Buy Your Home With Us
To buy a home, you need to be prepared and Peter Gain PREC* and his team are here to help you. First, define your needs and wants by making a list of the things you simply can’t live without, like the number of bedrooms and bathrooms your family needs, proximity to schools and work, or storage needs. Then, list some nice-to- haves: maybe a pool or a deck, a finished basement or a mud room.
This will help you further down the road when you start looking at homes. Second, learn the difference between freehold (it’s all yours), condo (you take care of the inside and pay fees to an association to look after the common areas and maintenance) and co-op (similar to condos but instead of “owning” your unit, you buy shares in the whole building and pay maintenance and repair fees).
Step 1: Deciding to Buy
To buy a home, you need to be prepared and Peter Gain PREC and his team are here to help you. First, define your needs and wants by making a list of the things you simply can’t live without, like the number of bedrooms and bathrooms your family needs, proximity to schools and work, or storage needs. Then, list some nice-to-haves: maybe a pool or a deck, a finished basement or a mud room. This will help you further down the road when you start looking at homes. Second, learn the difference between freehold (it’s all yours), condo (you take care of the inside and pay fees to an association to look after the common areas and maintenance) and co-op (similar to condos but instead of “owning” your unit, you buy shares in the whole building and pay maintenance and repair fees).
Step 2: Understanding the Finance
Like many things in life, planning ahead is the key to success. So, you should know the price range you can afford before you start shopping. Knowing what you can afford comes down to 3 factors: your down payment, your monthly mortgage payment and the amortization period or length of time it will take to pay off the loan. The downpayment is a percentage of the total cost of a home that you’ll need to pay. The more money you put down, the more money you’ll save on monthly payments and, in the long run, the interest. And lastly, getting your financing pre-approved will dictate what you can spend on a home, because you’ll know what you can afford before you start shopping. Plus, you’ll be protected against rising interest rates as well!
Step 3: Finding Your Home
So now it’s time to get out there and find your dream home. Most people start off by having a neighbourhood in mind, but Peter Gain PREC and his team may suggest options that you may not have thought of. Be sure to choose the right neighbourhood by deciding whether you need to be close to schools, public transit, highways or where you work. Those can be huge factors when choosing an area to live. And let’s not forget proximity to other amenities like parks, grocery stores, doctors and recreational centres. Peter's team will arrange viewings of properties you are interested in, and also provide access to exclusive properties you may not know about. And with a detailed Comparative Market Analysis (CMA), you'll get to see what property values in the area are, and how they’ve changed over the years. When Peter finally finds the home you can see yourself living in, it’s time for the next step!
Step 4: Making an Offer
You’ve fallen in love. But it’s important that you don’t let your emotions get the better of you when making an offer. Remember, real estate is your biggest investment. Fortunately, the Peter Gain PREC is there to help you put together an Offer to Purchase and discuss all the details. Remember that not all offers are the same – the main factors with most offers include price, deposit, terms (which includes financing details), conditions, specific items that are included or not with the home and the closing date. From there, you can decide if you’re willing to buy the home exactly as it is. Or, you could make the offer “conditional” to things like a home inspection, approval of financing or the sale of your existing home. Negotiating may come into play – the seller will either accept your offer, reject it or make a counter offer based on things like price, closing date or other conditions. Once your offer is accepted, the removal of the subjects comes next, along with providing the deposit. Your lawyer will handle all of these details while you arrange to have your hydro, cable, and other services moved over. Then it's all about hiring movers and starting to pack!
Step 5: Closing Costs & Moving In
Closing day is the day you officially take ownership of your new home. It’s an exciting time for sure. But there are a couple of details you need to keep in mind before you get handed the keys, and these involve what are called “closing costs.” These fees need to be paid by or on the closing day and include mortgage application fees, inspections, legal fees, insurance, registration and more. All these costs might make your head spin. But you can take solace in the fact that Peter and his team will be a great help in managing all of this. Then, moving day has arrived. And although there’s bound to be a bit of sadness about leaving your old home behind, there will be just as much excitement about moving into your new home. We’ll work with you to ensure a smooth move, and to make sure that you’re settled in quickly so that you’re enjoying your new home.Let's Find Your Dream Home
Finding your dream home is the best part of deciding to buy. And, we can help you get started! Peter and his team have a wealth of knowledge and the best neighbourhoods and places to live in the Tri-cities area, so send us your wishlist of what you’re looking for, and we’ll be in touch. All it takes is a few quick minutes to complete and submit the form below, and your dream home search is on its way!