Step 1: DECIDING TO BUY

Purchasing a home is probably the biggest financial decision you will ever make. Whether this is your first purchase or you are moving on to a different home that better meets your needs, this decision must be made carefully.

1. Why Do You Want To Buy?
   Are you tired of paying rent? Have you outgrown your current home? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right home.
2. Has Your Income Grown?
   Home ownership can be a very good investment. As you pay down the principal part of your loan, you are building equity over time in addition to any market appreciation on your property.
3. Can You Afford To Buy?
   Experts recommend spending between 33-40% of your income on housing. For more information and for any additional questions, please feel free to contact me at any time.

Step 2: PREPARATION

Before you start shopping for your dream home, it's a good idea to make some preparations.

1. Build your green file
   A green file contains all your important financial documents. You'll need it to secure financing for your home. The typical green file should contain:
   • Financial statements
   • Bank accounts
   • Investments
   • Credit card
   • Auto loans
   • Recent pay stubs
   • Tax returns for two years
2. Check your credit rating
   Your credit score will have a huge impact on what type of home you can buy, and at what price. Anything above 620 is considered good. A good credit score may mean a lower interest rate on your mortgage. Check your credit rating with a credit reporting agency such as:
   Equifax, Experian or Trans Union
3. Be Careful With Your Finances
   Now is not a good time to make sudden career changes or large purchases. You want to approach home buying from a position of financial stability. For more information and for any additional questions, please feel free to contact me at any time.

Step 3: CHOOSING A REAL ESTATE AGENT

1. Buying a home requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through the process, and we can also get you access to Lethbridge home listings before they hit the general market.
2. Here are some factors to consider when choosing a real estate agent in Lethbridge:
   • Look for a full-time agent who has experience completing transactions similar to yours.
   • Interview a few agents: Are they familiar with the area you are interested in?
   • Ask how much time the agent will have for you, and if they have a licensed assistant.
   • Ask about their credentials and education: A good agent will continually strive to improve and gain knowledge of the latest real estate trends.
   • Does the agent return your calls promptly? Time is money when attempting to buy a home.
   • Ask for a list of homes they've sold or a list of references.
   • Choose an agent who listens attentively to your needs and concerns. Pick an agent with whom you feel comfortable.

For more information and for any additional questions, please feel free to contact me at any time

Step 4: TIME TO GO SHOPPING

Once you've got those preparations out of the way, it's time to find the home of your dreams.

1. Take a Drive
   Get to know the neighborhoods you are interested in. Drive around and get a feel for what it would be like to live in the area. Start getting a sense of the homes available in those neighborhoods.
2. Narrow your search
   With your agent, select a few homes that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term re-sale value of the homes you are considering.
3. Time to Buy
   Once you've picked out the house you want to buy, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs of maintenance and repairs on the house. An agent can also help you draft your offer in a way that offers you maximum legal protection. For more information and for any additional questions, please feel free to contact me at any time.

Step 5: CLOSING, CONDITIONS AND A LAWYER

1. Closing
   The closing process starts when your purchase offer is accepted by the seller. It ends when you become the new registered owner of the property.
2. Conditions
   Once your offer is accepted by the seller, you'll need to get to work on any conditions in the contract. Some examples of conditions are: property inspection or financing. Professional inspectors can evaluate your home's major systems. Your agent may recommend other inspections, such as roof, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist or mold. The contract isn't complete until any conditions are removed or satisfied. Your agent will help you through this process.
   Keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. The lender will often send an appraiser out to the property and you may pay a fee for this service. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, and recent sales of comparable properties. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.
3. Lawyer
   You will need to select a lawyer to represent you who has all the instruments necessary to close the sale, including funds and title. The Lawyer will research the complete recorded history of the property, to insure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities from building to parking restrictions. There may be recorded easements and encroachments, where others have limited rights to use your property.

For more information and for any additional questions, please feel free to contact me at any time.

Step 6: MOVING IN

The hard part is behind you, but there are a few more steps before you can move in to your new dream home.

1. Final Inspection
   A few days before you take over the property, we'll do one last inspection to make sure everything is in order.
2. Utilities and Services
   You will have to change the utilities and services of the house over to your name.
3. Closing
   When your transaction is nearly completed, the Lawyer will provide you with a "closing statement" that details all of the financial details of your home purchase. They will go over this with you to ensure its accuracy. At the last step in the buying process, the lawyer will have you sign the final documents, including loan documents. When everything is complete, you will become the official new owner.