The Art of Buying
The Art of Buying Real Estate
Essential Steps for Successful Home Purchase
01
Establish a Budget
Before beginning on your property search, it is important to thoroughly assess your financial situation, including income, savings, and financing options, to establish a sensible budget that will guide your decision-making throughout the entire search process.
02
Mortgage Pre-Approval
Before beginning your property search, it is highly advisable to obtain a mortgage pre-approval. This will provide you with valuable insights into your borrowing capacity, allowing you to understand how much you can borrow and streamline your search accordingly.
03
Search for a Property
Now that you have your budget in place, let's work together to find the perfect property that aligns with your specific needs and preferences.
04
View Properties
Once you have narrowed down your property options, it is important to schedule viewings to assess factors like the condition, location, amenities, and potential repairs or renovations, so that you can gather all the necessary information for an informed decision-making process.
05
Make an Offer
When you come across a property that catches your interest, we will work together to determine a fair price based on market conditions and sales data. This will prepare us for negotiations with the seller to reach an agreement on the final price and terms.
06
Make a Purchase
After your offer is accepted, you will proceed with inspections, financing, legal collaboration, document signing, and payment to complete the property transaction.
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HOME BUYER'S GLOSSARY
AMORTIZATION PERIOD
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
APPRASIAL
The process of determining the market value of a property.
CLOSED MortgageS
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
MORTGAGE
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
Term
The period of time the financing agreement covers. The terms available are; 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
Neighbourhood News
Don't overlook the importance of the neighborhood when buying or selling a home, as it can significantly affect your quality of life; click below to stay informed about the latest trends and data in your desired neighborhood.
Find A home
Begin your search in the real estate market and let me assist you in finding the one property that you will proudly call home.
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
CENTURY 21 Heritage House Ltd. Brokerage
INFO & SERVICES
CENTURY 21 Heritage House Ltd. Brokerage
515 Riverbend Dr., Unit 103, Kitchener, ON N2K3S3
(519) 570-4663
INFO & SERVICES
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