Buying?

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1. Determining What You Can Afford

Typical monthly expenses include mortgage payments, general maintenance, insurance, condo fees (if applicable), utilities and property taxes.

A secure way to look for a home is to have a pre-approved mortgage. It is wise to shop around for a mortgage, as different institutions give different rates and conditions. Rates may also be negotiable. Having a pre-approved mortgage secures financing and lets you know exactly what you can spend on a home. You may also be protected against interest rate increases while you look for your new home.

Whether or not you have a pre-approved mortgage, the next step in looking for a home is to call us. We have the names of reputable mortgage specialists we can recommend to you and will meet with you to discuss your needs in a home. While searching, it is best to ask questions to yourself, such as, “Will I love walking up the steps of this house everyday?” We will carefully and professionally guide you through each house, pointing out the pros and cons of each property and answering any questions to help you in your decision-making process. Your Winnipeg, MB home buying needs are unique to you and because of this you require a flexible team of real estate agents to assist you in your house hunt.

2. The Offer

Once you have found your perfect house, we will sit down and together draft up an Offer To Purchase. I will submit the offer on your behalf to the seller or the seller’s representative. Be aware that there may be more than one offer on a property coming in at the same time, and rest assured I will guide you through this process. The major elements of an offer include:

  • Price: Depends on the market and the seller, but generally, the price offered is different from the asking price.
  • Deposit: The deposit shows your willingness to buy the house and will be applied against the purchase price of the home when the sale closes. I can advise you on an appropriate amount.
  • Terms: Includes the total price offered as well as the financing details. You may arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate!
  • Conditions: These might include “subject to home inspection,” or “subject to the sale of purchaser’s property.”
  • Inclusions and Exclusions: These might include appliances and certain fixtures such as window coverings.
  • Closing or Possession Date: The day the title of the property is transferred to you and funds are received by the seller.

3. Eight things to look for when you buy

When you fall in love with a home, the things you like about it can blind you to its problems. Next time you go to an open house or tour a property with an agent, keep your eyes open with these top tips:

  • Take a look at general upkeep. Is it clean? Are lawns left uncut? Do walls need paint? If the small stuff hasn’t been taken care of, there’s a good chance that bigger issues have been ignored as well.
  • Test it. Try out lights, faucets, toilets, air conditioning and major appliances.
  • Check for water damage. Look at ceilings and drywall for stains and bulges. Water that works its way in through a leaky roof or a cracked foundation can rot wood, create mildew and destroy possessions.
  • Watch for “spongy” floors. Take note of soft, springy sections, squeaky or uneven areas – these can be a sign that costly floor repairs are needed.
  • Check doors and windows. Make sure they fit snugly in their jambs and operate smoothly. Feel for drafts. Look for flaked paint and loose caulking – if wood isn’t protected from moisture, it will rot.
  • Look at the foundation. If you see deep cracks or loose mortar and bricks, there may be a significant structural problem. Soggy areas near the foundation are also a warning sign.
  • Make sure there’s enough storage space. If you are moving from a home with large closets and a shed, make sure your new house is able to store an equivalent amount of belongings.
  • Measure. Make sure your furniture will fit into your new house.

These tips are for your own first (or second) look at a home. For true peace of mind, you should always hire a certified home inspector before you buy.

4. Understanding market conditions

The real estate market is always changing, and it helps to understand how market conditions can affect your position as a buyer. Your agent can provide you with info on current conditions and explain their impact on you.

Buyers’ market

The supply of homes on the market exceeds demand.

Characteristics

  • High inventory of homes
  • Few buyers compared to availability
  • Homes on the market longer
  • Prices tend to drop

Implications

  • More time to look for a home
  • More negotiating leverage

Sellers’ market

The number of buyers wanting homes exceeds the supply of homes on the market.

Characteristics

  • Smaller inventory of homes
  • Many buyers
  • Homes sell quickly
  • Prices usually increase

Implications

  • May have to pay more
  • Must make decisions quickly
  • Conditional offers may be rejected

Balanced market

The number of homes on the market is equal to the number of buyers.

Characteristics

  • Sellers accept reasonable offers
  • Homes sell within an acceptable time period
  • Prices generally stable

Implications

  • More relaxed atmosphere
  • Reasonable number of homes to choose from

5. Moving Tips

Moving can be an exciting and overwhelming experience. There is a lot to remember when planning your move, but with some organization your experience can be a lot less stressful.

A Few Weeks Prior to Moving

  • Arrange your moving day well in advance – When booking a truck or hiring a moving company, it’s often worth comparing several estimates. Your Royal LePage agent can provide you with some referrals for local and national movers.
  • Re- direct your essential services to your new home; arrange to have services such as gas, electricity, and cable TV to be connected on the day the sale closes.
  • At your current home, arrange to have your gas, water, and electricity meters read on the day you leave and have the bills forwarded to your new address. If necessary, water heater and furnace rental agreements should to be transferred to the purchaser.
  • Update your contact information and provide a forwarding address for schools, work, and services such as banks or insurance companies
  • Also, don’t forget to make arrangements for pet or baby sitters for the day of the move.

Days Prior to Moving

  • Gather all important personal, medical and insurance documents and keep them separate from other moving items
  • Pack valuables and any personal items that you will require in the interim of your house being unpacked.
  • Make sure to pack and label items by a theme, such as kitchen or bathroom, so you can easily get organized when unpacking

Day of the Move

  • If you are using a moving company make a list of all items to be moved and compare it to the movers to make sure you agree on contents to be delivered
  • Check all shelves, closets and cupboards for any items that may have been left behind

After the Move

  • Apply for a new drivers license, health card or other items that require an up to date address
  • Register your car at your new address. Your insurance company will have a limited time grace period so make sure you register before the deadline
  • Check open and closing hours of stores and services in your new neighborhood. This will help you feel settled earlier

Moving can be difficult, but with careful planning your move can go smoothly so that you can start enjoying your new home right away.

6. EMAIL NOTIFICATIONS

Would you like to be the first to know about available properties for sale? Simply fill out the Homebuyer’s Profile below and we will sign you up to receive instant notifications when homes matching your search criteria hit the market. Would you like more information on how you can put the power of this system to work for you? Contact us, your Winnipeg, MB home buying experts! Please note, we understand the importance of protecting your personal information. Our team will never share or sell your private contact information with a third party.

Contact us (Buying or Selling)

Please provide as much information as possible about the house you are selling or the type of house you want to buy. We will respond to you within 24 hours. Thank you.
  • Phone format: (###)###-####
  • The more information provided by you means the more accurate information we can provide to you!