Buying a home is never an easy job, especially buying one for your family. The amount of time and energy you have to invest in such an endeavor can be overwhelming. Sure, we all rejoice at the idea of moving into that new home and planning the interior and exterior design ideas, but that is a moment a long way down the road. And today, we begin that long road with the exploration of just what it takes to get there. And to achieve that, we examine the necessary steps to buying a family home in Ontario.
Is there a road map for achieving this?
As stressful as it is, the journey towards homeownership does not have to be so. All it takes is a little planning and you can get the perfect family home to move into. And once you do find it, it will be just a matter of finding the right moving team to get you there. But, we’re getting ahead of ourselves. Let’s first take a look at the 8 essential steps you need to take in order to get to your new family home in Ontario.
Step #1 – Prepare your budget
A financial plan can help in many ways, whether it’s for real estate, relocation, decoration or anything else for that matter. In the case of buying a family home in Ontario, you just have to make sure you have enough to make the down payment and pay additional fees.
The clock is ticking – the sooner you prepare a budget, the better.
If it happens that you don’t have the budget for a down payment, there is always the option of mortgage. There are different types, any of which you can get pre-approved for before going hunting for a home.
Step #2 – Consider professional assistance for buying a family home in Ontario
This type of project requires that you have someone with experience to offer guidance and assurance. So, there are two persons you should rely on in this case:
- Realtor – as your personal advisor in terms of securing the best home for you.
- Lawyer – to offer support in bidding wars and background checks in terms of tax and liens on the property.
Step #3 – The actual house hunting process
Create a list of expectations and demands that you expect to find in that new home. It’s important to know what you are looking for in your new family home before trying to buy it. Then, it’s just a matter of finding the right location. We suggest that you consider moving to King City – it’s a small prominent community, with plenty of housing options. And it is in close vicinity to Toronto.
Step #4 – Make the offer
Once you find that new home you yearn for, time to make an offer. Have your realtor handle the offer that will include price, conditions, deposit and closing date. The seller will either accept, reject or counter the offer.
Step #5 – The home inspection
Buying a family home in Ontario doesn’t end the moment you point you make an offer and get a green light from the seller. In fact, we recommend that you hire a home inspector – it will cost you but it will pay off. You want to know that your new home has no flaws and if it does, you can renegotiate the price. So, it’s a win-win situation.
Step #6 – Finalizing the deal
To finalize the deal, you have to get the final mortgage approval, as well as have your lawyer go through the specifics. You don’t want any small print conditions or insurance matters to jeopardize the purchase of that new Ontario home.
Step #7 – Preparing for the move
There are plenty of things to do before you decide to move into your new home. You need to take care of the utilities and forward your new address. Now, we finally arrive to that part of the journey we spoke of at the beginning – finding the right movers for the job. You’ll need someone reliable and experienced to help you along the way. The sooner you plan all this, the easier it will be.
Step #8 – Closing day
Finally, the day when you legally get possession of the home you bought. This will be the day all payments are finalized and you get the deed and the keys to your new family home in Ontario. Time to start your new life!