THE BUYING PROCESS:
1. HOW MUCH CAN I AFFORD?
Unless you are buying with cash the first step in buying a home is evaluating your financial readiness. This includes having funds available for a down payment, which is at least 5% of the home's purchase price. This amount will be required on possession day, and it's important to have this prepared in advance. I’m happy to explain different mortgage options and can recommend trusted professionals as needed to guide you through this process.
It’s important to know that if your down payment is less than 20%, mortgage insurance will be required. Additionally, if you're purchasing a property over $1 million, different rules apply. To ensure you fully understand your options, I recommend speaking with a mortgage specialist or an independent mortgage broker to assess your specific situation. This will help us determine your price range and make you a stronger candidate, especially in a multiple offer situation, if that occurs.
A key detail to keep in mind is that once your offer is accepted, the seller will require a deposit of approximately 4-5% of the asking price within 48 hours. This deposit is refundable if the sale conditions aren’t met. I’m happy to go over the details of this process with you so everything is clear.
A great way to start is by using my mortgage calculator. It’s an excellent tool that allows you to explore various scenarios and get an initial understanding of the financial aspects of buying a home in Alberta.
2. HOW DOES MY PERFECT HOME LOOK LIKE? ️
Now is the time for us to work together to find your perfect home. To make the search more efficient, it's important to have a clear plan. We can sit down to discuss your dream lifestyle, must-haves, and preferred location. With my Life Coaching Certification, I can guide you through this process and explain how it works. To keep things simple and engaging, I’ve developed several tools to help you pinpoint the home that best meets your needs.
3. VIEWING HOMES ️
Can’t wait to start viewing some homes? I can definitely make it fun for you, and keep the process clear. My email alert will help you be notified of all the properties that match your criteria. I’m also available to show you any property within a 3-hour drive anywhere in Alberta. Once we’ve narrowed down the area you’re interested in, I’ll gather detailed market statistics for that location and property to ensure I can negotiate the best price and terms for you.
4. THIS IS THE ONE
The excitement is up, the rush is going through… and it’s time to make an OFFER in the most efficient timely manner. This is when I show my most expertise as there are so many factors to work with: Price, Possession, Deposit, and Conditions. Most of the offers are signed by DocuSign so you can enjoy your comfort, and have a time frame to work with.
Two common conditions to be met are: property inspection and financing, but don’t worry – I’ll walk you through every aspect of the offer.
5. GAME OF PATIENCE ⏱️
You rush to put an offer in, and now you get to wait! This is the Conditional Phase, and yes, it can be a bit nerve-testing. But don’t worry – I’ll guide you through every step! We’ll coordinate with professionals for any required property inspections, and I’ll also be working with your lender to secure finance approval.
If any issues arise, rest assured that I have the experience to handle them, so you’re in good hands. Once everything is in order, we’ll send the seller a Waiver, which means the sale is firm, and the house will be officially yours on the possession day!
6. TIME TO START PACKING
This is when you’ll want to start collecting boxes, finding trailers or moving company! During this phase, you’ll also need to choose a lawyer (if you haven’t already) and meet with them to sign the final documents about a week before possession day. As in the other stages I will gladly provide you with help and resources.
To help you prepare, I’ll provide you with a Guide to Possession, which covers everything from setting up insurance to arranging utilities for your new home so it’s all ready by possession day. The day before possession, we’ll likely do a pre-possession walkthrough to make sure the sellers left the home in the same condition as when we first viewed it. I’ll also ensure all the necessary information is provided to help with a smooth transition.
7. MOVING-IN, POSESSION DAY
Finally, you get the keys, and move in! Keys are typically released around noon. The lawyer will notify the selling realtor, who will call buyer's realtor to take they clients in. Sometimes there are delays, so: don’t have the moving van waiting in the driveway or the Telus technician scheduled for noon. You may need to reschedule if things are delayed!