It’s time to buy a new home!
Whether you’re a first time home buyer, or your family is expanding and you need more room or you’re an empty nester who wants to downsize, it’s time to purchase a new multi-family home! No matter what stage of life you’re in, if it’s your first home or your fourth, there is a process to purchasing a new home.
Let’s cover off the steps to buying a new home, the StreetSide Way.
Building a Budget:
This is a crucial step in the process, as how much you can afford for a home will help set the parameters of your search. This step includes figuring out how much down payment you have and how much mortgage you can afford on a monthly basis. Knowing these two items will help you figure out how much of a house you can afford. Most financial institutions post a mortgage calculator on their site which will give you a rough idea of what you can afford.
Mortgage Pre-Approval:
It’s important to know what your budget is and to obtain a pre-approval for a mortgage from a bank or mortgage company, before you start your home search. The bank or mortgage company will take into account your income, any debts you have and your down payment when calculating a pre-approval for you. They will also take into account if you have good credit rating. Once complete, a pre-approval is usually good for up to 120 days.
Community Selection:
Now that you know what price range you can afford, it’s time to choose what area of the city you want to leave in. You need to determine what’s most important to you and your lifestyle. Do you want to be close to transit and amenities? Is having family and friends close important to you? Are you an inner city lover or do you prefer the outer areas which make getting out of the city quick. Making a list of all of the important points will help you determine where you start your search.
The Right Home for You:
Now that you’ve decided what community you want to live in it’s time to decide what type of home is best for you? Are you an empty nester that wants to downsize to a maintenance free bungalow villa or do you prefer to take care of your home and yard with our no condo fee options. This is where our StreetSide New Home On-line Concierge team comes in. They can help bridge the gap between community and lifestyle for you. They are available to guide you through the research phase and book an appointment for you for the right home in the right community.
Offer to Purchase:
Once you’ve fallen in love with your StreetSide home it’s time for the paperwork. One of our Area Managers will go over the Offer to Purchase, take the initial payment of $1000 and submit to the office for approval. Depending on the conditions placed you will have a 10 day rescission period.
At the end of the rescission period, if all conditions are met, you will be required to sign a waiver of conditions. At this point Congratulations are in order as you have just bought your new StreetSide home!
Occupancy Date:
Approximately 30 – 45 days prior to possession you will receive your upcoming possession date. You will also receive your new home’s walk-through date which is usually 10 days before possession. During this time, our service and warranty team will complete a walk-through with you of your home.
Possession Day:
The exciting day is finally here where you move into your new home but just a few things need to take place first. At time of possession, you will sign a certificate of possession and once our lawyers have received the funds the keys are all yours. You will also be given a login to Conaysis, StreetSide’s on-line Homeowner Portal which will give you access to detailed information, warranties and appointment bookings for your home.
Warranty and Service:
Now that you are part of the StreetSide family, you can have the peace of mind that we will conduct a thorough 90 day and 1 year anniversary visit to make sure everything is operating correctly. These visits can be easily booked through the Conaysis on-line Homeowner Portal.
That’s all there is to it! It’s easy to buy a new StreetSide home and you can be assured that StreetSide will be with you every step of this exciting new journey.
Welcome home!