or notary for completion.

13) Completing the Deal – This is the last step before moving in.  This is when you pay for your home and sign the last of the paperwork.  You will need to sign your mortgage documents and the transfer of title documents.  Congratulations! You are now a homeowner.

14) Moving In –Your moving day has arrived.  This is typically 1 to 3 days after completion.  Your Realtor will meet with you to give you your keys and walk through the property.  It is always a good idea to have your Realtor with you in case something is not as it was agreed in your contract. 

Next step… unpacking!