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Guide to Buying a Home

Setting out to buy a home is always an exciting time, however some people can be overwhelmed by the process. As your agent, I am dedicated to help guide you through the process of finding, selecting, and purchasing your next home. Using my 360° Home Buying Plan will ultimately help you find a home quicker and cheaper. It can all be done in 8 easy steps.

When looking for a realtor, you cannot find anyone better than Michael. Michael was helpful, knowledgeable, patient and went above and beyond. I was very impressed with his dedication and commitment to his work. I will definitely be using Michael in the future and would recommend him to anyone looking to buy or sell. Thanks Michael!

– Katerina Bletnitsky

Step 1: The Pre-Approval

Obtain a ‘pre-approval’ from a lending institution such as a bank or mortgage broker. This will enable you to know where you stand financially before attempting to purchase your next home.

To get fill out an no-obligation pre-approval application, click here. To experiment with monthly payments, feel free to use the mortgage calculator.

Step 2: Costs of Buying a Home

Down Payment: 5% or more. A conventional mortgage requires that the buyer have at least 20% down. If you have under 20% for a down payment, you must have CMHC insure the mortgage, which will range from 0.5%-3.75% based on the amount of your down payment.

These additional costs are an area that sneaks up on a lot of buyers. On the conservative side, I recommend to budget for an additional 3% of the purchase price for closing costs.

Step 3: Buyer Consultation

This is where I come in. All of my clients are set up with my 360o Home Buying Plan. This consultation is designed to equip you with the expert knowledge and advice needed to go forward with your purchase.  I will be able to advise you on tips, trends, market activities, financing, and how to handle the unexpected.  I am also skilled to prepare the offer to purchase and negotiate the best purchasing price.

Everyone has different preferences when looking for a new home. It is my job to custom tailor your search in such a way that works for you. This consultation will identify your wants and needs for your next home, and prepare an effective & efficient listing search.

Why be represented by an agent when buying a home?
As your agent, I have fiduciary duties to protect your best interests by structuring the transaction to your advantage. Remember that if the agent isn’t working for you, they are working for the seller!

Click Here to Book Your Buyer Consultation

Step 4: House Hunting

This is where we actually start looking at homes for sale! 

To find homes we use the MLS system, but not in the way you may be used to.  In all likely hood, you have visited REALTOR.CA at some point. This is a site designed for the public. However, when you work with me as your agent, I provide you with your own customizable listing search.  This search sets out the parameters of your search, and automatically emails you listings as they come up for sale. It also updates you on sale prices, price changes, and photos added. When listings are emailed to you, you get to see more information than REALTOR.CA. There is no better way of house hunting.

This search tool is just the start. In addition, you can expect me to daily peruse exclusive office listings, private sales and new construction. Remember, when you get up to go to work - I get up to go to work, which is finding your next home!

Step 5: Pricing

How do you know what you should be paying for the home?  Let’s face it, in today’s market, some listings are overpriced, some are underpriced and some are priced appropriately. Whatever the case may be, I have the tools and the skills to accurately evaluate a home’s market value. By looking at comparable homes that have sold and haven’t sold in the subject home’s area, we can determine a likely selling price. This is called a Comparative Market Analysis (CMA).

Multiple Offers are a common occurrence in today’s market, and these situations make it harder to predict at what price a home will sell. There are many strategies and tactics to increase your chances of winning, which we would discuss at our buyer consultation.

Step 6: Preparing an Offer

The offer to purchase is a complex document and should be written by a professional.

Step 7: Satisfying Conditions

As a buyer, you must make a reasonable effort to satisfy the conditions you wrote in the offer. You simply cannot back out of the contract for any reason.

Step 8: Celebrate!

Once the conditions of the offer have been satisfied, the contract is complete and is legally binding.  You have successfully purchased a home!