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BUYER'S GUIDE
A STEP-BY-STEP FIRST TIME BUYER'S GUIDE
Buying a home is such an exciting milestone in your life! To help you prepare for this amazing journey, it’s important to know what to expect along the way. Your agent has put together this step-by-step guide for first-time buyers, designed to reduce your stress and help you truly enjoy the experience. Let’s make your dream home a reality together!
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STEP 1: Prepare your Document's
Before you embark on your journey to find the perfect property, take the time to prepare yourself. **Build Your Document File**
This file will be your foundation, containing all the essential financial documents you need to secure your financing.
Include:
- Financial statements
- Bank account information
- Investment details
- Credit card information
- Auto loan agreements
- Recent pay stubs
- Tax returns for the past two years and any relevant ROI
- Copies of leases for investment properties
- RRSP statements, along with stocks, bonds, and mutual fund account information.
With these documents in hand, you'll be ready to seize the opportunities ahead!
STEP 2: MEET WITH YOUR FINANCIAL REPRESENTATIVE
It's important to know that just because you think you can afford a certain monthly mortgage payment doesn't mean the lender will agree. They may approve you for a larger amount, a smaller one, or even deny your application.
Mortgage lenders assess your debt-to-income ratio and consider factors such as job stability, credit history, and past financial issues, which can all affect your approval.
Before you get too attached to a home, consult with a mortgage professional to find out how much you can realistically qualify for. If your down payment is less than 20%, you'll also need an insurable mortgage through CMHC. Taking these steps will help you make informed decisions.
STEP 3: DECIDE ON YOUR BUDGET
Notice I said to decide on your budget—not determine how much the mortgage company will give you.
In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home.
If you’ve lived in an apartment or with roommates, you may overlook new expenses like heat, hydro, water or other fees that could easily blow your budget.
STEP 4: SELECTING A REAL ESTATE AGENT
Can you shop for, view, and ultimately make an offer on a home without a real estate agent? Technically, yes. However, why would you want to do that when it costs you nothing to have an agent like me take on much of the stress?
I can help identify properties of interest, arrange showings, and handle the offer process.
I also have market knowledge that you may not possess, which means I can guide you away from certain homes or neighborhoods, suggest hidden gems, and provide valuable tips to help you find your dream home at the right price.
STEP 5: FINDING YOUR HOME
Get ready for one of the most exciting steps in your home-buying journey (right after moving in)! I’m here to help you explore homes that interest you and fit your budget.
Let’s make this process fun and enjoyable!
As you prepare for your viewings, consider these questions to enhance your experience:
-Does the home include your must-haves and nice-to-haves? I’ll help you prioritize these within your budget!
-What’s the overall vibe of the home? Is it love at first sight, or does it need some updates?
-Will any major repairs or renovations be needed soon? Keep an eye on important items like the furnace.
-What do you love most about the home? Visualize your life here!
-Is there anything you don’t like? Can it be changed now or later with some creativity?
-Take a stroll around the neighbourhood! Explore and connect with the community.
Let’s embark on this exciting adventure to find your dream home!
STEP 6: MAKE A OFFER
When you find a home on the market that you truly desire, the excitement can make you anxious about whether the property will slip away. There's no need to worry, though—you have an expert on your side: me. As your real estate agent, my job is to help you secure that home at a price that works for you.
The first step in this process is preparing the offer. This document outlines the price you’re willing to pay and any specific conditions attached to it. Determining the right price is crucial. We want it to accurately reflect the true market value of the property, so the seller takes your offer seriously.
However, we also need to avoid going in too high, as that could lead to overpaying for the home. Rest assured, I know how to craft a winning offer to get you the property at the best possible price. I will look after your interests throughout the entire process.
STEP 7: Work on Conditions
In most cases, your offer will be contingent upon having the home inspected, securing financing, and meeting several other conditions that may apply to specific properties.
I can assist you in arranging these items.
If there are no significant issues, we can proceed with removing the conditions and finalizing the sale. However, if any problems arise, you have the option to renegotiate your offer based on the necessary repairs, or you may choose to withdraw the offer altogether.
I will guide you through each of these steps.
STEP 8: CLOSING THE SALE
I love telling a client, “You’ve got the home!” This means the seller has accepted your offer, all conditions have been waived, and the closing date is set. But my job doesn’t stop there.
I’ll continue to assist you to ensure a smooth process. I’ll handle administrative details and coordinate with the seller’s agent, your lawyer, and your mortgage lender to complete all necessary paperwork. You won’t have to worry about finding a reliable real estate lawyer, insurance agent, or moving company. I can recommend reputable professionals in the local area.
If you have any questions or concerns before moving day, I’m here to help. You can count on me to support you throughout the entire process of buying your new home.
TESTIMONIALS
"BUILDING TRUST ONE TESTIMONIAL AT A TIME"
YOU'RE TESTIMONAILS ARE MY BIGGEST PRIVLEDGE
WORK WITH JODI
Jodi brings a unique and highly sought-after approach to the table. Rather than simply chasing a standard commission, Jodi focuses on providing a true "Value Added" experience for all of her clients. She deliver's an unparalleled level of personalized service, in-depth market expertise, and resolute professionalism
EMAIL
joditurnbull@live.ca
PHONE NUMBER
705.741.6328
ADDRESS
419 George Street S.Main Floor
Peterborough, Ontario, K9J 3E2
Jodi Turnbull is a real estate agent affiliated with MinCom Kawartha Lakes Realty in Peterborough Ontario, MinCom Kawartha Lakes Inc is a licensed real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.