Your Guide to Buying a Primary Residence
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Congratulations on Taking the Next Step in Your Homeownership Journey!
Whether you’re upgrading, downsizing, or re-entering the market, this guide will help you navigate the process with confidence.
6 Steps to Buying Your Next Home
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1
Establish Your Budget
Understanding your budget is essential when buying your next home. Consider the following:
• Your income, savings, and financial commitments
• Upfront costs (e.g., down payment, closing costs)
• Ongoing costs (e.g., mortgage payments, taxes, insurance, maintenance) -
2
Plan Your Down Payment
Preparing your down payment is a key financial step. Keep in mind:
• Homes up to $500,000 require a minimum 5% down payment
• Homes between $500,000 and $1,499,999.99 require approximately 10%
• Homes over $1.5 million require at least 20% -
3
Secure Your Mortgage Pre-Approval
Getting pre-approved boosts your confidence and credibility as a buyer. Benefits include:
• Confirmation of your budget and price range
• Locking in your interest rate for up to 120 days
• Demonstrating to sellers that you are a serious buy -
4
Partner With a Realtor to Find Your New Home
A knowledgeable realtor makes your home search easier and more efficient. They can:
• Provide insights into the local market
• Help you identify suitable properties
• Negotiate the best deal on your behalf -
5
Complete Your Financing And Close The Deal
Once your offer is accepted, I'll work with you to meet the conditions and secure your approval, finalizing your loan. Your lawyer will:
• Handle the closing process
• Prepare and review necessary documents
• Transfer ownership on closing day -
6
Transition Smoothly Into Your New Home
Congratulations on your new home! Make the move seamless by:
• Updating your address with essential services
• Setting up utilities and services
• Getting familiar with your new neighbourhood
Ready to Move Forward? Whether it’s your second home or your next upgrade, I’m here to help you make informed choices and simplify the process. Contact me today to get started!
