Home Buyers Checklist

Whether you’ve decided it’s time to buy your very first home or you are ready to move to a new home, the process is always the same:

  • Define Your Needs and Budget
    • Determine your budget (including down payment, closing costs, and ongoing expenses).
    • Decide on must-have features (e.g., number of bedrooms, bathrooms, yard size).
    • Consider location preferences (proximity to work, schools, amenities).
  • Research the Market
    • Investigate different neighbourhoods and their current real estate trends.
    • Check recent sale prices of similar homes.
    • Understand market conditions (buyer’s vs. seller’s market).

Stay current on market trends with Royal LePage® Binder’s monthly market reports.

  • Get Pre-Approved for a Mortgage
    • Shop around for mortgage rates and terms.
    • Gather necessary documentation (income verification, credit history).
    • Obtain a pre-approval letter to strengthen your offer.

Take advantage of our mortgage calculator, which includes the most recent Bank of Canada prime lending rates, or contact one of our preferred suppliers for additional financial services.

  • Hire a Real Estate Agent
    • Look for an agent familiar with your desired area.
    • Check reviews and ask for referrals.
    • Discuss your needs and expectations with the agent.

Any one of our experienced REALTORS® can assist you throughout the process, ensuring that you achieve your real estate goals.

  • Start Home Hunting
    • Visit multiple properties and keep notes.  Your Royal LePage® Binder agent can schedule showings, obtain listing information and inform you of any new listings that meet your wish list items.
    • While touring each property, check the condition of the home (roof, plumbing, electrical) and make note of items not just on your wish list but also those that may need updating.
    • Take photos (if permitted) for comparison later.
  • Evaluate Properties
    • Consider the property’s age and maintenance history.
    • Research local schools, transit options, and the neighbourhood’s safety.
    • Look at zoning regulations and future development plans.
  • Make an Offer
    • Consult your real estate agent to formulate a competitive offer.
    • Consider including contingencies for inspections, financing, and appraisals.
    • Be prepared for negotiations.
  • Home Inspection
    • Hire a professional inspector to evaluate the property.  As part of our preferred suppliers program, Royal LePage® Binder has assembled a list of local home inspectors to help you.
    • Review the inspection report carefully (look for significant issues).
    • Decide if you want to renegotiate based on findings.
  • Finalize Financing
    • Finalize your mortgage application with your chosen lender.
    • Lock in your mortgage rate if possible.
    • Plan for insurance and other necessary expenses.
  • Closing Process
    • Review closing costs (legal fees, land transfer tax).
    • Ensure all contractual obligations are met.
    • Sign necessary paperwork at the closing meeting.
  • Moving In
    • Plan your move and hire movers if necessary.
    • Change address with the post office and notify relevant parties.
  • Settle in and enjoy your new home!

Bonus Tips:

  • Stay organized: Keep all documents in a dedicated folder.
  • Stay within your budget: Avoid being swayed by properties outside your financial comfort zone.
  • Take your time: Don’t rush the process; find a home that meets your needs.

This checklist should help you navigate Ontario’s real estate buying process more smoothly!