Buying a house isn’t always easy, it can be a long process and it helps to have someone with the knowledge, and experience to help you through. Here at Sea & Ski Realty, we work together as a team to find the right house for you. We get to know you and what you are looking for as a buyer and tailor a buyer plan specific to you and your needs. We also take the time to educate you on the current market so you know what to expect when looking at properties and decide to make an offer. We help you through every stage of the process from looking at properties till even after you’ve bought the property but still might have questions about the area or house.
Process of Buying a Home
Create Your Wish List, and Find the Right REALTOR®
1. Determine your wants & needs, and what you are willing to compromise on
2.Decide where you want to buy a home and explore different neighborhoods
3. Meet with a member of the Sea & Ski Team
Read more about finding the right neighborhood.
Read more about picking the ideal town.
Read more about kid-friendly neighborhoods.
Read more about determining your readiness to buy.
Determine Your Budget
4. Check your credit history to see if it could affect your mortgage approval
5. Meet with a bank or mortgage broker to see how much you can afford to spend on a home
6. Make sure you have enough money for the down payment & closing costs
Join Buyers Program, Receive Custom Plan, and MArket Education
7. Sign up for Sea & Ski’s Buyers Program and receive our custom buyer plan
8. Buyer market education and a step by step review of the Sea & Ski buying process
Custom Property Search Portal, Start Viewing Properties
9. Use custom search portal provided by your REALTOR® and other property search sites to start browsing homes online
10. Have you Sea & Ski REALTOR® set up viewings to go see homes in person
11. Find a house you want to make an offer on
Offer Process Begins
12. Discuss offer terms; price, conditions, & closing date
13. Agent drafts offer, receives signatures, and presents offer to sellers
14. Agent negotiates offer keeping your best interests in mind
15. Offer is accepted, the potential conditional period begins
Read more about conditions to include when making an offer.
Sold Firm and Closing
16. Conditions in the offer are removed
17. Property is Sold Firm; call utility companies to set up services, book movers
18. Prepare for closing, pay the remaining closing costs
19. Closing Day, sign paperwork & gain possession
20. Aftercare – our relationship doesn’t end when you pick up the keys to your new home, we keep in touch.
When Is The Best Time To Buy A Home?
Not only is buying a home a big decision financially but also emotionally. Whether you are buying a home for the first time, buying a recreational home, or just looking for something new the time of year can play a big factor in options, pricing, and competition.
Spring and Summer: Most options
Spring and Summer lead as the seasons with the most options. Winter is over and real estate agents are better able to showcase their listings. For people with children, this is also the time of year to sell and move before school starts again. More listings, however, could also mean more competition and you should be prepared to offer asking or above if you really want the property.
Winter: Best Deals & Least Competition
Seen as the off-season in real estate, Winter buying offers you the most leverage as most listings will be time-sensitive. This gives you more room to negotiate and hopefully get a great property well within your budget. It’s also a good idea to keep an eye on the market as there could be listings leftover from Spring/Summer that are looking for a quick close at a potentially lower price.
Fall: Investing Sweet Spot
Fall is a great time to buy as there is still plenty of inventory but lower prices compared to the Spring. While they might be less popular properties, they are great investment opportunities you can turn into monthly profit or make into your new home.
How Much Does It Cost To Buy A Home?
Buying a home is a big financial decision. There are several costs involved at different stages of the process that you should be aware of. Typically, you can expect to pay between 1.5% and 4% of the home’s purchase price on closing costs. These costs are usually paid by the time the sale is completed.
Read more about planning the move.
Deposit/Down Payment ~ due within 24 hours of your offer being accepted, between 5-20% of the purchase price
Property Appraisal ~ $300 – $700, usually paid by the lender
Home Inspection ~ $300-$500, due at time of inspection
Balance of Purchase Price ~ the purchase price minus your down payment. Typically funds will come from your lender and become your mortgage
Legal Fees ~ amount is based on purchase price typically between $1,000 – $2,000
Title Insurance ~ often included in legal fees, $250-$400
Ontario Land Transfer Tax ~ depends on purchase price (between 0.5% – 2.5%)
Adjustment Fees ~ reimbursement of prepaid utilities, property taxes, etc. to seller
Moving Expenses ~ varies depending on if you need to rent any trailers, trucks, etc.
Utility Connection Charge ~ varies depending on the service provider and number of services
Redecorating & Renovating Costs ~ varies
Immediate Repair & Maintenance Costs ~ varies
9 Questions To Ask Yourself When Looking At Properties
- If you have kids, where will they go to school?
- What services can you access? Such as high-speed internet
- What amenities are nearby & do they match your lifestyle?
- How much maintenance does the property require?
- What is the land zoned as?
- How easy would it be to renovate if needed?
- Where is the septic located?
- Could this house support you at various stages of life?
- What would life be like here in the winter?