Buying a Home: Steps to Success
Finding your ideal home doesn't usually happen in one or two days: finding a perfect home for you and your family takes time, and working with skilled professionals will ensure the buying process happens smoothly and efficiently. As a general guide, we have outlined below the main steps you should take when buying a home from an initial consult with a Medicine Hat area REALTOR® right to closing day.
Choose A Medicine Hat area REALTOR®
A Medicine Hat area REALTOR® can assist you by answering many (if not all) of your questions and provide guidance and advice throughout the entire real estate buying process. Start by finding a Medicine Hat areaREALTOR® through our Find a REALTOR® search tool. Remember to spend enough time researching, interviewing and comparing services prior to selecting the right agent for the job. It’s important that you feel comfortable and confident with the agent you select.
Identify Your Needs and Wants
The first obstacle is figuring out what kind of home you are looking for. Everyone has specific needs that have to be met when it comes to purchasing their next home, and everyone also has "perfect world" wants – things that aren't "deal breakers", but are "nice to haves". Start by writing down your needs and wants in separate columns so you can see clearly what your requirements are in a home.
Figure Out Your Timeline
It's important that both you and your REALTOR® understand your timeline for buying a home. Are you relocating for work and need to buy a home quickly? Perhaps you would like to move over the summer and be settled by the fall so as not to interrupt your child's school schedule. Or perhaps you have no specific external constraints on your timeline, and can be more flexible. By understanding your timeline, you and your REALTOR® will work together more efficiently.
Find Out What You Can Afford – Mortgage Pre-Approval
There is no point in viewing homes that are out of your price range. To determine what you really can afford, a mortgage pre-approval is generally recommended. A Mortgage Specialist can determine your "home purchasing range" and determine the best mortgage rates. This is also important when it comes to making offers on homes: if you've already been pre-approved for the price you're offering, the seller will know you're a serious buyer.
Now for the fun – start searching for your next potential home! You can start searching through all the Medicine Hat MLS® System Real Estate Listings here. Alternatively, your Medicine Hat area REALTOR® may provide direct access to listings on their personal website or set you up with Real Time Listing notifications directly to your e-mail. Once you have chosen some homes for viewing, your REALTOR® will be able to book the appointments and showcase the benefits of each homes potential.
Found The Home – Write The Offer
Once you find the right home and make the decision to purchase it, you’ll want to move quickly. Your Medicine Hat area REALTOR® will work with you to write an offer that matches your terms and ensures that all the conditions you require are included.
Listing Presentation and Negotiation
Most people list their homes expecting to negotiate. Knowing a property’s selling time on the market and neighbourhood prices is valuable when negotiating. Your Medicine Hat area REALTOR® can assist you through the entire buyer experience making sure you have all the information at hand to make the right decisions so you get the best purchase price for your home.
Once The Offer Is Accepted
Once your offer is accepted and all conditions have been met, the offer becomes binding on both sides. Before signing, always make sure you understand and agree with all terms of the offer. Before the property can formally change hands, there are still a few things to do. Your team of professionals including your REALTOR®, Mortgage Broker, and Lawyer will be able to walk you through the steps required to be prepared for possession day.
Once the keys to the front door are in your hands, there's nothing else to say, except welcome home!
The comments contained on this page are for informational purposes only and do not constitute legal advice.