Choosing to buy a home is one of the biggest decisions you’ll make in your life. It’s a complex process that requires a lot of planning, and the help of a knowledgeable REALTOR® to make the process run smoothly & as stress free as possible is essential. Here is a general overview of what to expect.
Get Your Finances in Order
The first thing you’ll need to do is put money aside for a down payment. This amount is (at minimum) 5% of the purchase price of the home you’re planning to buy. Second, you’ll need to meet with a mortgage broker to determine what you can afford. Shopping around for the best rate is highly recommended. Please see my preferred vendor page as a start. Keep in mind that Property Transfer tax may be applicable too and other moving costs should be budgeted for.
Visualize Your Dream Home
Once you’ve established a price range, it’s time to decide what type of home will best suit your lifestyle. I have lots of experience with this process and have helped many buyers define what it is that will work for them for the foreseeable future. Comfortable affordability.
Working with a REALTOR®
It’s important to partner with a REALTOR® you feel completely comfortable with. Trust is a fundamental necessity when making this huge commitment and I will look after your interests with the professionalism they deserve.
Please use the property search on this site as a real estate resource. We will work together on finding homes to view. Generally, I do not book more than 6 in a day to view and we will compile a shortlist as we get closer to finding your new home. I’ll keep you updated on market trends and advise on successful strategies for current conditions.
Once we find the home that you feel is right for you I will prepare an offer on your direction. After successful negotiation we will work together on making the conditional offer unconditional. In most cases the conditions are for the benefit of the buyer and the subject removal time is when we make sure to the best of our ability that we know as much as we can about you intended future home. In our Central Okanagan market, in most cases, your deposit is only payable after subject removal. Your money is deposited in a secure trust account and forms a part of the purchase price.
Once subjects are removed there is usually a period of 6 – 8 weeks before the sale completes. This is when registration occurs and money changes hands. Either a lawyer of notary looks after this process. A short time before this completion date you will have had a sit down with your lawyer / notary to sign some of the paperwork and get a breakdown of all the transaction costs.
Possession time is when we meet and you get the keys to your new home. There is of course a few more moving parts to this process but that is a brief oversight.