Bruce Dougall RE/MAX Kelowna #100-1553 Harvey Ave. Kelowna BC Canada V1Y 6G1
10 Easy Steps to Buying a Home
Step 1 – Define Your Goals
Buying a home may seem like a goal in itself, but it’s also the means to achieve other goals.
Knowing why you’re buying will help you define your criteria and make your search quicker and easier.
Is this your first home purchase? If so, why do you want to own rather than rent? Is it for the
future return on your investment? For the freedom to improve your home according to your
own tastes and needs? Because you’ve decided it makes more sense to pay your own mortgage
instead of someone else’s? Are you changing locations to be closer to work, schools, family or recreation?
Are you seeking more peaceful surroundings away from crowds and traffic? Or do you want to be where the action
is? Are you moving to meet the needs of a growing or shrinking family? Are you seeking a different lifestyle?
Just as the foundation provides support for a home, answering these types of questions will lay the groundwork
for a smooth home purchase.
Step 2 – Analyze Your Wants and Needs
Once you know why you’re moving, consider the qualities in your new home that will achieve your goals.
What size lot will you want? How many bedrooms and bathrooms? Do you have a style or layout preference?
Would a low-maintenance home, such as a condo or townhouse, best suit your needs? Are amenities –
such as a pool, fitness center, tennis courts, walking trails or golf courses – important to you? What about location?
Once you have a list of the things you’re looking for in a home, group them into categories. Make
lists of the things your home must have, the things you’d like it to have, and the things it can’t
have. Because it’s extremely rare to find the “100% home,” this list will help you make decisions
as you evaluate your options.
Step 3 – Explore Financing Options and Determine Your Price Range
If the Bank says you are approved, you can afford it! The thought of taking on a mortgage – whether it’s your first one or a bigger one – is perhaps the
scariest part of a home search for many buyers. You have nothing to fear from meeting with a
lender, even if you have concerns about your credit. Helping people find their way to home
ownership is what they do every day. Ask Bruce Dougall, your real estate agent, to recommend a reputable
lender, so you’ll know you’re in good hands. Your lender will determine the best financing program
for you and help you focus your search on the wisest price range. Knowing what you can
afford before you start looking at homes can help you avoid big disappointments down the road.
Buying a home is a complex process with many factors to consider. Following these
10 steps will prepare you for the decisions you’ll need to make along the way.
Step 4 – Select and View Homes that Meet Your Criteria
Thanks to the Internet, searching for homes is much easier today than in years past. With the
click of your mouse, you can browse the multitude of homes on the market, view photos and
read detailed descriptions to quickly narrow your focus to the homes that will best suit your wants
and needs. You’ll want to view enough properties to get an idea of what the market has to offer.
But touring too many homes can create “home shopping fatigue” and make decisions more difficult.
There is more to finding the right home than you can learn from virtual tours and floor plans. A
licensed real estate agent can help you identify those that are most likely to be “winners.”
Step 5 – Make a Reasonable Offer
You’ve found the perfect home! It’s time to make an offer. All terms and conditions of the sale must
be addressed in the offer. If you are working with Bruce Dougall, he will ensure that all
of the bases are covered. He will also help you to negotiate the best price and terms
and protect your interests throughout the negotiations.
Step 6 – Inspect the Property
Once you and the seller have agreed on price and terms and you have a signed contract, you’ll want
to perform a thorough inspection of the home to ensure it is in good condition. A licensed home
inspector will assess the condition of the property, note any repairs that are needed, and verify that
all major systems are functioning properly. In addition to a general home inspection, you should
have a survey conducted to determine the legal boundaries of the property; and a termite inspection perhaps,
which may be required by your lender.
Step 7 – Complete the Mortgage Process
As soon as the contract is signed, you’ll need to complete your application for a mortgage if you
haven’t already done so. Your lender will oversee the process and may request additional documentation
related to your finances.
Step 8 – Choose a Notary or Lawyer to Handle Conveyancing
Real estate closings are typically handled by attorneys who specialize in real estate. The lawyer/notary
you select will research the title on the property, check for liens or past due taxes, prepare all necessary
documents, and conduct the actual closing. They handle the money for you. If you do not already know a
real estate Lawyer or Notary, ask Bruce, your real estate agent, for recommendations.
Step 9 – Close on the Property
At closing, the seller and buyer sign all papers related to the sale of the property, and the deed
is transferred from seller to buyer. While you can expect to sign your name on a multitude of documents,
don’t be intimidated. Your lawyer and real estate agent will explain everything so you’ll understand
and feel comfortable with the process.
Step 10 – Move In!
When you’ve received the keys to your new home, all that’s left is moving in. Whether you
elect to move yourself or use a moving company (your agent can recommend reputable companies),
there will be many details to attend to. Bruce can provide you with a moving checklist
and resources to guide you through the transition to make your move as smooth as possible.
The Number One Tip for an Easy Home Purchase
To make your home purchase go as smoothly as possible, there is no substitute for working with an experienced, licensed Realtor. A Realtor understands the home-buying process and can help you navigate it. He or she knows the market in your area, will make sure you have the information you need to make good decisions, and will protect your interests throughout the transaction. Choose your agent wisely so you can relax and enjoy the process of finding and buying your new home. Call Bruce Dougall today.
This article and any information contained herein is intended for informational purposes only and should not be construed as legal advice. The publisher will not be responsible for errors or omissions or any damages, howsoever caused, that result from its use. You are advised to seek competent legal counsel for advice on any legal matter.
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