We could go on all day about the many joys and benefits of living in Uxbridge. Once you’ve seen it for yourself, you may be convinced to put down roots in this beautiful location. Next, it’s on to the practical steps of your big move. In this post, we’ll provide a detailed steps to buying a house in Uxbridge.
The Township of Uxbridge is a peaceful, scenic oasis far from the crowds of Toronto, yet conveniently still a part of the bustling GTA. As far as we’re concerned, you couldn’t ask for a better place to buy a house!
Do you want a personalized buyer’s guide throughout your transition? Book a meeting with us today to begin forming your strategy.
How to Buy a House in Ontario
In theory, everyone knows how to buy a house. In reality, it’s not quite as simple as it seems. You’re about to make one of the biggest decisions of your life.
If you get it right, your new home will be a valuable financial investment, as well as a source of joy for years to come. Luckily, a deep understanding of the home buying process and knowing the steps to buying a house, will help you stay on course. Let’s break it down into a logical series of steps.
Searching for Uxbridge homes for sale? Your dream home could be waiting right here in our featured listings.
Research the Market
Understanding the type of real estate market you are searching within provides a solid foundation. Knowing whether it’s a Buyer’s, Seller’s, or Balanced Market helps you understand where your negotiating power lies, as well as where you might need to make some concessions. No matter what the market is doing, there’s always a little bit of give and take.
Though part of the GTA, Uxbridge real estate has its own nuances. Often, you can find properties for less than you’d pay in Toronto. Alternatively, you might enjoy more living space and a newer build for a similar amount of money.
The time to start researching the local Uxbridge real estate market is before you begin looking at homes. The posts below will help you become a well-informed home buyer:
- Understand Land Transfer Tax Before You Buy A Home In Uxbridge
- Buying Your Uxbridge Home: 4 Things You Need To Know Before Making An Offer
- 4 Must-Know Tips Before You Buy A Home In Uxbridge
Choose Your Local Representation
Working with an experienced local real estate agent who knows Uxbridge real estate inside and out can help you get the best value from your purchase. Our real estate team can introduce you to listings you might not find otherwise while helping you narrow your search down to your ideal neighbourhood.
A skilled Uxbridge Realtor can also help you negotiate the best terms and price on your behalf. In a competitive market, this expertise can mean getting excellent value while actually enjoying the experience of buying a house.
Do you want to know more about what to look for in an Uxbridge Realtor? Don’t miss our post Buying An Uxbridge Home: The Professionals On Your Team.
What Do You Need to Buy A House
Putting a down payment and deposit together is one of the requirements for buying a house in Canada. Paying 20% of the purchase price is great if you can manage it. The less you borrow, the less interest you will owe over time. In addition, you’ll save on mortgage insurance, which lowers the overall cost of your house even more.
However, it’s a misconception to believe that you always need 20%. Depending on the purchase price, you can get into the market with as little as 5%.
Be sure to remember your closing costs, as well as your monthly mortgage. Our Buyer Calculator can help you determine how much cash you will need upfront for your transaction. You can also see how your monthly costs change based on your down payment.
A pre-approval is extremely valuable, to the point of being a necessity, during your preparation stage. Your lender will assess your income, debts, and financial assets to determine how much funding they will provide. This pre-approval will also help you negotiate from a position of strength when you’re ready to make an offer.
What to Consider When Buying a House
You’ve got your eye on a specific location and a very clear idea of your budget. Now, the next step to buying a house in Uxbridge will to start visiting potential listings in person. Before that happens, it’s a good idea to create a wish list of everything you want to see in your new home. The list below can give you some inspiration to get you started:
- What structure of house do you want? A maintenance-free condo or a large detached house?
- Do you prefer a new build or an older, character filled home?
- Can you handle a few repairs and updates yourself?
- Should the house have an eat-in kitchen or dining room?
- Would you love to have everything all on one level, like a bungalow, or would a multiple-storey home serve you best?
- Do you want a house with a large backyard?
Once you start listing out features, you’ll get a clear idea of what works for you. You’ll also know what features you want to avoid, like a busy street or a location that’s too far from your favourite amenities.
Why place an offer on a home in Uxbridge? You’ll discover a few reasons in Is Uxbridge, Ontario a Good Place to Live?
How to Put an Offer on a House
Making an offer on a house is a big step, but you’re ready for it since you’ve done your homework along the way. This step to buying a house is where the guidance of an experienced Realtor® is essential. There are different types of offers. What you choose will depend on the market and how much you have your heart set on a specific home.
- Unconditional offer: A firm offer, as-is, with no conditions. If the seller likes your price, they will accept.
- Conditional offer: You agree to buy the home as long as certain conditions fall into place. Passing a home inspection is a common contingency. Others are the ability to sell your existing home and to obtain financing. Your agent may also suggest a condition of a well and septic inspection if you’re buying a larger rural property where there are fewer municipal services.
- Pre-emptive offer: In a very busy market, the seller might make you wait before they’ll consider your offer. A pre-emptive (also known as a bully offer) can let you get ahead of other buyers.
If a seller had their way, they would always choose an unconditional offer when everything else is equal. Dropping conditions is an excellent way to make your offer stand out, but there are risks to be aware of. Before placing your offer, we will carefully explain your options so you can make the best decision for you and your circumstances.
The final steps to buying a house happens once a seller accepts, it’s onto the closing process. Your real estate agent and lawyer will guide you through this part of your journey to ensure a seamless transaction. It won’t be long until you’re turning the keys to your brand new home!
Do you want personalized guidance when buying your next house? Our Uxbridge real estate agents will help you navigate the entire process to secure terms that work for you. Contact us today at Cindy@Cindywood.ca or call 905.852.6143 to learn more.
Book a Consultation
Whether you are buying or selling, our team is here to help make the most of your next move.
