What to Expect When Buying a Home

Buying a home is one of the most exciting, and important moments of your life. Your home is not just the roof over your head, where you live, eat, sleep, play, and raise a family; it's also one of the most important investments you'll ever make.

The Barbara Beers Team is here to help with this decision. We want to do more than just help you buy a property; we want to share our vast market and industry knowledge, and our proven buyer satisfaction approach to make your largest purchase decision as informative, simple and fun as possible.

The following steps outline the beginning to end process of buying a new home. It's a map to your perfect, dream home!!

Step 1: Deciding to Buy

To buy a home, you need to be prepared and we are here to help you. Here are a few things to consider:

• Define your needs and wants — make a list of the things you simply can't live without, like the number of bedrooms and bathrooms your family needs, proximity to schools and work, or storage needs. Then list some nice-to-haves: maybe a pool or deck, finished basement or mud room. This will help you further down the road when you start looking at homes
• Brush up on types of home ownership — make sure you know the difference between freehold (it's all yours), condo (you take care of the inside and pay fees to an association to look after the common areas and maintenance) and co-op (similar to condos but instead of "owning" your unit, you buy shares in the whole building and pay maintenance and repair fees)
• Understand market conditions — supply and demand can change from neighbourhood to neighbourhood, region to region. So, getting to know the market can help you get more bang for your buck, our Team and knowledge can effectively update you on all current activity and trends in todays markets.

Step 2: Knowing what you can afford

Like many things in life, planning ahead is the key to success. So, you should know the price range you can afford before you start shopping. Here are a few things to keep in mind:

• Down payment — this is usually the percentage of the total cost of a home that you'll need to pay. The more money you put down, the more money you'll save on monthly payments and, in the long run, interest paid
• Knowing what you can afford — how much house you can afford comes down to 3 factors: your monthly mortgage payment, your down payment and the amortization period or length of time it will take to pay off the loan. Whether a first time home buyer or current home owner, knowing exactly what you can afford in your new home can be difficult without help. We work with every major bank and multiple referred Mortgage Brokers who can tell you exactly what you can afford and explain in detail all the necessary steps needed to sell or buy your home. Refer to our Concierge Services section of our Web Site for our Referred Mortgage Brokers.
• Getting pre-approved — this will really help you figure out what you can spend on a home because you'll know before you start shopping. And you'll be protected against rising interest rates as well. The preapproval is a great negotiation advantage as well as we can walk in knowing that the buyer is preapproved.

Step 3: Choosing an Agent

Buying a home is personal and emotional. So the relationship with your real estate agent has to be built on expertise, trust and mutual respect. After all, they will be acting as your eyes, ears and voice throughout the process. They have a fiduciary duty to act in your best interests, to be completely transparent and accountable to you. Here's what The Barbara Beers Team will do:

• Educate you about the current market conditions
• Discuss and analyze your wants and needs against your budget
• Guide you to homes that fit your criteria
• Coordinate the work of other professionals you'll need during the process
• Negotiate with the seller on your behalf
• Make sure all the required paperwork is fully completed, accurate and that deadlines are met
• Work with you to resolve any challenges that may arise

And while we will likely be a great source of advice on financing, it is ultimately your responsibility to understand and secure it with your bank or one of our referred Banks/ Mortgage Brokers.

Step 4: Finding Your Home

So now it's time to get out there and find your dream home. Most people start off by having a neighbourhood in mind but a great agent may suggest options that you may not have thought of. Here are some considerations as you set out to house hunt:

• Choosing the right neighbourhood — Do you need to be close to schools, public transit, highways or where you work? Those can be huge factors when choosing an area to live. And let's not forget proximity to other amenities like parks, grocery stores, doctors and recreational centres. Drive around and check out the appearance of other homes in the area. Are they well taken care of? Of course, our Team will be able to inform you of property values in the area and how they've changed over the years.
• House hunting — the hunt can be a lot of work but it can also be a lot of fun. So when you visit homes, go with a partner — spouse, parent, friend — because two sets of eyes are better than one. Don't be shy about asking some tough questions regarding the home, our team is fully informed of the market and our inventory, and if we do not know the answer we know where to find it. Take some pictures or video on your smartphone so you can reference it later. And remember that checklist you made? It will come in handy now
• View open houses with open eyes — curb appeal is one thing but try not to focus on the bells and whistles. Keep a lookout for things like doors and windows (are they new/old?), water leaks, squeaky floors, soggy areas around the yard that indicate poor drainage and could lead to a wet basement, missing shingles, lighting, etc. You'll be getting a home inspection later, but it doesn't hurt to start with your own observations

And when you finally find the home you can see yourself living in, it's time for the next step...

