To give you peace of mind and to help you keep your sanity, I have prepared a handy step-by-step homebuying guide. For ease of use, I have divided it in five distinct categories: house type, price, offer, inspection, and notary.
#1 WHAT KIND OF HOUSE DO YOU WANT?
✓ Choose the right neighborhood (Where do you want to live?)
Here are a few things to consider: nearby commodities, ease of access by public transport, green space, schools, community activities, etc.
✓ Consider which features are important to you (kitchen, bathrooms, bedrooms, garden, garage, etc.)
#2 HOW MUCH CAN YOU AFFORD?
✓ Ask for referrals. Ask your friends, family or even your Real Estate Broker for a good Mortgage Specialist that specializes in what you’re looking for whether it’s a condo, a town house or a house. Each property type has its own laws. You want someone qualified to answer all of your questions.
✓ Go on a tour and request quotes from at least three different lenders. Interview both Mortgage Brokers and Mortgage Bankers to get the best interest rate.
✓ Once you found the right lender and you feel that you are in good hands, you can get a pre-approval. Then, you will be ready to start the search for your new home.
#3 HOW DO YOU MAKE AN OFFER?
✓ Ask your Real Estate Broker for similar houses sold in the area over the past six months. It will give you an idea to determine your initial offer. Making an offer is all about strategy! You have to think wisely in order not to deceive the sellers and rather pique their interest.
✓ For some negotiation key points other than the price, you can talk about the inclusions and if you’re flexible on when you need to move. You can negotiate with the closing and occupation dates as well.
#4 DO YOU NEED A HOME INSPECTION?
✓ NEVER forgo the inspection. Always find a qualified inspector. You need to contact the Quebec Association of Building Inspectors.
✓ Be present during the inspection and read the Inspector’s report carefully. Remember, the Inspector is the only professional entitled to answer all of your questions.
#5 ALL THE CONDITIONS HAVE BEEN ACCEPTED, NOW WHAT?
✓ Always find a qualified Notary. You need to contact the Chambre des notaires du Québec. Your Notary will inform you of all the costs and fees required to complete your purchase.
The homebuying process might seem overwhelming at first but I assure you that with the right Real Estate Broker by your side you will feel confident. If you have any other questions regarding the steps involved in buying your new home, please do not hesitate to contact me. It will be my pleasure to guide you on your next search.
Until next time!
All my best,