BUYING WITH
FULL CONFIDENCE

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STEP1 # ANALYZE YOUR NEEDS

When embarking on your property purchase journey, the initial step involves defining your requirements and preferences. What are your essential criteria, your nice-to-have elements, and your absolute deal-breakers?

• How many bedrooms are a necessity?
• What kind of outdoor space do you desire?
• What is your acceptable commuting distance to work?
• Which neighborhood amenities hold significance for you?
• Most importantly, what is your budget?

Before commencing your property search, consider the following:

Budget

Every need and want comes with a financial implication. Determining your desired spending limit and understanding your necessary expenditures is crucial. In a competitive seller's market, like Hamilton, sound financial planning and decision-making are paramount. Can you provide the required down payment and cover closing costs? Can you comfortably manage your monthly mortgage payments?

Meeting with a mortgage lender to ascertain your affordable budget and obtain a mortgage pre-approval is imperative in the home buying process. A mortgage pre-approval focuses your house-hunting efforts and minimizes financing uncertainties once you've found the perfect home. Nevertheless, remember that a mortgage pre-approval doesn't guarantee mortgage financing and should not replace the necessity for a financing condition in a Purchase and Sale Agreement.

Additionally, apart from your down payment and mortgage commitment, buyers should budget for various closing costs, which generally range between 1.5% to 3% of the home's purchase price. If you're a first-time homebuyer, government incentive programs may help reduce your closing costs.

Property Type

Consider the type of property that suits your needs, lifestyle, and budget. Choices may include single-family detached, semi-detached, townhouse, condominium, loft, or even a multi-residential unit for investment purposes. Evaluate the number of bedrooms, bathrooms, backyard space, basement, or garage based on your non-negotiable requirements.

Determine whether you prioritize having a backyard or prefer the low-maintenance living of a condo. Assess the accessibility of a townhouse and the potential for income generation from a basement. Select a property type that aligns with your needs and preferences.

Location

Remember that when you buy a home, you're not just investing in a house; you're investing in a community. Your choice of neighborhood significantly influences your lifestyle and your home's value. While affordability is a crucial factor in selecting a neighborhood, other considerations such as commuting convenience, crime rates, school quality, proximity to family and friends, access to healthcare facilities, and availability of entertainment and recreational amenities play important roles.

Explore the neighborhoods of interest, familiarize yourself with available amenities, and understand the housing options available in each area.

Features

This is your wish list, the amenities you desire but may not necessarily need. Items like an ensuite bathroom, an updated kitchen, hardwood floors, a walk-in closet, a fireplace, or a pool—these are the features that turn a house into your dream home. Creating a list of desired features is a good practice, but it's crucial to prioritize them.

Identify your deal-breakers and evaluate whether your expectations align with your budget and lifestyle. Be open to the possibility that your needs and wants may evolve during your property search. What you once considered essential may become negotiable, and features that seemed like luxuries may emerge as necessities. Flexibility is key.

Lalits 'Buying with Full Confidence Guide' streamlines the home buying journey into straightforward, comprehensible steps, empowering you to make well-informed decisions when purchasing your home."

STEP #2: Selecting YOUR Realtor®

When it comes to buying a home, for most of us, it's the most intricate financial transaction we'll ever undertake. To navigate this process safely, having an expert in your corner is invaluable. Partnering with a licensed real estate professional ensures that your best interests are represented and safeguarded. Realtors have a fiduciary duty to exercise expertise, care, provide informed counsel, conduct thorough due diligence, and negotiate on your behalf to secure the best possible deal.

Your Local Realtor® will become a significant part of your home-buying journey. Thus, it's vital to select someone with whom you share a strong rapport, trust, and open communication. They should understand your specific requirements, be knowledgeable about your desired neighborhood, and the type of property you're seeking.

Working with a Local Realtor® also grants you access to an extensive client network and established relationships with third-party service providers, including lenders, mortgage brokers, home inspectors, lawyers, contractors, and other home service professionals.

Hiring Lalit Sharma as your Realtor®, clients can expect:

• Professional Real Estate Advice and Guidance
• Comparative Market Analysis and Home Evaluation
• Property Preparation and Staging Consultation
• Marketing Plan
• Professional Photography Including Home Tour Video
• Customized Feature Sheets
• MLS® Listing & Inter-board Listing
• Social Media Marketing
• Open House and Agent Tour
• Expert Negotiation

STEP #3: Property Search

Now that you've defined your needs, obtained mortgage pre-approval, and chosen your Local Realtor®, it's time to embark on your property search!

Your Real Estate Sales Representative will employ various tools to find properties that align with your criteria, including Multiple Listing Service® (MLS®), exclusive agent listings, local advertisements, and other real estate search platforms.

Finding your dream home may take time and some flexibility. Be open to the process and don't rule out certain types of housing without investigating them first. A townhouse or a semi-detached property might meet your needs, or purchasing a pre-construction home or an existing multiplex unit could be a wise investment. Expanding your search area may also be necessary, as some city neighborhoods may lack affordable housing inventory.

STEP #4: Making an Offer

You've found your ideal home, and you're ready to make an offer. This is where the negotiation skills and experience of a real estate professional come into play. Your Local Realtor® will start by drafting your offer, the Agreement of Purchase and Sale (APS).

STEP #5: Closing the Sale

Once your deal becomes firm, the process of closing the real estate transaction begins. Closing Day marks the date when property ownership and possession transfer. To ensure a smooth closing, stay in close contact with your Local Realtor®, lender, and lawyer during the finalization of mortgage and closing documents. In the days leading up to the closing date, you'll conduct a final walk-through, meet with your lawyer to sign purchase documents, pay the balance, and finally, collect the keys to your new home. Congratulations, the home is yours!