The Buyer’s Process: Step-by-Step Guide to Homeownership

Buying a home is an exciting journey, but it can feel overwhelming without a clear roadmap. At www.minagayed.ca, we’re committed to making your home-buying experience seamless and enjoyable. Here’s a simple, step-by-step guide to help every buyer to navigate the process and achieve your dream of owning a home.

1. Define Your Goals and Budget:

Start by understanding what you want and what you can afford. This helps narrow every buyer's search and saves you time.

Questions to Consider:

• What’s my budget? Understand your financial limits.
• What type of property suits my needs? Think about condos, townhouses, or detached homes.
• Which neighborhoods fit my lifestyle? Consider proximity to work, schools, and amenities.

Upfront costs:

• Down payment: Minimum 5% of your purchase price
• Home inspection: Approximately $600
• Closing costs and adjustments: Approximately $1,500 to $3,000 
• Moving, storage, change of address, etc: $250 to $15,000 in the case of a distant relocation

It’s important to understand all the potential costs associated with purchasing a home, in addition to maintaining

it in the future. These costs are subject to buyer own individual needs, lifestyle, desires, and abilities.

Ongoing costs:

• Property taxes: Approximately 1% of the property value yearly
• Repair and maintenance: Vary depending on age/condition of property
• Insurance: approximately $100/ month
• Utilities: approximately $250/month

You will need to know your financial limits before you shop for a new home. Most families require a mortgage for their home purchase but are unsure of where to start. A Mortgage Broker is an excellent place to begin, though not the only source for mortgage funds. Working with a professional you are comfortable with, and can trust, is key when searching for a mortgage that will suit your needs. Once you decide which mortgage professional to work with, the next step is applying for a mortgage. Knowing your priorities makes it easier to focus on homes that match your criteria and helps you create a comprehensive home-buying checklist.

2. Get Pre-Approved for a Mortgage

A mortgage pre-approval is a crucial step that sets the foundation for buyer home search. It provides clarity on your budget and demonstrates your seriousness to sellers.

Benefits of Pre-Approval:

• Determines how much you can afford.
• Locks in an interest rate for a specific period.
• Strengthens your offer during negotiations.

For personalized assistance, contact Mina Gayed Real Estate at mina@minagayed.ca How can I assist you today? or call (780) 994-6462.

3. Begin Your Home Search

With your agent’s help, start viewing homes that fit your criteria. Take your time and assess each property carefully.

Complete a needs assessment:

Before we start viewing properties together, we will complete a needs assessment at our office. This is an opportunity to discuss the things that are important to you. This is one of the most important meetings and it is imperative that all the decision makers be present.

We’ll review the Alberta Real Estate Association’s Buyer Agency Agreement, discuss the fiduciary and legal obligations we have to you, explain how we help, and sign off on it so we can get to work for you!

*When you come to this meeting, please bring a valid driver’s license.

This is not simply a discussion of how many bedrooms and bathrooms you are looking for. This is a discussion that relates directly to where you are likely to be “home” for the next 4-7 years. During this meeting we will have a detailed discussion about your wants and needs. We will discuss homes that you have been in that you loved. We will discuss your lifestyle, how you live, how you like a home to function, and what home looks like to you. Once we understand your wants and needs, we will create a custom home search for you

using our private web portal. You will receive regular emails with properties that meet the needs we have discussed. This ensures you get the newest listings BEFORE they hit the open market. It also allows you to mark your listings as favorites, possibilities, or not suitable.

Tips for a Successful Search:

• Visit open houses to get a feel for the market.
• Stay open-minded but stick to your priorities.
• Don’t rush—the right home is worth waiting for.

House hunting tips, like keeping notes on each property, can make this step more organized.

4. Make an Offer

Once you find the perfect home, it’s time to make an offer. Your agent will help craft a competitive bid that aligns with market conditions and your budget.

Financing:

This is the final step to obtaining a mortgage. Upon final signing your offer to purchase, I will forward all the necessary paperwork to your Mortgage Broker. Then they will submit all the documentation they have to their underwriter for final approval. This typically takes 7-14 days.

Home inspection:

A home inspection ensures the property is in good condition and free of major issues. Hire a professional inspector to evaluate the home’s structure, systems, and potential concerns.

Key Areas Inspected:

• Roof and foundation
• Plumbing and electrical systems
• Heating, cooling, and insulation

If issues are discovered, your agent can help renegotiate terms or request repairs.

Negotiations:

Once we have crafted your offer to purchase, I will deliver your offer to the listing agent who will then present the offer to their sellers. I will negotiate on your behalf while remaining in contact with you each step of the way. Please be sure to keep your phone on during this time.

Acceptance:

This means that both you and the seller have agreed to the price, terms, and conditions of the offer.

Hire a lawyer:

It is a good idea at this stage to think about hiring a lawyer for closing. A lawyer manages the title transfer and mortgage registration. Property title transfers between sellers and buyers must be recorded at Alberta Land Titles to protect new owners. You will sign all documents in the lawyer’s office prior to the possession date. Once you have selected a lawyer, just sit back and wait for the phone to ring. You don’t need to call them, they will call you.

Waiving conditions:

If your offer includes any conditions, you will be required to complete them by the date and time set forth in your offer. I will ensure everything is on track. Once your conditions have been satisfied, you will waive them. If there are any concerns arising, no matter how small or large, I have specialized knowledge, training, and experience to help you navigate them.

5. Close the Deal – Congratulations! You are almost there

Closing is the final step where ownership is officially transferred to you. This stage involves signing legal documents, transferring funds, and receiving the keys to your new home.

Steps to Closing:

• Carefully review all documents with your lawyer.
• Ensure your down payment and closing costs are ready.
• Conduct a final walkthrough to confirm the property’s condition.

The real estate closing process can seem daunting, but proper preparation makes it seamless.

6. Move in and Celebrate!

Congratulations—you’re now a homeowner! Take time to settle in, personalize your space, and enjoy this incredible milestone.

Moving tips, such as organizing your utilities and change-of-address notifications, can simplify this transition.

Ready to Start Your Journey?

At www.minagayed.ca, we’re here to make your home-buying process stress-free and successful. Whether you’re a first-time buyer or looking for your next home, we’re ready to guide you every step of the way.

We believe in fostering strong, long-term partnerships that go beyond the closing date. Our team is always here to provide expert guidance and valuable resources to assist you with:

• Insights on recently listed or sold properties in your area.
• Recommendations for trusted service providers, including contractors, inspectors, and more.
• Market updates and industry trends to keep you informed.
• Collaboration opportunities to better serve your clients and grow your business.

Your success is our success, and we're dedicated to being your trusted resource for all things real estate.

Connect with us today! Reach out at mina@minagayed.ca or call (780) 994-6462. Let’s work together to help buyers find their perfect home with confidence.