First Time Buyers
Our Step By Step Process
Let's Go Through The Steps
If you are reading this, it’s safe to say that you are likely thinking about buying your first home. Firstly, congratulations! This is a huge accomplishment and something to be very proud of. While the home buying process is one to celebrate, it can feel a bit overwhelming at the same time.
This is the biggest investment that most people make in their life which means it’s highly important to follow the proper steps to ensure you make an informed and educated decision that aligns with your current and future goals, as well as your lifestyle.
See below for steps to get the ball rolling!
Prepare To Buy
One of the first steps (which you likely have already taken) is asking yourself if you are ready to purchase a home and what kind of home suits your lifestyle the best.
For example, a single family home requires much more exterior maintenance than a townhouse or a condo. If you aren’t sure what style of home would work best for you, ask your REALTOR®! At River Valley Realty, our lives revolve around real estate so yours doesn’t have to.
We are here to help guide you and answer any questions you may have about the responsibilities and pros and cons of different types of properties.
Plan Your Finances
Sometimes people think they don’t need to talk to a mortgage broker until they have a contract drafted up but that couldn’t be further from the truth!
Creating a relationship with a mortgage broker can be a powerful tool for your financial planning and saving strategies. A good mortgage broker can help you understand where you are at and how you can get to where you want to be.
This is often called being ‘pre-qualified’ and is a great way to get the ball rolling. Example: John and Jamie know a home with the elements they want to buy is around $400,000; however, Jamie still has 6 months of her car payment left to pay off.
A good mortgage broker will take all of that into consideration and will give Jamie and John options as to how much they can afford now and how much they can afford when the car is fully paid off.
Find A Realtor®
Find a REALTOR® who you like. This can be a difficult conversation if your Uncle Bob still carries his real estate license, but overall, its important to find a REALTOR® who you feel represents you best and places a high value on your best interests and goals. Communication preferences, negotiation skills/techniques, and accessibility are a few elements to consider when starting a relationship with a REALTOR®.
The part everyone has been waiting for! Once you have chatted with a mortgage broker and have found an agent you trust, it’s time to start looking at houses! Prior to viewing homes, its important to do some online research and reflecting on the ‘must-haves’ and the ‘would-be-nice-to-haves’.
Remember you are a buying a home for the location, the yard, the structure of the home, and the condition. Cabinets can be painted or replaced, carpet can be replaced, paint can be painted over – keep your eye on the prize and recognize things that can and can’t be changed and the importance of those items to you.
Offers & Negotiating
Once you’ve found a home you love, it’s time to write an offer!
Your REALTOR® will guide you and use various information to help formulate your offer. They will take into consideration homes recently sold in the area and how much they sold for (comparable sales), how many days the home has been listed for, the condition of the home, how many offers are on the table (if you are in a multiple offer situation), and they will also keep your situation and motivation to move in mind.
Every situation is unique – the sellers are selling for a specific reason, and you are buying for a specific reason. Do your best to keep your emotions at bay when negotiating and lean on your REALTOR® for support and guidance during this time.
If you are able to come to an agreement on the price, possession, conditions and inclusions – congratulations! You are now considered, pending!
The pending process is generally a two week period (sometimes less depending on the situation) that will allow you to get your FIRM mortgage approval in place and to allow you time to get a property inspection. A property inspection is a highly recommended condition that acts as a safety net to you.
There will likely be things that come back on a property inspection, but don’t let that deter you from wanting the home. The intention of a property inspection is to allow you to understand the true condition of the property and what you can expect for costs and maintenance over the next few years.
Removal of Conditions & Possession
If you are able to meet the conditions you laid out in your offer contract, congratulations!
You can officially ‘waive conditions’ and the house is now SOLD to you! Your REALTOR®, lawyer, and mortgage broker will assist you through this last portion of the process.
If you’re ready to take the first step towards achieving your real estate goals, don’t hesitate to contact Ross Storoshenko and his team at River Valley Realty. With years of experience and a deep understanding of the local real estate market, Ross is dedicated to providing his clients with the highest level of service and expertise to help them make informed decisions about their investments.
Whether you’re looking to buy, sell, or invest in real estate in Edmonton or the surrounding areas, Ross and his team have the knowledge and resources necessary to help you achieve success.
So why wait? Contact us today to schedule a consultation and start your real estate journey with River Valley Realty.
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