Step 5: Making an Offer

You've fallen in love. But it's important that you don't let your emotions get the better of you when making an offer. Remember, real estate is an investment. Fortunately, The Barbara Beers Team is here to help you put together an Offer to Purchase and discuss all the details. Here are a few things you should know:

• Not all offers are the same — the main factors on most offers will include price, deposit, terms (which includes financing details), conditions, specific items that are included or not with the home and the closing date. From there, you can decide to make a "firm" offer which means that you're willing to buy the home exactly as it is. Or, you could make the offer "conditional" on things like a home inspection, approval of financing or the sale of your existing home
• Negotiating may come into play — the seller will either accept your offer, reject it or make a counter offer based on things like price, closing date or other conditions. While receiving a counter offer may be unsettling, know that the Barbara Beers Team has plenty of experience to help you. Some good tips for negotiating are: making sure what you're asking for is fair and equitable; be polite and collaborative; hold fast to your "needs" and be flexible on your "wants"; and know when to walk away no matter how hard that may be

After agreeing on terms and signing the offer, it's time for the next step...

Step 6: Doing Your Home Work

In addition to your real estate agent, you will now need to bring in a few pros to help get you to the finish line and make sure the investment you're about to make is sound. Our Team can put you in touch with these people and make recommendations from our extensive referred contact list. Here are a couple of key people you should be talking to:

• A home inspector — an absolute must in saving you from some unpleasant surprises later on. A home inspector will check your property for any structural damage; perform a thorough examination of the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement and more; then prepare a complete written report detailing all their findings. Average costs for inspections are based on size of house, style, country or not, etc. Our team will advise you on approx costs for this on an individual basis.
• A legal professional — when it comes to complex legal documents, it takes a lawyer experienced in Canadian real estate law to help make sure that you and your investment are protected. A real estate lawyer will review the agreement of purchase and sale, do a property title search, check that your home complies with current building and zoning codes, ensure utilities and property taxes are paid up, review the mortgage agreement, and get all the paperwork ready for closing. Ask one of our team members for referred Lawyers in the specific city you require and we will have one. Or you can check our Concierge Services Section for a list.

You're almost in the home stretch now. Just a couple more steps...

Step 7: Closing the Sale

Closing day is the day you officially take ownership of your new home. It's an exciting time for sure. But there are a couple of details you need to keep in mind before you get handed the keys:

• Closing costs — these fees need to be paid by or on the closing day and include mortgage application fees, inspections, legal fees, insurance, registration and Land Transfer Tax. Below is a rough estimate of some of these costs;
  1. Legal Fees and Disbursements — These fees are different for every lawyer and each and every transaction. Best way to find out these fees is to contact one of our Referred Lawyers from our Concierge Services Section.
  2. Land Transfer Taxes — Purchasers can be unaware of these fees, but they are an obligation to pay Land Transfer Tax to the Province of Ontario on registration of their Deed. Try our calculator!
  3. Registration Costs — Paid to the Province of Ontario, for any documents registered on the title to the subject property being purchased for example: registering a deed or a Mortgage.
  4. Title Insurance — Title insurance is now extremely important part of a purchase. Title insurance can provide coverage for work orders which arise from the failure of previous owners to obtain proper permits. Title insurance can also cover a purchaser for issues that an up to date survey might reveal (such as encroachments of buildings over lot lines), access related problems, fraud, mortgages or other encumbrances affecting title and, in general, the unmarketability of title to the property. Further information on Title Insurance would be better answered by your lawyer.

All these costs might make your head spin. But you can take solace in the fact that Our Team will be a great help in managing all of this and get you to your last step...

