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Steps to buy a property

 

Learn how to buy a property. Consult one of the following sections to find the information you need: They feature text and advice that will help you in your efforts.

» Determine your needs

» Financing and pre-approval

» Find your next property

» Legal aspects

 

1. Determine your needs
This stage consists of determining the search criteria for the type of property you are looking for. The most important question to ask yourself is “What are my needs going to be in the future?” Are you looking for a condo or a semi? A small home with a large lot or with 4 bedroom with a small lot? Are you looking for a new home or resale?

It is very important to consider which features and functions are important to you because the responses to the following questions will guide your search and the results. The goal of the following questions is to reduce your time spent searching and find you the ideal property to meet all your wants and needs.
2. Financing and pre-approval

Once you determine the type of property you want, you need to establish how much money you need to buy it and how much you can afford! 

In order to determine how much you can afford to spend on your next home, you will need to meet with a mortgage specialist to examine your current financial situation. After analyzing your situation, the financial institution will present you with a mortgage pre-approval document that will outline exactly how much money they will lend you to purchase a home. Once you have this document, you can confidently search for your next home knowing exactly what you can afford.

3. Find your next property

It’s easy to find your dream home when you know precisely what you want and how much you can afford. Not exactly! There are lots of important lessons that can be learned before you take the leap and buy your next home. For example, it would be unwise to buy the first home you see without knowing what else is available. Before you buy, you definitely want to do some research. 

It is also important to keep a positive attitude and an open mind throughout your home search. You may need to see 10 to 20 homes before finding the one that is right for you. You may need to have a little imagination to see beyond the seller’s current colour scheme and decor. Some homes can be diamonds in the rough if you know how to look. However, you must also know yourself and be realistic. Are you a fixer-upper? Or are you someone who enjoys their free time? Buying a home is always a lesson in compromise and managing expectations: Small lot in a great location or big lot in the suburbs? 4 bedrooms looking out on railroad tracks or smaller home a few blocks away? Busy street or quiet crescent? Every great attribute in a home increases the asking price and forces the buyer to make compromises. But don’t fret – Your dream home is out there!

4. Legal aspects

You have found your next home and the price is in the right range for you. Now is the time to buy! You can complete our "Make an Offer" form from the listing detail page or give us a call at 503-770-0580. 

We will write up the offer for you and present it to the sellers agent. Once we have an accepted offer we will open escrow and deposit your earnest money deposit with them. Next, you will need to hire a good Home Inspector.


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