Have you been thinking about buying your first home? Not sure what steps you need to take in order to achieve your personal real estate goals?
Look no further, MC Real Estate Group is here to give you a step by step guide on how to achieve your goals. You have already taken a massive step by reading this post!
STEP ONE: GOALS
It is important to identify and understand what your goals and intentions are. We need to fully understand the “why” when considering buying a property. Below are some questions you may want to consider?
Which area or neighbourhood do you most desire?
What are some must haves in a property or dealbreakers?
When are you hoping to have the home by? What is your timeline?
Do you have a home that you need to sell before purchasing?
STEP TWO: REALTOR
Selecting the right REALTOR for you is extremely important. Find a realtor that will work WITH YOU, be transparent and provide honest feedback are a few things you want to look for.
Here at MC Real Estate Group, we strongly believe that in order to have a successful transaction you must work with a realtor that has strong values in trust, honesty and transparency. The experience is all about YOU!
STEP THREE: GET PRE APPROVED
Not getting Pre-Approved is one of the most common mistakes. It is important to understand exactly how much you can afford so we can plan and strategies ways to help you obtain your real estate goals! By talking to a mortgage broker they can help offer a wide ray of services that fit your needs. Don’t have a mortgage broker? We can connect you to the right people!
STEP FOUR: HOME SEARCH
Now that you have established the first three steps – you can now begin the search. Your realtor will be actively looking and sending you properties that may fit your criteria and budget. Once you see homes that peak your interest, your realtor would then schedule showings for viewings!
STEP FIVE: VIEWING
It is time to start viewing properties. Your realtor will schedule showings individually or consecutively (buyer tour). By having a realtor attend the showings with you, it will ensure that the right questions asked and answered by the listing agent. Also their experience, knowledge and guidance on what to notice in a home will be a huge asset.
STEP SIX: PREPARE OFFER/NEGOTIATION
It is now time to write an offer for the property you like! There are many components to an offer that your realtor will guide you through. By writing an offer, the seller could accept, reject, or counter your offer. By having an agent, they can help you navigate you through this process all while having your best interest in mind. We will always be in your corner throughout the entire experience.
STEP SEVEN: REMOVE SUBJECTS
Dependent on your offer, it may be contingent on certain circumstances or conditions. For example, you may have Subject to Financing or Subject to Inspection. You would typically have a subject period of 7-10 days (this may vary), where you are able to do your due diligence on your subject terms. As your agent, we will advise you of which subjects we feel are necessary in your situation/scenario. If after everything is completed and you’re still happy with purchasing the home, we can then remove subjects and proceed with the transaction. At this point, the deal would be considered FIRM.
STEP EIGHT: PREPARE FOR CLOSING
Another common mistake for Buyers, is not budgeting the closing costs of purchasing a property. A few closing costs you must consider are; Property Transfer Tax, Lawyer/Notary Fee, Property Tax Adjustment, Hydro Account, Inspection, Appraisal, etc.
We always walk our clients of projected costs to ensure they can budget appropriately.
STEP NINE: MOVE IN
You have made it to the FINAL step. The moment you have been waiting for is here! It is time to move into your new property. Congratulations!
Have more questions about the buying process? Want to start your search for your new home? Let’s connect and create a strategic plan!
Thank you,
MC Real Estate Group
Melvin Chan PREC* | (778)-709-7018
Milton Chan PREC* | (778)-709-7016
Ethan Chan | (778)-985-8388