Buying

Step 1: Deciding to Buy To buy a home, you need to be prepared and we are here to help you. Here are a few things to consider: • Define your needs and wants – make a list of the things you simply can’t live without, like the number of bedrooms and bathrooms your family needs, proximity to schools and work, or storage needs. Then list some nice-to-haves: maybe a pool or deck, finished basement or mudroom. This will help you further down the road when you start looking at homes • Brush up on types of home ownership – make sure you know the difference between freehold (it’s all yours), condo (you take care of the inside and pay fees to an association to look after the common areas and maintenance) and co-op (similar to condos but instead of “owning” your unit, you buy shares in the whole building and pay maintenance and repair fees) • Understand market conditions – supply and demand can change from neighbourhood to neighbourhood, region to region. So, getting to know the market can help…

Step 2: Choosing an Agent Buying a home is personal and emotional. So the relationship with your real estate agent has to be built on expertise, trust and mutual respect. After all, they will be acting as your eyes, ears and voice throughout the process. They have a fiduciary duty to act in your best interests, to be completely transparent and accountable to you. Here’s what your Hodgins Home Team sales representative will do: •Educate you about the current market conditions •Discuss and analyze your wants and needs against your budget •Guide you to homes that fit your criteria •Coordinate the work of other professionals you’ll need during the process •Negotiate with the seller on your behalf •Make sure all the required paperwork is fully completed, accurate and that deadlines are met •Work with you to resolve any challenges that may arise And while Hodgins Home Team is likely to be a great source of advice on financing, it is ultimately your responsibility to understand and secure it. So, let’s…

Step 3: Understanding Financing Like many things in life, planning ahead is the key to success. So, you should know the price range you can afford before you start shopping. Here are a few things to keep in mind: • Down payment – this is usually the percentage of the total cost of a home that you’ll need to pay. The more money you put down, the more money you’ll save on monthly payments and, in the long run, interest paid • Knowing what you can afford – how much house you can afford comes down to 3 factors: your monthly mortgage payment, your down payment and the amortization period or length of time it will take to pay off the loan • Getting pre-approved – this will really help you figure out what you can spend on a home because you’ll know before you start shopping. And you’ll be protected against rising interest rates as well

Step 4: Finding the Right Home to Buy So now it’s time to get out there and find your dream home. Most people start off by having a neighbourhood in mind but Hodgins Home Team can suggest options that you may not have thought of. Here are some considerations as you set out to house hunt: • Choosing the right neighbourhood – Do you need to be close to schools, public transit, highways or where you work? Those can be huge factors when choosing an area to live. And let’s not forget proximity to other amenities like parks, grocery stores, doctors and recreational centres. Drive around and check out the appearance of other homes in the area. Are they well taken care of? Of course, Hodgins Home Team will be able to inform you of property values in the area and how they’ve changed over the years. • House hunting – the hunt can be a lot of work but it can also be a lot of fun. So when you visit homes, go with a partner – spouse, parent, friend – because two sets of eyes are better than one. Don’t be shy…

Step 6: What to do Before Buying a House In addition to Hodgins Home Team, you will now need to bring in a few pros to help get you to the finish line and make sure the investment you’re about to make is sound. We can put you in touch with these people and make recommendations. Here are a couple of key people you should be talking to: • A home inspector – an absolute must in saving you from some unpleasant surprises later on. A home inspector will check your property for any structural damage; perform a thorough examination of the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement and more; then prepare a complete written report detailing all their findings • A legal professional – when it comes to complex legal documents, it takes a lawyer experienced in Canadian real estate law to help make sure that you and your investment are protected. A real estate lawyer will review the agreement of purchase and sale, do a property title…

Step 5 : Making an Offer on a Home You’ve fallen in love. But it’s important that you don’t let your emotions get the better of you when making an offer. Remember, real estate is an investment. Fortunately, Hodgins Home Team is there to help you put together an Offer to Purchase and discuss all the details. Here are a few things you should know: • Not all offers are the same – the main factors on most offers will include price, deposit, terms (which includes financing details), conditions, specific items that are included or not with the home and the closing date. From there, you can decide to make a “firm” offer which means that you’re willing to buy the home exactly as it is. Or, you could make the offer “conditional” on things like a home inspection, approval of financing or the sale of your existing home • Negotiating may come into play – the seller will either accept your offer, reject it or make a counter offer based on things like price, closing date or other conditions. While receiving…