Buying a home is one of the most significant decisions that you’ll make in your lifetime. As a big financial investment and the cornerstone of your family’s day-to-day life, saving up for and eventually buying a home is no small process.
So how long ahead should you plan before purchasing a home? Well, the answer will be different for everyone.
While there’s no one-size-fits-all timeline, preparing well in advance is key to making the process smoother and less stressful. In this blog, we’ll guide you through some of the important steps to take before you head to the market.
Know What You’re Looking For
Solidifying your list of wants, needs, and must-haves is an essential part of your buying journey. Being clear about your priorities will make it easier to evaluate properties and make informed decisions. With that in mind, it’s important not to underestimate how big of a process this can be.
Determining what your ideal home looks like is more intricate than simply thinking about the size and the number of bedrooms and bathrooms. Details like proximity to work or school, access to public transportation and essential services, along with local amenities, will all impact how your home suits your needs.
Looking for more home-buying insights? Consider these other posts from our blog.
- What is the Mortgage Stress Test and What Does it Mean for Me?
- Can You Buy a Home Without an Agent?
- How to Improve Your Credit Score Before Buying a Home
How Long Will It Take to Save Up For a Home?
Saving up for a home takes time. Planning for a successful home purchase starts with a close look at your personal finances.
As a homebuyer, the largest upfront cost involved in your purchase will be the down payment. However, given the average cost of real estate in Ontario, saving up enough funds to make a down payment doesn’t always happen overnight.
The time it will take you to adequately save for a down payment will depend on a wide range of factors, including how strong your savings are, the average housing costs in your market, existing debts, income, and more.
If you’re unsure about where you stand financially, don’t hesitate to seek out professional help. You can work with your accountant or financial adviser to determine your degree of financial power.
Getting Pre-Approved
Getting pre-approved for a mortgage is a crucial step in the home-buying process. It gives you a clear understanding of how much you can afford to spend on a home and demonstrates to sellers that you’re a serious buyer – which will be helpful when it comes time to place an offer.
Pre-approval involves a thorough assessment of your financial situation by a lender, resulting in a conditional commitment to lend you a specific amount of money. This process helps you understand your price range, strengthens your position as a buyer, and shows sellers that you are a serious contender.
Although getting pre-approved isn’t the most-lengthy process, there is still some preparation involved. Lenders will require a handful of important financial documents, including pay stubs, tax returns, bank statements, a credit report, and other relevant information. It can take some time to obtain and sort these documents, however, you can make this step smooth and efficient by staying on the ball and organized.
Not sure if you’re financially eligible to purchase a home in today’s market? Explore these blogs for helpful information.
- Should You Get Pre-Approved Before House Hunting?
- How to Know If You’re Ready to Buy Your First Home
- What Does it Really Mean to Buy a Home in a Balanced Market?
Find a Great Real Estate Agent
As a home buyer, working with a top-performing real estate agent can make all the difference in your purchase. With that in mind, you won’t want to simply hire the first agent you see on a billboard. Instead, you’ll want to do some research and find the agent that best aligns with your goals.
While this may take some time, the end results are well worth the upfront effort. As part of your search, be sure to ask for referrals from friends and family, read online reviews, and interview multiple potential agents before signing a representation agreement.
Buying With Bosley
Bosley Real Estate has helped Canadians find the perfect home for close to a century. Today, our advanced buying systems, client-first approach to service, and vast industry relationships can help you build a thoughtful home-buying roadmap – leading to a smooth and successful home purchase.
Looking to buy a home in today’s marketplace? Our team of expert real estate professionals can help you navigate the process and maximize your buying power. Click here to contact us.
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