Step 8: The Big Move

The day has arrived. And there will be as much excitement as there will be sore backs. But you can take the pain out of moving day by planning ahead. Here are some tips for a smooth move:

• Make a moving checklist that details a plan for things that need to be done weeks before you move all the way up to moving day itself
• Plan for packing by clearly labeling boxes with the rooms they are to go to. You might even want to provide a small floorplan for the movers so they know exactly where to take them
• Make sure you get competitive quotes from reliable moving companies. Or, to save money, find out how much it would cost to hire a moving van yourself (And bribe your friends to help you)
• If you own your current home, cancel your cable and utilities and transfer any rented appliances (like water heater or furnace) to the new home owners. While you're at it, make sure to have the gas, electricity, cable and phone hooked up at your new home
• Inform your key contacts — work, Canada Post, doctors, friends, pharmacy, etc... — of your change of address
• If you have children, make sure you talk to them and explain why you're moving and reassure them that the friends they've made can continue to be their friends. Ask for their opinion too on things like what colour to paint their rooms. Try and make it exciting for them
• On moving day, plan an easy meal like picking up some take-out. Moving is stressful enough without having to cook

Congratulations! You're all moved in. Welcome home! Always remember our Help doesn't end here we are always a phone call or email away at the Barbara Beers Team

The Barbara Beers Team Buyer Advantage Program

In today's fast paced market, buyers need an advantage, THE BARBARA BEERS TEAM ADVANTAGE. Place your trust in our knowledgeable, honest, "Fight for YOUR Needs Team." Our Team is here for you day and night and will show you how we can give you the step above the competition. Our number one goal is your satisfaction and the realization of your dreams. We want to leave you so ecstatic that you're bragging about our team.

What is the Buyer Advantage Program

• Buyer specific program designed specifically to provide our valued clients with a step above the competition, to provide insightful knowledge and expert advice during the entire process of buying your new home. Think of it as a focused framework to your new home purchase.
• During your DISCOVERY MEETING, with one of our buyer specialists we discuss; financing, pre approval, your needs & wants, your communication preferences, Buyer Representation, the OFFER process and related paperwork.
• Individual, customized approaches, as we know every buyer is different. The key here is to listen, learn and adapt to each and every buyer's specific needs.
• Focused Property searches communicated to you as soon as the property hits the market or even before, based on our Discover Meeting
• A take home Buyer Advantage package.

Our Team Will Provide

• A TRUSTWORTHY and focused approach for the most important purchase of your life
• Extensive market/industry KNOWLEDGE from a team with over 25 years of experience
• Peace of Mind, knowing your best interests are always first.
• STRUCTURED GUIDANCE every step of the way to your ultimate purchase
• Effective NEGOTIATION STRATEGIES get you that perfect home

School Information

School information is extremely important when narrowing down not only which city/town to live in but which specific neighborhood best suits yours and your families needs. Below we have links to the Halton District and Halton Catholic District School Boards, and the Hamilton-Wentworth and Hamilton-Wentworth Catholic School Boards which encompasses each city/town within each district. Take a look through each of the sub headings for more information on each district.

Halton District Public School Board

Halton Catholic District School Board

Hamilton-Wentworth District School Board

Hamilton-Wentworth Catholic District School Board

Typical Real Estate Purchasing Costs

Pre Purchase Costs

Prior to purchasing you will not have any costs on the buying side, once an offer is negotiated on a house you will have some costs to be aware of;

1. Home Inspection Fees — Varies with size of house and extent of inspection
2. If applicable, Septic, well inspection fees

Closing Costs

Overall buyers should plan for 1.5 to 2% (estimate) of the purchase price. This is a rough estimate which includes various fees listed below(all may not be relevant to your purchase);

1. Legal Fees and Disbursements
2. Registration Costs
3. Title Insurance/Survey — Purchased through your lawyer
4. Hook-Up Fees — Utilities, etc.
5. Insurance
6. Land Transfer Taxes — Try our calculator!

New Home Buyers

If your a new home buyer, then you are the lucky ones as you get a break!! Your land transfer taxes for Provincial level is reduced by $2000.00 and if you are purchasing in the Great Toronto Area your Taxes are reduced to ZERO.