First figure out how much you can comfortably afford to spend on your new home. Your banker or mortgage broker can assist you with this. Be sure to calculate in your monthly expenses, which will be unique for each individual. This will determine the price range of homes you should consider.

Now you should figure out how much financing you need. You must take into account the deposit, down payment, building inspection, appraisal (if required), legal fees and disbursements, deed transfer tax, property taxes, fees for water tests (if on well), mortgage fees including loan insurance as well as moving expenses, utility hook-ups, and home insurance.

The next step would be to find a realtor whom you feel comfortable with and who will help you in your search for your home. Typically, there is no cost to the buyer for the realtor’s service. Family, friends and co-workers can usually recommend a realtor they have used and trusted.

Next you should define your needs in a home. You will want to consider neighborhood (new or established? Downtown or suburb?); proximity of services (close to schools, work, public transit, general interests of your family); indoor necessities (size, # of bedrooms, # of bathrooms, type of heating you prefer, workshop, garage, basement); and outdoor considerations (parking space, large or small yard, gardening options, sunrise and sunset, patio).

The key to choosing the right home is to know what your needs and wants are. Your realtor will be able to customize your house showings with your specified needs and avoid wasting your time viewing homes, which do not meet your needs.

Once you have chosen the home that is right for you; your realtor will prepare the necessary documents for your purchase. Be sure to have your realtor explain these documents in full to you and work with you step by step to ensure all conditions are met in a timely fashion. There should be an inspection clause, finance clause, water test clause (if well), insurance clause, preferred closing date, deposit date, lease information, included fixtures as well as any other information determined to facilitate a smooth closing. All documents will be forwarded to your lawyer and bank at this time.

Once an agreement of purchase and sale has been negotiated and both the purchaser and the seller have met all conditions, you have then purchased a home. Prior to closing date of the property, you and your realtor will take a walk through to be sure that everything is as expected and you will then advise your lawyer to close the transaction. You will be presented with the deed and keys to your new home!