Shopping for a Home

• Set aside money for your down payment and additional costs
• Determined the price of home you can afford
• Investigate your mortgage options
• Get pre-approved for a mortgage

With all of these things in order, next you will want to draw up a whis list, choose a real estate agent retain a lawyer and go housing hunting.

Draw up a Wish List

Think about where you would like to live (what area or neighbourhood) and what kind of house you would like to live in (which features are absolutely essential, which you can live without and which are entirely out of the questions),

Take a look at real estate advertisements for the area you are interested in to see what is on the market and the prices. Also drive around a few neighbourhoods and see what is for sale or visit open houses. This can help crystallize what you want or do not want in a home.

Choose a Real Estate Agent

Your friends, relatives or co-workers may be able to recommend a real estate agent. If not, call around and talk to a few agents. Ask if their real estate licence is in good standing, find out if they have access to Multiple Listing Service (MLS) and see how the agent responds to your questions. Also, notice what questions they ask you - are they interested in knowing exactly what you are looking for, do they try to assess your financial situation, are they knowledgeable about neighbourhoods that interest you?

Have a discussion about fees. Typically, a real estate agent's commission is about 6% of the purchase price of a home. In some parts of Canada, there are now buyer/agency agreements that set out how the agent will be paid. Again, make sure you have a discussion about fees at the start of your relationship with your real estate agent.

The best real estate agent will be a combination of a personal advisor, consultant, and negotiator. He or she will show you home that match your criteria, guide you through the home buying process, negotiate the best possible price for your home, and deliver your closing paperwork.

Retain a Lawyer

Retain a lawyer who specializes in real estate (or notary in Quebec). Depending on the volatility of the real estate market, you could find yourself in a bidding war for the home you want and you will want to have your lawyer look over any offer to purchase before you submit it.

House Hunting

Knowing exactly what you want in a home will save you a lot of time when house-hunting. Think about your immediate needs, your future plans, and your lifestyle. When you look at home, you will be concentrating on the house, but do not forget to look at the property as a whole - the lot, the neighbourhood, the surroundings - and how close the home is to facilities and services that are important to you.

 
Buying a home can be an emotional decision, but the home you purchase should strike a balance between your wish list and the practical realities of the property, its location and the housing market.