Finding Your Dream Home

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Buying a Home: What to Expect from Start to Finish

Purchasing a home is an exciting milestone, but it's important to approach the process with careful planning to avoid potential disappointment or buyer’s remorse.

Step 1: Assess Your Finances
Begin by reviewing your financial situation to determine how much you can realistically afford. While not mandatory, obtaining a mortgage pre-approval is highly recommended. It not only clarifies your budget but also strengthens your position when making an offer.

Step 2: Define Your Needs and Priorities
Consider what you're looking for in a home. Location, accessibility, number of bedrooms, layout, and square footage are all important factors. Keep in mind that your priorities may evolve throughout the process. Communicate any changes to your real estate agent so they can tailor the property search accordingly.

Step 3: Making an Offer
When you find a property that meets your criteria, work with your agent to determine the appropriate offer and any conditions that should be included. These may involve a home inspection, financing, the sale of a house, severance, etc.

Step 4: Home Inspection and Financing Conditions
A professional home inspection is a valuable tool that can identify issues and potentially save you thousands of dollars. It’s also wise to include a financing condition in your offer, even with a pre-approval. This protects you in case the lender declines your application or the property does not appraise at the expected value. Most banks also require a home appraisal as part of the approval process.

Step 5: Fulfilling Conditions
Once the offer is accepted, it’s time to fulfill the conditions outlined—such as inspections, appraisals, and securing financing. While this stage can be overwhelming, your real estate agent will guide you through each step.

Step 6: Finalizing the Purchase
After all conditions are met, the offer becomes firm. A final walkthrough typically takes place shortly before or on closing day to ensure everything is in order—checking for any new damage caused by moving, missing items, or simply planning out where furniture will be placed.

Closing and Move-In
Once the deal officially closes and you receive your keys, it’s time to settle in and enjoy your new home.