Buying a house includes many intricacies and it’s important to understand the steps, timelines and different details about the process & neighbourhoods. Although we cover how to buy a house in Lorne Park, Oakville and Port Credit, this information can be applied to other neighbourhoods as well. The first and foremost item that needs to be considered when looking to buy a house in Lorne Park, Oakville, Port Credit, Clarkson or other areas is Price Range. The entire process and applied strategy starts with this single guiding item. Below you’ll first find an introduction and How To list covering the process followed by in-depth descriptions for each step.
How To Buy a House
1. Establish Price Range
2. Explore Geographic Area
3. Choose Home Features
4. Start Looking At Homes
5. Offer & Conditional Period
Having proper help with navigating the offer process is critical and that is why working with real estate professionals is recommended. Once an offer has been successfully accepted, we enter the conditional period during which we conduct the home inspection and verify financing approval (if those conditions were included). Because there is so much variety with the offer step, specific information would have to be provided on a case by case basis and will differ for each client.
6. Final Closing
On the final closing date, the keys will be released once the lawyer confirms the process is complete. Typically we conduct a walk-through of the property several days before final closing and on the actual closing date to ensure all aspects of the home are still in proper condition. Congratulations! You’ve successfully learned how to buy a house in Lorne Park, Port Credit, Oakville and other areas.
Everything In More Detail
Price Range [ 1 ]
Establishing Price Range allows for the creation of upper and lower limit lines which we then compare and contrast all the other variables against. Having the Price Range allows for evaluation of which Geographic Area to focus on. By contrasting Price Range against Geographic area, we can further compare against the Features you’d like in a home. This cascading list of comparison variables extends into the offer process when deciding how to approach offer conditions and ideal structuring of the package to secure your dream house in Lorne Park, Oakville, Port Credit, Clarkson and other Areas/Neighbourhoods. Let’s step back and look at each step of the process individually to better understand what to expect. We’ll explore these items chronologically.
Establishing price range will be primarily handled via a bank representative, or preferably a mortgage broker. The benefits of using a mortgage broker, as previously mentioned include their ability to browse multiple lenders. Whereas a bank representative works with the specific bank, an independent mortgage broker compares and contrasts the available mortgage packages from various lenders to find the best solution. Things that go into evaluating the price range when looking to buy a house in Clarkson, Etobicoke, Lorne Park, Port Credit or other areas include a few different items. If you currently own a property, the appraisal value and equity in the property will play a significant role. Income levels, debts, credit score and many other variables are all evaluated to present a final Price Range. Once we have this figure, we move on to the next step. Additionally, we can always recommend some mortgage brokers.
Explore Geographic Area [ 2 ]
Using a price range as the guiding principle for the Geographic Area selection is the most efficient way to approach the process. If you compare prices of South East Oakville and South West Oakville, there is significant difference, especially when you layer Home Features on top. Then you look at North Oakville and notice the price points are much lower there, but all three areas are within the same town. By establishing price range first, we use that to select specific sections of a city/neighbourhood that fall within the affordability range. Exploring geographic areas when looking to buy a house is where we look at the neighbourhood atmosphere.
Do you want proximity to the lake? Is public transit access such as the Hurontario LRT important? Many other common criteria points include distance to schools, commuter routes, workplace and lifestyle amenities. We also explore more intricate geographic variables like preference for mature trees, streets with/without sidewalks, architectural area styles and more.
As example of how price range and geographic area blend within Lorne Park is by comparing two areas within. White Oaks of Jalna is located just South West of Lorne Park Secondary School and offers a section where streets don’t have sidewalks, the properties contain beautiful, towering mature trees and lot sizes are generally larger with many custom built homes.
You can then contrast this area to Watercolours, a planned subdivision by Mattamy which sits South of Indian Rd and just West of Mississauga Rd. The Watercolours neighbourhood has younger tree vegetation and the entire streetscape is different. The area has a much more community oriented feeling to it and the homes share similar aesthetic themes.
Both areas provide excellent locations close to Port Credit and Clarkson Village as well as top quality schools in the Lorne Park neighbourhood. So when we have a price range outlined, we can filter which specific pockets in Lorne Park to focus on where we can attain the requirements and at a price which works!
Choose Home Features [ 3 ]
Selecting the features of a home is basically defining the DNA of the property. When looking to buy a house, selecting the criteria is a key component and is typically what most people do before Step 1 and 2. You can consider the home features simultaneously while we work through Steps 1 and 2, however it’s important to note that as the search progresses, different weights will need to be applied to each component of the requirements based on individual importance. Thinking about what home features you like extends beyond just number of bedrooms and bathrooms. Thinking about wanting lakefront access? You might need riparian rights for your property.
The type of backyard needed, whether you want to back onto a ravine or need a pool? Going inside, yes, number of bedrooms and bathrooms is key to consider, but also think about the kitchen/living space layout, number of parking spaces, ceiling height preference, architectural style. These detailed Home Features craft the property DNA and allow us to really focus on specific areas and in some cases, a specific street based on how fine tuned the home feature parameters are.
Start Looking At Homes [ 4 ]
Viewing homes and properties is an obviously important step when looking to buy a house. Whether it’s handled virtually through video chats and our professionals or we schedule times to view in-person, the same detail is always applied. Once a list of ideal homes for sale is crafted, we take care of coordinating the viewing appointments. When touring properties, we focus on experiencing the atmosphere and understanding the functional logic of the layout. Comparing the ceilings, paint colour selection, material finishes, appliance types, and all of the other home features we defined in the property DNA. Getting a sense of the surrounding area is also tied in to this stage of the process. This is the chance to experience the house and finalize a decision for the next step.
Offer, Conditional Period, Final Closing [ 5 + 6 ]
This part of the process when buying a house in Oakville, Lorne Park, Port Credit or other areas is very specific to each client and property. This part of the process to buy a home will be reviewed in detail with our professionals with each person to understand all of the intricate details. An offer is composed of many different Offer Settings such as offer price, deposit amount, conditions, offer clauses, closing date timeframe and more.
These different offer settings are dialed in to provide the best offer position for a successful buying result. The offer settings will vary greatly based on how the property is being sold (offer presentation, typical market negotiation, bank sale, and more), where and when it’s being sold and how each person’s individual situation dictates the best course of action. Because of the sheer amount of information and amount of different scenarios, we typically try to start the process with someone looking to buy a home by going through Steps 1 – 4 and simultaneously covering details related to Steps 5 and 6 as we approach the relevant part of the buying process.
