The initial step in the home buying process involves assessing your financial readiness. This involves having funds available for a down payment, typically at least 5% of the property's purchase price that will be required at possession day. I am happy to explain the nuances of mortgage scenarios and can also recommend excellent professionals as needed. One item to note is that a downpayment under 20% requires mortgage insurance and the rules change with a mortgage over 1 million too. So seeing a mortgage specialist or independent mortgage broker is crucial to define your specific situation. That way, we know what price range we can shop in and we can be a stronger candidate in a multiple offer situation too if it comes to that. 

Of importance during this “money planning” part, is to know that once an offer is accepted, the sellers will require a deposit of around 4-5% of asking price within roughly 48 hours. This is refundable deposit if, in the end, the conditions of the sale are not met. I am happy to explain how this all works as well. 

A good way to begin the process is to use my mortgage calculator. It's a valuable tool that allows you to explore various scenarios and gain an initial understanding of the financial aspects involved in purchasing a home. 

Now is the time for us to work together to compile the wish list! Consider your lifestyle, family size, preferred location, and essential features in a home. We will make a list of must-haves and nice-to-haves to help narrow down your search. From experience, I can tell you that after seeing 5 or more homes, they all start to blur together, so we are very careful to apply our checklist to each one so we know which house comes out on top! 

Yay! The fun part! Let’s go see properties! I will set you up on my real estate app and email auto alerts so you are as up-to-date on new properties that match your criteria

When we find the right property, we will make an offer. But there are many aspects involved with this and I will walk you through every step. For example, on a standard in-town detached home purchase, there are 4 main areas to address in an offer: Price, Possession, Deposit, Conditions. All of these carry a weight of importance to both the buyer and seller so need to be considered carefully. When we get into condos or acreages, there are more factors to consider but I will walk you through every step of any offer. In addition, once we know the area you’re interested in, I dive deeper for stats on that area so that I can negotiate the best price and conditions on your behalf.

Ok yes, this the Conditional Phase and it can be stressful, but I will explain everything! We will consult with professionals for any inspections of the property that are needed as well. During this time, I have also submitted the contract details to your lender and we are waiting on finance approval. If any issues arise, I have a lot of experience dealing with them, so you are in good hands. Once all goes well, we basically want to relay to the seller that we all good on our end and send them a Waiver. This means it is a firm sale and the house is yours once possession day arrives!

The deal is firm and you are moving! This is the time to “beg, borrow, or steal” boxes and start packing! (I have resources to aid you in this horrific step that we can chat about too.) During this phase, you will also decide who your lawyer will be (if you haven’t already) and meet with them to sign final documents about a week before possession. I can recommend a few lawyers to choose from if needed. I will also give you a Guide to Possession to help you navigate setting up insurance, utilities, etc. on your new home so it is all ready for possession day. The day before possession, we will likely do a pre-possession walkthrough to ensure the sellers left the home in the same condition as when we first viewed it. I will check to make sure all necessary information is left behind for you to make a smooth transition. Then on Possession we can expect “key release” around noon. Sometimes there is a delay for various reasons, so my biggest advice is don’t have the moving van ready on the driveway at noon or the Telus guy lined up for right at noon. You may be rescheduling that!