Buying a Home

From start to finish, you will be well taken care of with Signature Edmonton.

Choosing to buy a home is one of the biggest financial decisions you will make in your life. It can be challenging to know where to start, where you want to go, and ultimately how to get there. Using the expertise of a trusted REALTOR® can help the process run smoothly, and help give you confidence in your decision. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully. Here is a general overview of what to expect and prepare.

1. Arranging Financing

The first step to buying a home is arranging a down payment. This amount is (at minimum) 5% of the purchase price of the home you're planning to buy, depending on your situation.

Second, you'll need to meet with a mortgage broker or your preferred bank to determine what you can afford. Shopping around for the best rate is highly recommended, along with using an expert to do so.

We also recommend to our clients to get pre-approved before they begin to home shopping process. This helps avoid heartache down the road, and ensure that you are shopping in the correct price ranges

Be Careful With Your Finances.

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. In other words, do not apply for loan, change jobs, retire or make an expensive purchase.

If you would like a list of Signature Edmonton's trusted Mortgage Brokers, or Bank Representatives please do not hesitate to get in touch.

2. Why Do You Want To Buy?

Having a clear idea of your reasons for buying will help you choose the right property.

Are you newly married and looking for your first home? Tired of paying rent? Changing cities? Outgrown your current home with a growing family? Looking to take the investment route? There are plenty of reasons people decide to buy, what are your reasons?

3. What does your Dream Home Look Like?

Once you have established a price range with a pre-approval from you mortgage broker or bank representative, it's time to decide what type of home will best suit your lifestyle, within reasonable means. The reasons why you are choosing to buy, an established price range, and realistic desires should help you answer this question.

4. Meet With a REALTOR®

It is important to do your research on a REALTOR® prior to meeting with them. You want someone you will be comfortable with, and who understands you and your needs. Buying a home is a very personal process that can create many different situations with different emotions. What better way to learn a little about your candidates then using the handy internet to you advantage? Google, look at social media, and look at credentials to see how the person you are hiring has helped others.

A REALTOR'S® job is to help you find your dream home, that meets both your needs and your budget. They will set you up with viewing appointments, help you write an educated offer, complete your inspection with you if you choose to do so, and also help bring clarity to the complicated process of buying a home.

5. The Search

Using the property search on this site and consulting with your REALTOR®, will help you start to find homes in your desired area. Your REALTOR® and you should have met in person by this time to discuss the Exclusive Buyer Representation Agreement, and build your profile to help avoid looking at properties that do not fit your needs. They will update you frequently regarding new listings and schedule you appointments to view homes.

6. You found the right home, now what?

Once you have found a home that you are interested in, it's time to prepare an offer with conditions and terms that benefit you. A typical situation for a first time home buyer is to include both a financing, and inspection condition (for condos we also recommend having a professional review the condominium documents) - there are various other conditions for different situations. The REALTOR® will submit the offer to the other party, and help you negotiate until both parties arrive at an agreement.

7. Financing Conditions

The financing condition can be absent from an offer if a buyer has the means to pay cash for the home. If you need to arrange financing you and your Realtor should be in touch with your mortgage broker or bank representative until the financing is complete

8. Inspections

I often get the question "Is having a home inspection necessary?" - I always recommend that my clients do a home inspection to give them a peace of mind. The inspection is a great tool to help analyze, and detect deficiencies that we're over-looked. Depending on many factors of the home, and its owners will typically determine what kind of report to expect. The inspection is not to re-negotiate the agreed upon price, as the original list price is based on what the home has to offer.

9. Remove Conditions!

Whoohoo! You have been approved for your mortgage, the inspection was fine, and you have now bought the home! Now what? At this point it is time to coordinate with your lawyer to sign papers, arrange insurance, set up utilities, and get packing. This will all be apart of the expected closing costs, and items to complete before the closing day.

10. Closing

At this point, congratulations are in order! Becoming a new homeowner is one of the most liberating things you will ever experience. You should meet the REALTOR® at your new home to obtain the keys, and do a quick walk through. Congratulations on your new home!

Ready to get started, or just have some questions you'd like answered by a professional? Get in touch below!

Please Provide Your Buying Criteria

Rachelle Cholak

RE/MAX River City

100 10328 81 Avenue NW   Edmonton,  AB  T6E 1X2 

Phone: (780) 691-0061