Suit-Up for Your Home-Buying Adventure!
Buying a home is no small feat. Whether it’s your first house, second, or fifth, the journey is full of excitement, decisions, and a fair amount of paperwork. Rome wasn’t built in one day! There’s a lot of behind-the-scenes work before you get to the glory of moving into your dream home.
If you’ve been searching for a home, you’ve probably seen a lot of listings, maybe even walked through a few properties, and now you’re ready to make your move. But before you get to the moment you grab your keys and say “I’m home,” there are a few critical steps that need to happen quickly, usually within the first two or three weeks of your conditions period.
No worries, though! With this checklist, you can keep your journey on track and stay strong, focused, and prepared for whatever challenges come your way.
Preparation is Key
Every superhero needs a good plan, and your home-buying journey is no different. It all starts with a chat about your budget. Just like Batman wouldn’t go into battle without his utility belt, you shouldn’t go into the housing market without knowing what you can afford. A mortgage professional will help you figure out your budget, and I highly recommend reaching out to James McKeown for top-notch advice.
Once your budget is set, the adventure begins. You’ll probably start by searching for homes on Realtor.ca or Viewpoint.ca. When you find something you like, it’s time to contact a REALTOR—ideally, yours truly if you're in the Annapolis Valley.
After a few showings, you’ll be ready to make your move, but first, you'll need to sign a few forms. There’s the Working With The Real Estate Industry form and the Buyer Designated Brokerage Agreement. These are key to making sure you're legally covered and that your REALTOR is working on your behalf.
More About Real Estate Forms in Nova Scotia.
The Real Action Begins
Now that you've found the one, the real checklist kicks in. The two or three weeks after an offer is accepted can feel overwhelming…everything is happening all at once. Let’s break down the essential tasks:
Review the Property Disclosure Statement (PDS): The PDS tells you about the home’s condition—what’s been fixed, what’s still in need of attention, and anything that might surprise you later.
Check the Restrictive Covenants: Some properties have rules that restrict what you can do with the home. These might cover things like parking or property use. Don’t let them sneak up on you! Get a lawyer to review them if you’re unsure.
Review the Equipment Schedule: If the home comes with rented equipment, like a propane tank or solar panels, it needs to be clarified upfront. You don’t want to inherit any hidden costs later.
Get Your Financing in Place: You may have a pre-approval, but until your mortgage professional finalizes things, you're not locked in. The sooner you submit your documents, the sooner you’ll have that sweet approval letter in hand.
Get Your Lawyer on Board: A lawyer’s job is to ensure all the paperwork aligns with what you’re buying. They’ll check the property details and confirm everything is in order.
Home Inspection: No wise person ventures into battle without intel. Get a home inspection to uncover potential issues you might not have noticed. In the Annapolis Valley, I recommend Zachary d'Entremont for a thorough, reliable assessment.
Water and Septic Tests: If you’re buying in a rural area, especially, don't forget the water and septic systems. They’re key to making sure your home functions smoothly.
Get an Insurance Quote: Mortgage approval is contingent on insurance. Make sure you can get coverage for your new home—if it’s older or has unique features, insurance might be tricky.
Submit Your Deposit: After the big tasks are checked off, it’s time to put down your deposit. Make sure you don’t do this until everything’s in place.
Wrapping Up the Saga
Once your conditions are met, things slow down a bit, but there are still a few final steps before you can enjoy the end of your home-buying adventure. Book your moving truck, contact utilities, pack up, and do a pre-close inspection. Once everything checks out, it’s time to unload your truck, move in, and finally enjoy your new home!
Click here to download a thorough checklist to keep track of everything!
Now that you’re equipped with your checklist, go forth, and let the home-buying journey begin! Whether you're a first-time buyer or a seasoned pro, this checklist is your superhero guide to success.
