When you choose The Real Estate Ramani Team you receive the benefits of years of experience in the real estate industry. It's the difference between hiring an average real estate agent and having your own personal guide who is there for you throughout the entire process of buying a home. Here is how the process works:
Step 1: Decision to Buy
Before you even go looking for a home, you have to understand your needs. Think about the type of place you’re looking for. Do you need 3 or 4 bedrooms and washrooms for your family? Do you want a pool in the backyard? What about location? Do you want to live close to school or shopping? These are just some of the things you have to consider before you look for a new home.
Types of Ownership
You have three basic options for buying a home. One will be best for you and your family:
1. Freehold - you buy a house and own everything.
2. Condo - you own the inside and pay the condo association to take care of the exterior and grounds.
3. Co-op - similar to condo ownership, except you rent instead of buy, and pay a fee for repairs and maintenance.
After choosing the option that suits you best, it's time to go home shopping, and it's best to have professional help.
Step 2: Hire an Agent
There are thousands of real estate agents in Toronto, so how do you choose one that’s right for you? You need to shop for agents as carefully as you do for homes. This person or team of professionals will act on your behalf, so you need someone who is very knowledgeable, experienced, and above all, trustworthy.
Real estate agent shopping tips:
- Drive around and check out “For Sale” sign info.
- Ask friends and family for a recommendation.
- Visit local real estate offices.
Don't settle for less than trained professionals who know your area inside out. The differences between a mediocre and great real estate agent are exceptional services and personal assistance.
Step 3: Find your Home
Let's locate your dream home! First, before you go shopping, make sure you are financially ready. You should have a definite budget in mind when shopping. To help you determine how much home you can afford, click here to use our handy home loan affordability calculator.
How much money can you afford to put down? Try to put as much down as you can. For example, a ten percent down payment is good but if you put 20 percent down or more, your payments will be lower and you may not have to pay for lenders mortgage insurance (which adds to your total costs). Also, getting pre-approved can eliminate many home shopping headaches and surprises, and greatly simplify the process.
Now comes the fun and exciting part, shopping for homes! You can search for homes online, check newspapers, and go to local open house events. But it's so much easier to check out Real Estate Ramani smart listings at our website. Just click here to get there, and start your property search now!.
Step 4: Make an Offer
Now that you’ve found the house you love, it’s time to make an offer. Not all offers are the same and here’s where your real estate agent comes in. The Real Estate Ramani Team helpsyou with all the terms and conditions like the price you want to pay, financing terms, and things like inclusions and exclusions.
Price is important but so are other details included in the sale. For example, appliances, chandeliers, and minor renovations can also be part of the deal. Shorter or longer closing dates can also be specified in your offer.
If the seller rejects your offer, The Real Estate Ramani Team is there to help you make a counter offer and to negotiate terms that the seller is likely to accept. This helps you get the best possible price and terms.
Step 5: Closing Time
In order to finalize the sale, a closing has to be scheduled. Certain costs must be paid ahead of time or on the day of closing. This may include mortgage application fees, inspections, legal fees and other costs. The Real Estate Ramani Team is there for you at closing time to guide you the process, and before you know it, you will be ready to move in to your hew home. Congratulations!