Buyer's Guide

By: Mitchell Saldanha Real Estate Team

Buyer's Guide

Tags: Buyers Guide

If you are planning on buying your first home or you haven’t bought a new home in several years, there may be a lot of questions you have regarding the home buying process. Some questions might be what can I afford to buy? Is this the right time to buy a home? Can I find the perfect home for my family?

Buying a home can be stressful and overwhelming, but not to worry, because everyone in your situation feels the same way you do. If you are ready to buy a home and don’t know where to start, this mini guide will help you navigate the process of buying a home. 

Step One – Getting Pre-Approved for a Mortgage

This is one of the most important first steps to take when buying a home. Pocketing  a pre-approval allows you to understand how much you can afford to spend on a home as well as lock in an interest rate for a specific period of time. 
The best time to get a mortgage  pre-approval is  before you officially start searching for a home, as it will give you a clear idea of the price range you can afford whether it is in Brampton, Caledon, Georgetown, etc. A mortgage pre- approval will eliminate any potential disappointments from the get go. Imagine finding a home you absolutely fall in love with, only to find out later it is beyond what you can afford. Knowing your price range allows you to look for homes within your budget carefree. Check out our mortgage calculator and more here.

Step Two – Deciding What You Want

You want to determine what you are actually looking for in a home. At any given time, there are a variety of homes on the market. Looking at all the houses on the market can easily become overwhelming for any homebuyer. In order to narrow your search, ask yourself these 3 main questions:
1. Where do I want to live?
2. What type of home do I want?
3. What are my must-haves and deal-breakers?
Once you have the answers to these questions, it will make finding your perfect home a lot easier. 

Step Three: Down Payments and Closing Costs

It is important that before going to see homes, you are prepared to put down a down payment on the home you want to buy. Down payments typically range from 5% to 20% of the purchase price in Brampton, Caledon, Georgetown and other GTA areas. Besides that,  you also want to make sure you save for other out-of-pocket expenses known as closing costs. They typically range from 1.5% to 5% of the purchase price. Many first-time homebuyers apply for first-time homebuyer’s incentive. Check out more here.

Step Four: Choosing the Right Real Estate Agent and Begin Your Search

A real estate agent will help reduce the stress of purchasing a home. They are able to help you by avoiding overpaying for a particular home, represent your interests as a buyer, negotiate the best price as well as manage the details and paperwork that comes along with buying a home. 
Once you find a real estate agent that is right for you, the search can finally begin. The search for your home can begin with you online as well as having your agent send you listings that they feel will best suit your needs based on your must-have list. 
The Mitchell and Saldanha Real Estate Team always strives to find properties that match their clients’ visions and needs. With extensive experience in the market and genuinely looking out for their clients, the team is able to address your housing needs. Contact them today if you are looking for homes in Brampton, Georgetown, Caledon, Ornageville, Mono, and other GTA areas to discuss your housing needs.  

Step Five: Put in an Offer and Negotiate

Once you’ve found the perfect house for you and your family, and you are ready, make an offer on that home. When submitting an offer, it is typically a 4-step process. First, as a buyer, you will offer a  price, as well as the terms and conditions. Then, your real estate agent will prepare the offer and review it with you together. When everything is set up, the offer is made to the seller.  
From there, the seller will either accept, reject or countersign the offer. 

Step Six: Condition Removal and Inspection

Once the offer has been agreed on and accepted by both, you the buyer and  the seller, any conditions that have been placed in the agreement will need to be met by the agreed upon deadline. For example, if the offer is conditional on a home inspection, then a home inspection will need to be arranged  by the date stated in the agreement. Once the inspection report comes back from the home inspector, you as the buyer will have to determine if you want to completely remove the condition or add something into the agreement. 
In this step, your real estate agent is there to guide you through the process. Based on their experience and knowledge, your agent can give suggestions as to what your potential options are. 

Step Seven: Preparing for Closing Day

Now that the conditions are removed and the offer is firm, congratulations! Now it is time to prepare for closing day. This day is typically anywhere from 30 to 90 days away from the day the offer was firm. Make sure to consider common closing costs, moving costs and settling in costs when preparing for closing day. 
These are just a few tips to help you understand what the buying process is like. For more information about buying a home or if you would like to talk to a real estate agent, contact the Mitchell Saldanha Real Estate Team here today or send an email at and ask for our buyer's guide!