Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or property taxes that could easily blow your budget.

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Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home.

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Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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Step 6: Negotiate Successfully & Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement.

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Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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Step 8: Close the Deal

Closing day is the day you take legal possession of your new property. 
 
As this day nears, Deirdre, your mortgage broker and your lawyer will monitor the progress of the transaction to ensure there are no last minute issues that need to be dealt with. 

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams. 

My Testimonials

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Cheryl A.

Cheryl A.

When you meet Deirdre you'll understand why her clients trust her. She brings a great work ethic, extensive market experience, and a terrific attitude making it so easy to work together. My own home search was a total success t...
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Tina G.

Tina G.

Thanks to Deirdre for providing a smooth and efficient service. We have worked with Deirdre for both the buying and renting of property, and she has proven time and again to be dependable, knowledgeable, and consultative. I alw...
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Diana L.

Diana L.

Moving and looking for a new home is definitely one of life’s most stressful experiences. I liked working with Deirdre because she listened to me from the beginning and was always able to bring me back to my original vision whe...
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Genevieve G.

Genevieve G.

Deirdre is one in a million. This recent experience with her exceeded our expectations. She’s a phenomenal team leader. With her help, we sold in 7 days and over asking where the same units in the same building have sat for mor...
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Buyer

Buyer

What a stressful time it is, selling a home and moving on. I had found my new community and my presence was often required there for business reasons as well as for personal indulgences. Deirdre very kindly stepped into the bre...
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Seller

Seller

I met Deirdre through a friend of mine who was selling his home in Bloor West Village in Toronto. Over the years I have sold my homes in Grimsby Ontario, Guelph Ontario, Exeter Ontario, Ailsa Craig Ontario, and London Ontario. ...
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Ettienne L.

Ettienne L.

I have used Deirdre’s amazing services three times, twice for buying, and once for selling, and I am delighted to recommend her to anyone who is looking to buy or sell a property. It often takes longer to buy, especially in the...
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Terke Y.

Terke Y.

Before meeting Deirdre, I thought my first home-buying experience was going to be nerve-racking. I had done some research and thought I knew exactly what I wanted and where I wanted it. My first meeting with Deirdre was not wha...
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Buyer

Buyer

This is intended to provide assurance and testimony to the quality of service and professionalism exhibited by Deirdre Slowey, in assisting us in our relocation from New York to Toronto. What began as an incredible personal and...
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Buyer

Buyer

Our family of four was relocating after eighteen years in Los Angeles, to Toronto, and we needed a special Realtor® who could help us sort out the various, complicated issues we were bound to have when making a move this big. D...
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