Putting Together Your Home Buying Team
Buying a home is probably one of the biggest purchases you’ll make in your lifetime. It should come as no surprise, that there’s a lot involved with such an important purchase. Finding the right home is just part of the process. You also need to secure financing, handle legal matters and deal with a lot of paperwork. The easiest way to ensure the process goes smoothly is to put together a great team of professionals to help you out along the way. Here are the people you need on your dream home buying team to help you find the perfect home and ensure your interests are looked after.
Your Ottawa Real Estate Agent
Your local Realtor® is your expert on everything home related in Ottawa! They know all the best neighbourhoods in the city and have valuable insight on schools, amenities, and recreation in different communities. They will guide you on fair pricing and what comparable homes are selling for in the area. And they can identify potential problems with a property before you make a costly mistake. Basically, your local real estate agent will help you turn your dream home wish list into the perfect home for you and your family.
The Right Mortgage Broker
Your mortgage broker is a key player on your home buying team, helping to determine how much home you can actually afford and pairing you with the right lender. A good mortgage broker will ensure you get the best possible mortgage rate, potentially saving you significant amounts of money. They can also help you determine how much your monthly payments should be and what amount you should put towards a down payment. Most importantly, they can get you pre-approved for a mortgage which will give sellers confidence in your buying powers and speed up the home buying process when you’re ready to make an offer.
A Trusted Real Estate Lawyer
A real estate lawyer is another important member of your home buying team. Your lawyer will review legal documents such as the Agreement of Purchase and Sale and the Status Certificate if you purchase a condo. They will ensure the property is in good legal standing and has no other complications. They will also perform a title search to confirm there are no claims registered against the property and that the property taxes are up to date.
When it’s time to close on the sale of your new home, your lawyer will have even more to do. A real estate lawyer will arrange for title insurance, calculate the land transfer tax, draft and/or review closing documents, ensure all legal and financial conditions are met, and close the transaction to make the property officially yours. Then comes the exciting last step. They will obtain the keys from the seller’s lawyer and arrange for you to receive them so you can take possession of your new home!
An Experienced Home Inspector
One of the smartest things you can do to protect yourself when purchasing a new home is to have it inspected by a reliable home inspector. In many cases, buyers will make this a condition of the purchase offer to ensure they don’t commit to a home that isn’t sound. That way if anything comes up in the inspection, you can still legally amend or back out of the offer.
In a seller’s market where too many conditions can cost you the sale, smart buyers will bring an inspector to the viewing to get peace of mind before they make an offer. Home inspectors in Ontario are not required to be licensed so it’s important to do your research and find a reputable one. Make sure to read reviews and ask for referrals to find a home inspector that will do the job right. Here are 20 questions to ask your home inspector to help you get the most out of the inspection.
Other Inspectors on Your Home Buying Team
If the home you are buying is in a rural area, you may also need to have other inspectors on your home buying team. When placing an offer on a home that gets water from a well, you should have both a water test and a septic inspection done. If the home has a fireplace, you will also need a Wood Energy Technology Transfer (WETT) test to ensure the fireplace and chimney are safe and functioning properly.
Reliable Local Movers
After the purchase, finances, and legal matters are taken care of comes the best part… moving into your new home! And just like all the other steps of buying a home, having a good team will make the process go more smoothly and alleviate a LOT of stress. There’s nothing worse than finally getting to your new home to find that your belongings have not made it or were damaged in the move. Luckily almost everyone you know will have moved at some point, so talk to your friends and neighbours to find reliable movers that will handle your belongings with care.
Buying a Home in Ottawa
If you’re getting ready to buy a home and are interested in putting together your home buying team, contact us today to get started. Our Ottawa Realtors® have extensive experience helping buyers find the right home and we have many trusted contacts to help you put together the best possible team.