One of life’s most exciting events is the purchase of a new home. Whether it’s your first or fifth time, buying a home is always a cause for celebration! It might feel like the hard part is over once you’ve signed on the dotted line but the to-do list is always a long one in anticipation of closing day.

 

Here’s a look at some items you’ll want to cross off your list:

 

Before you make an offer:

• Sit down and figure out a budget. Don’t just consider your monthly mortgage payment. As a homeowner, you have to think about property taxes, utilities, maintenance, furnishings and unforeseen expenses.
• Hire a realtor. Ask friends and family for referrals.
• Obtain a mortgage pre-approval to give you a clear idea of how much the bank is willing to give for the purchase of a new home.
• Hire a real estate lawyer to assist with any legal questions that might pop up.

 

After your offer is accepted:

• Hire a home inspector. Your realtor will likely be able to recommend one they have experience with.
• Complete any conditions included with your offer, like conditional financing or a home inspection. If there are any problems with the conditions (i.e. a roofing issue) you will need to discuss your options with your realtor.
• Visit your lender to confirm financing.  They will want to view your signed Agreement of Purchase and Sale and may conduct an appraisal on the home.

If all the conditions are satisfied, you will have to sign documents stating that each of the conditions are either waived or fulfilled. The offer will then become firm.

 

Planning your move:

• Obtain home insurance.
• If renting, provide notice to your landlord.
• Notify your current utility companies and contact new ones if required.
• Complete change of address cards or contact Canada Post to arrange for your mail to be forwarded to your new address.
• Set aside funds for closing costs.
• Start packing.