Before you start looking or considering buying a home, you must examine your finances. To purchase a home, at a minimum you need 5% of the purchase price as a down payment. Ideally, you want as large of a down payment as possible.

Before you begin searching for a house, make two lists: what you’re looking for in a home and what questions you have for a real estate agent. Consider the following for your home list: your budget, condo vs house, recently renovated vs fixer-upper, favourite neighbourhoods, what are your deal breakers, how long you plan to stay, your upcoming schedule/future commitments, etc.

Now that you know what you’re looking for in a realtor, it’s time to start booking meetings and deciding which one is right for you. Check out their google reviews and rate my agent page, read their bio and analyze their website, meet with them in person if possible, and go with your gut feeling.

Give all of your parameters, deal-breakers, and wishes to your realtor. They will refer appropriate MLS listings to you to review. It’s important to have good communication with your agent. If there are things that you love or hate about the listings, let them know. It will help narrow the search.

Submitting an offer can be an overwhelming process; there is a lot to consider and the risk of being disappointed. When it’s time to make an offer and negotiate terms, rely on your realtor and listen to their advice. They’re experts in the market and they want the best-case scenario for you.

If your offer includes terms/conditions and it’s accepted, you need to organize the requirements in the offer. This could be a home inspection, a financial clause, etc. All of these requirements have pre-determined deadlines and cannot be late. This stage can last from 5-7 days (give or take) depending on the conditions and the outcome of the conditions. 

It’s time to celebrate! The home buying process is done and you have your dream property. The seller will receive their payment and you will take legal ownership of the home. Collect the keys and get ready to move!