Buying a Home

Location

Where you live has an impact on your lifestyle and it's also one of the most significant factors on the value of your home. Choice of location is sometimes limited by the price you can afford but it is still important to consider factors such as commute to work, schools, family, shopping and entertainment.

Budget

Consider how much you have to spend, and just as importantly, consider how much you want to spend. Note that purchasing a home includes numerous additional expenses above and beyond the list price.

Features

Is it important for you to have an ensuite bathroom, an attached garage or a private backyard? Would you like a fireplace, a short commute, or maybe minimal work? Once you decide which features you would like, then it's time to prioritize the list.

Type of Home

You should consider what type of property you would like to live in. A single-family detached home is desirable to many because it typically provides more living space and land. Alternatively, a condominium may be a more appropriate choice, since condos offer low-maintenance living.

A real estate agent can help by using a variety of tools to identify properties that meet your requirements. One such tool is the local Board's MLS® (Multiple Listing Service®) System. MLS can be searched for listings that best match your requirements such as location and budget.

Once you decide to visit a property, keep your requirements in mind, i.e. does it have all the features you want? Does the location work for your lifestyle? Also keep some of the technical considerations in mind, such as: wiring, power outlets, heating, foundation and roof maintenance, windows, plumbing etc. Home inspections can provide an assessment of the technical aspects of a property and it is a good idea to have a professional inspection performed.

When you find a property that you would like to buy, your agent can put together an offer. The offer will include, the price you are willing to pay, expiration of the offer, a closing date for the purchase of the home and conditions for the purchase. Some commonly included conditions are: financing, selling your current home, survey provided by the seller, title search, home inspection, and inclusion/exclusion of appliances. A deposit is given along with an offer to show your good faith to the seller.

Once an offer is accepted and all conditions are met, then the offer becomes binding on both sides. You will have to show proof of insurance to the institution that provided your mortgage. On or before closing day, the lawyers from both sides will arrange to transfer the property title from the seller to the buyer. Once this is complete and the keys are in your hands, then the home is yours!

Purchasing a home is associated with some extra expenses, such as: legal fees, real estate agent fees, appraisal fee, survey costs, high-ratio mortgage insurance premium, interest adjustment, reimbursement to seller for prepaid taxes or utility bills, land transfer tax, and mortgage broker's fee.