Your home will likely be the greatest financial investment you’ll ever make! With the help of a trained real estate agent, it can also be your wisest. Give yourself every opportunity to come out on top by working with a professional.
At Invidiata, we are committed to understanding the needs of our clients. With passion and vision, helping people realize their goals in real estate, and through the process, developing meaningful and lasting relationships.
It’s important to figure out how much you can afford to spend before you start looking for a home. Along with your
mortgage payment, there will be other costs. The more you know about your financial situation, the better!
All budgets begin with the baseline of your disposable income, i.e., the amount of money you have available after taxes and other employee deductions have been taken out of your paycheck. Your disposable income is what you use to take care of your family’s most essential needs each month, this can include:
Household Expenses: Groceries, clothing, gifts, home maintenance
Loans and Debts: Credit cards, car loans, lines of credit, student loans, mortgages for properties already owned
Entertainment: Dining out, travel, hobbies, events
Savings: RRSP, TFSA, savings accounts
Medical & Healthcare: Out of pocket costs, dental care, prescriptions, medical devices
Insurance: Heathcare, auto insurance, warranties, protections plans, disability insurance
Transportation: Car payments, registration fees, gas, maintenance, parking, public transport
After calculating your monthly expenses, you will have a good idea of what is left as your expendable income!
Consulting with a lender before the homebuying process can save a lot of heartache later.
To get pre-approved for a mortgage, you’ll need a few things - proof of assets and income, good credit, employment
verification, and other types of documentation your lender may require.
Consider working with a mortgage specialist to help guide you through the pre-approval process.
Pre-approvals are subject to your continued good credit and are usually good for 60-120 days depending on the lender.
LET OUR TRUSTED MORTGAGE PROFESSIONALS ADVISE YOU.
INVIDIATA HAS STRONG RELATIONSHIPS WITH LEADING MORTGAGE SPECIALISTS IN TRADITIONAL
AND ALTERNATIVE LENDERS TO MEET THE NEEDS OF ANY CLIENTS SITUATION.
Before you start your search, make sure you know the difference between your ‘Must-Haves’ and ‘Would-Like-To-Haves’.
Every neighborhood has a unique charm. Make sure you know the features of each neighbourhood, such as:
• Amenities
• Commute Time
• Schools
• Future Developments
• Quiet or Busy Area
• Nearby Parks
• Shopping
• Restaurants
• Public Transportation
• Crime Rates
Evaluate your family’s needs and settle on a style of home that will best serve those needs. Consider how many bedrooms and square feet you need? Do you need a large outdoor space or a balcony? 2-storey home or bungalow?
Once you’ve identified your must-haves, browse listings online and through social media.
Your representative will be in regular contact with sellers and other real estate agents to ensure you see all the newestlistings right away, whether or not they’re made public. As you compare the best deals, your agent will provide you withimportant information about the home, its neighbourhood, zoning issues, utilities, and nearby plans for development.
Your agent will coordinate showings for properties you’d like to see in person.
Once you’ve viewed a house and fallen in love, your real estate agent will help you decide what your offer will be.
Types of offers include:
This is usually preferable to the seller, it means that you, the buyer, are prepared to purchase the home without any conditions.
This means you have placed one or more conditions on the purchase. Common conditions include: a home inspection, financing approval, or subject to the sale of your existing home. The house is not sold until all the conditions have been met.
Your agent will write an offer letter and send it to the agent representing the seller.
The seller will respond in one of three ways:
They sellers will accept, make a counteroffer or decline.
Once the seller accepts your offer, you’re officially under contract and on your way to buying a house!
When choosing an insurance company, contact at least three companies to compare coverage, price and reviews.
Make sure the coverage you choose is adequate. Don’t pay more than you need.
Understand the details of your policy, such as the deductible, liability coverage, premiums, replacement costs, etc.
You will also want to have the services transferred to your name for billing. Turning on utilities requires some work and several calls; one company doesn’t provide all the services you may need. Plan well ahead of your moving date to switch utilities to your name and new address.
