How does purchasing from Kaleb Gillani benefit me?
Purchasing / Buying - From Start to Finish
Step 1 - Down Payment
One of the first things we will do is establish the rough amount of money you will require as a down payment depending on where and what you are looking to purchase.
There are different ways to approach a down payment depending on what you are purchasing (e.g., pre-construction condos have more options), whether it is a buyers or sellers market, and the funds you have available. It's also important you are made aware of which options present long term financial gain to you (e.g., avoiding CMHC fees on your mortgage) and how they impact your down payment requirements.
Step 2 - Mortgage Pre-approval
Once we've established the rough amount of money we think you will need to borrow, we will pre-approve you with a mortgage broker so you can understand exactly how much you can afford to lend and where that put's you from a weekly / monthly / annual payment schedule
Step 3 - Establish a Budget
Now that we have some numbers to work with and know roughly how much the mortgage will cost, we will integrate the rest of your financial situation into the equation to be certain that you aren't over (or under) committing yourself. Remember, our goal is to place you in a very comfortable situation where you not only get a home you love, but also aren't burdened by finances. We know the recipe for a happy customer because when you win, we win.
Step 4 - Picking the Right Home
When picking a home there are so many factors that need to be considered, you can rely on me to ask you all the right questions that help make sure I truly understand your situation and requirements. Again the goal is to make you happy and we can't do that if we don't know exactly what you need. Rest assured I will not be pressuring you into buying a home, but rather listening to what you feel is important and meeting vs. not meeting your needs. It's important to recognize this can sometimes happen very quickly and sometimes can take a while!
Buyers and Sellers markets can change the approach we need to take when purchasing, I'll help you understand the current market and how this could impact our approach so you don't lose the home you love.
Step 5 - Getting a Mortgage Approval
It's now time to shop for a mortgage rate, making sure we find you the BEST rate. It's also just as important to walk through your terms so that you understand payment options that impact you, your financial return and any longer term impacts should you need to change your mortgage prior to the terms being up.
Step 6 - Home Inspection
The home inspection is a key element to the process as is validates assumptions we've made about the home and whether there are any hidden costs that could have impact you financially or otherwise. In the grand scheme, this is a very small cost for the protection it provides so you should always pay a little extra for a good home inspector. As I mentioned earlier I have some very good references that I can provide to you, these folks are professional, and will take the time to walk you through the property and their findings and provide you a report on the issues they found so you aren't burdened trying to remember. Once complete we will consult about the report and how this impacts any offers, etc.
This could be your new home, don't be shy - test things out yourself and raise any concerns you have with your home inspector as they are an expert and and there to answer your questions. You don't want to be asking these questions after you have purchased so take the time to review the home yourself too, it certainly can't hurt.
Step 7 - Picking a Lawyer
There are many types of lawyers in practice and it's important you work with a lawyer that understands and specializes in Real Estate and Home Closing services. You also want a lawyer that has time for you and gives you the time you deserve. I mention this because I've had clients use their own lawyers (which isn't an issue) but I've found they don't always get the support they would expect (e.g., not receiving a call back). My team gives you the attention you deserve so you won't have to look far to get the right service.
Step 8 - Home / Title Insurance
Home and Title Insurance will help you to protect your investment, our team helps connect you if needed with the right service providers.
Step 9 - Moving List / Movers
It's important we have a good understanding of the timing of when you will actually get the keys to your home as this drives when you can physically move. For example if you are exercising both a purchase of a new home and a sale of your current home, depending on closing dates this can greatly impact both how and when the finances need to move, as well as when you will need movers and how long you will require moving support.
Don't be a hero, this isn't the time to penny pinch and save money when you think about the grand scheme of the money you are spending. You don't want to damage your goods, nor be the one responsible if your goods are damaged so we highly recommend getting professional movers.
Step 10 - Final Visit
Before the final closing we will take one final visit to your property to make sure everything is in order and as expected, again no surprises! Any dilapidation from the home inspection that was identified for repair will be reviewed with the home inspector if and as needed.
Step 11 - Picking Up Your Keys
The lawyer will be the one to first receive the keys to your property after your financial closing is complete, once you receive the keys you can now officially move into your new home!
Step 12 - 48 Hour Period
Directly after your purchase I will be personally following up with you (likely more than once!) to make sure all is well.
Buying vs. Renting
Pros and Cons
Buyers vs. Sellers Market
When is the best time to buy?
Typically, the best time to buy a home is in the late summer or fall due to the higher quantity of houses on the market with less competition. Prices are typically at their highest in the spring and early summer.