Title: Ontario, is a completely different ball game. Managing

Title: Homebuyer’s Guide To Purchasing A Home In Ontario, CanadaBuying a house is a process, that takes years and years of preparation before finally making the big move. And honestly, the whole thing can sometimes be a little overwhelming. It would be very surprising if it isn’t anyway, considering it is one the biggest purchases and investments for the majority of us. All those hours one spends working and saving every single penny for your dream house are all realised when you find that one particular home that matches your vision of an ideal house. But it’s not all that easy. Before making the big move, there are hundreds of factors that need to be taken into consideration in order to maintain financial stability and a solid ground even after the big buy. Also, understanding the whole buying process in your region, in this case, Ontario, is a completely different ball game. Managing finances, mortgages and whatnot, there’s a whole list of things that one needs to keep in mind before making the big decision. And because we are only human, we tend to miss out on things sometimes. So here’s a quick guide for every home buyer who is planning to purchase his/her dream-house in Ontario, Canada. Trust me all the hustle will be worth it in the end.1.    Create a budgetNow, before getting on with the buying process, a person needs to have a whole budget planned out. It should ideally include all the upfront costs like the amount to be paid as the downpayment, closing costs and ongoing costs that will follow. For instance mortgage payments, insurance, property taxes bills, routine repairs and maintenance. One often tends to ignore the latter but that is the part that takes up most of your income during the initial time following the purchase. Creating a detailed budget plan will help you narrow down an exact price that you can comfortably afford and manage.  2.    Get-approved before starting the house hunting processThe real-estate market has evolved a lot over the last few years. So much so that there are all these unwritten rules that need to be followed to get a real estate agent to attend to you properly. And most of them wouldn’t do that in the present day scenario if you are not pre-approved for a mortgage.  Now, some of you might not be familiar with it. So, a preapproval in general terms is a written commitment from a lender confirming that they are willing to lend the buyer the maximum credit amount at a certain interest rate. The approval is completely dependent on your credit, income and the down payment. Also, if you cannot manage the traditional 20% down payment for the mortgage, you always have other options but for that through research needs to be done. 3.    Choose a realtorAlthough, having an agent is not compulsory. It does make your life better by manifolds because there are many factors and things first-time buyers tend to miss out on. Thus, having somebody around, who has a deep knowledge of the market makes things easier. A good realtor can make this complicated experience a breeze while acting as your very own advisor, consultant and negotiator, all at the same time. Now for the ones who decide to go down a different path and do all the legwork on their own. The first step is listing down all your requirements. The location, size of the house, any special features you need and your future plans, everything should be taken into consideration before beginning the house hunting process. Also, one needs to remember that even though you are pre-approved for a mortgage, just like you, the lender is also under no obligation to go through with the pre-approval if your financial situation changes before the purchase. Hence the approval will be obsolete. 4.    Make an offerAfter narrowing down on your dream house, make an offer of purchase to the seller that is an agreement of purchase and sale. Being a legal contract, this document is prepared by a real estate agent or a lawyer and should have all the important details. It also carries all the important information related to the house in question, like the address, the amount you are offering to pay for it, any added information or clause from your end and the final date, when you’ll take the possession of the house if everything goes well. This agreement is finalised only when all the conditions mentioned in the contract are fulfilled. If needed, both parties review and negotiate the details at this stage only.  5.    Get the house inspectedAlthough, it’s completely up to the buyer hiring an inspector might save them from a real disaster, especially, when it comes to resale homes. In a majority of cases, there are many tit-bits that tend to get ignored by the first time buyers but an inspector will give an honest account of all the problems and condition of your not-so-dreamy house. Also make sure to add this clause in your offer, because the inspection might change your mind about buying the house and if the clause is mentioned in your agreement, it will allow you to negotiate the price and repairs with the seller or just withdraw your offer altogether. 6.    Closing the deal  After everything mentioned above is sorted, finally the last and the final step begins, where you get to finalize the deal. For that, you will need an official mortgage letter, confirming the amount the lender is ready to lend and finance your purchase. Also, at this stage, the buyers should double check everything and review all the conditions that were the part of the offer is fulfilled. This step of the buying process generally takes place in a lawyer’s office. There the final signing takes place and the buyer hands over the down payment to the lawyer, which includes all the additional costs. Then the lender gives the remaining borrowed amount to the lawyer. After the money is paid in full, the house is registered in the buyer’s name and he/she finally receives the deed and keys to their home sweet home.  Now, the whole process is without a doubt tiring, extremely long and will most likely take a toll on you. But that being said, envision all those special memories that you have associated with your home, where you grew up. Isn’t that special? Wouldn’t you want your kids to have exactly that feeling associated with their childhood home? That is what, makes this long and super-tiring journey worthwhile, everything that comes with it is just an added benefit.

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