The Home Buyer Blueprint for Ajax & Durham Region

Becoming an informed home buyer

No matter your situation, buying a home takes information and insight along with a good deal of time, energy and money. It is also an exciting venture. This guide is built to bring clarity and peace of mind to your home buying journey. It answers the common questions, outlines what to expect on the road ahead, and boosts your confidence that you can find the right home. As of January 1, 2024, new legislation under the Trust in Real Estate Services Act (TRESA) provides more transparency and consumer protection, and your agent will walk you through what it means for you before you sign anything.

Step 1: Narrow your focus

Deciding exactly what you want in a home is no easy task, so it is best to start right away. The internet is a great tool for getting a sense of what you like, but a few decisions up front make everything easier. Start with three questions:

1. Where do you want to buy or live? What area, community, neighbourhood or specific streets are you considering? Is it important to be near schools, shopping, recreation, places of worship or a hospital? Will you need public transit?
2. What type of home do you want? Detached, semi-detached, bungalow, split level, two-storey, duplex or townhouse. Consider your ideal lot size and the age of the home.
3. What are your must-haves and deal breakers? A basement, a garage, a pool, a fireplace, how many bedrooms and bathrooms, a home office, accessibility needs. And what you absolutely do not want, such as no pool, no carpet or no stairs.

Step 2: Get pre-approved for a mortgage

Pre-approval tells you how much you can afford and often lets you lock in an interest rate for a set period, which can save you thousands over the years. Four steps:

1. Talk to a mortgage specialist at your bank or an independent broker, someone who can compare the hundreds of rate and term options.
2. Complete an application to find out how much you qualify for. Your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios are two of the key numbers, based on your income and other obligations.
3. Gather your financial documents to finalize the pre-approval, such as income and down payment verification.
4. Get a copy of your pre-approval confirming your rate lock-in period. A pre-approved buyer also gives sellers more confidence in your ability to close.

If you would like a referral to a trusted mortgage specialist, reach out. We work with several.

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That is Steps 1 and 2 of 7. Laura works through the rest of the blueprint with you in a buyer consultation, including the resource section with its worksheets and checklists.

What Laura covers with you in the full Home Buyer Blueprint:

• Step 3: Choosing the best agent for you and Laura’s 10-step Home Buyer Success Program.
• Step 4: The search, including homes in hot markets not yet online, expired and private sales, and how to read past the listings.
• Step 5: Making an informed offer, deciding price, terms and conditions, and how negotiations play out.
• Step 6: Removing conditions and firming up the offer, with home inspection tips.
• Step 7: Preparing for closing day, the legal paperwork, insurance, utilities and the move.
• Resource section: Finding My Dream Home worksheet, common buyer costs, change of address checklist and a pack-like-a-pro guide.

Book a buyer consultation below and Laura will walk you through the full blueprint.