Buying a property is a big decision...
and following the right steps is very important if you want to ensure a smooth process with few issues, if any. Here is a checklist of steps that you can take when looking to buy your dream property:
1. Figure out how much house you can afford.
- Calculate your monthly income and debt.
- Use our Mortgage Calculator.
- Figure out your down payment.
2. Get pre-approved for a mortgage.
- Choose a type of mortgage.
- Speak to at least three lenders/mortgage brokers.
- Shop for the best interest rates and programmes.
3. Determine what you want and need in a home.
- Fill out the form in My Dream Home and we will send you a form to complete which will help you decide.
4. Research your target neighbourhoods.
- Drive by and get a feel of the environment.
- Ask residents for information on schools, crime rate, flooding and traffic.
- Determine your work commute route.
- Scout local amenities, such as parks, supermarkets, shops, restaurants and petrol stations.
5. Work with a real estate agent who knows the neighbourhoods.
Consider working with one real estate agent exclusively.
- Fill out the form in My Dream Home and we'll be happy to assist you.
6. Search for homes on our Island Style Realty website.
- Browse listings online, including Cariblist.com.
- Check local newspapers.
- Ask your agent to set up tours of homes that fit your criteria.
7. Research each home you want to buy.
- Ask your agent for comps to estimate the property's fair market value.
- Ask to see the line marks/boundary marks.
- Ask the seller's reason for selling.
- Ask the seller for termite treatment history and a copy of the treatment certificate.
- Review all property disclosures.
- Find out about liens, easements or other restrictions.
8. Make an offer and negotiate.
- Determine the purchase price.
- Include contingencies, such as financial, inspection or purchase.
- Spell out any special requests and repairs you want included in the sale.
- Determine an earnest money amount.
- Define a move-in date.
- Once both parties agree to the terms, sign the Purchase and Sale Agreement.
9. Finalise the deal.
- Hire an attorney.
- Get the house appraised. Click on Property Valuation and we will conduct one for you.
- Get a professional home inspection.
- Consider getting specific inspections for electrical systems, structural engineering, roof and termites.
- Choose a home insurance company.
- Complete the loan process with the lender.
- Do a walk-through inspection prior to closing.
- Set aside cash for the closing costs and down payment.