Before you start looking for a home, you need to know how much you can spend. Getting your mortgage pre-approval is the very first step in the process - and it’s never too early to start! It will strengthen your position when you’re ready to submit an offer and help you focus on opportunities in your price range. Consult with your bank and/or a mortgage specialist who will look at your current financial situation and preapprove you for a mortgage within your budget. This pre-approval will typically be valid for 120 days.

TIPS FOR PRE-APPROVAL

1. Be prepared with your documents

Tax records, income statements and IDs are just some of the items you will be required to provide

2. Consider all your sources of income

Income from rent, monetary gifts from family, and more are all something to consider

3. Get your pre-approval in writing

4. Ask us for recommendations

If you don’t have someone to help, we would be happy to introduce you to one of our preferred partners.

It’s imperative to know and understand the costs to be aware of when buying a home as they can add up quickly (on top of your purchase price). Don’t worry! To ensure you are informed and prepared, we’ve broken down the common costs in detail for you here:

DEPOSIT AND DOWN PAYMENT

Deposits in the Greater Toronto Area are typically 5% of the purchase price. This amount needs to be accessible in a bank account and ready to be paid within 24 hours of your offer acceptance. Deposits form part of your total down payment and are contributed towards your balance owing on the purchase price on closing.

CLOSING COSTS

Closing costs are typically 1-2% of your final purchase price. These are additional funds that you will need to have accessible for your closing (they are not included in your mortgage):

• Legal (lawyer) fees

• Land transfer tax

OTHER FEES

1. Home Inspections

2. Appraisal fees

3. Mortgage Insurance

Always consult your Mortgage Broker/Lender and your Blum Team Partner to estimate your closing costs and fees.

When creating your wishlist, there are a lot of factors to consider. For example, these are the main topics our clients typically consider:

1. Location & Community

• Preferred neighborhoods or cities

• School districts or proximity to specific schools

• Commute time to work or major highways

• Nearby amenities (parks, shopping, transit, recreation, etc.)

• Future area development or investment potential

2. Property Type & Style

• Detached, semi-detached, townhouse, or condo

• Bungalow, two-storey, split-level, or other architectural style

• New build vs. resale preference

• Lot size, frontage, and backyard requirements

3. Size & Layout

• Ideal number of bedrooms and bathrooms

• Desired square footage or layout style (open concept, separate rooms, etc.)

• Finished basement, in-law suite, or rental potential

• Home office or flex space needs

4. Features & Upgrades

• Kitchen style and upgrades (island, gas stove, modern appliances)

• Flooring type and finishes

• Fireplace, walk-in closets, or ensuite bathrooms

• Natural light, large windows, or specific design features

5. Systems & Efficiency

• Heating and cooling type (gas, electric, heat pump, etc.)

• Energy efficiency or green home features

• Age and condition of roof, windows, furnace, and A/C

6. Outdoor & Lifestyle Preferences

• Garage or parking requirements

• Size and style of yard, deck, or patio

• Pool, garden space, or low-maintenance landscaping

• Fencing or pet-friendly features

7. Budget & Financing

• Ideal price range

• Maximum budget or pre-approval amount

• Comfort level with potential renovations or updates

You hire us to help you find your dream home. We don't believe on sending you through open houses and setting you up on the system to receive listings and waiting until you find something you like so we can just drive you around and get you sold. We take this part very seriously, we sit down with you and understand your needs, we then preview properties on your behalf and give true advice and guidance. In this way not only do you save a lot of time but you don't miss on opportunities. You can preview these homes in person or/and virtually.

It is our duty to provide you with all necessary informations and guidance that will help you make an informed decision.

When you find the right place, the next step is to submit an offer. In today’s market, there are a couple of different strategies Sellers will have to accept an offer. A lot of properties are sold in multiple offers (otherwise known as bidding wars; when there is more than one offer on the same property) or through pre-emptive offers (where an offer is submitted in advance of a specified offer date). A pre-emptive offer is also known as a “bully offer”. When you submit an offer (Agreement of Purchase and Sale), the main components for you to consider are:

OFFER PRICE

The amount you are willing to pay. This may be the final amount or the starting point of negotiations

CLAUSES

A clause is a term or terms necessary to include in your offer to protect you through the purchase process

CLOSING/COMPLETION DATE

The date that you pay for and take title/ownership of the property

DEPOSIT

This is typically 5% (or more) of the purchase price and is payable by bank draft or certified cheque within 24 hours of offer acceptance or in some cases, with the offer, depending on circumstances

CONDITIONS

A condition is a clause the Buyer needs to waive or fulfill by an agreed time in order for a sale to be finalized. The most common conditions are: financing, inspection, lawyer review and status certificate review

CHATTELS AND FIXTURES

Otherwise known as inclusions and exclusions; these are the items that you wish (or the Sellers wish) to be included or excluded from your offer.

Once your offer has been successfully negotiated and accepted by all parties, you now have either a conditional or firm sale. Once firm (conditions have been fulfilled according to the agreement), your sale remains pending until the Closing/Completion Date. You will require a lawyer to facilitate the closing of your property. We recommend that you contact your lawyer a minimum of 1-2 weeks before your closing date to ensure that everything is in order and to confirm a date and time to sign all paperwork (this can be done virtually), where and when to pick up keys for your new home etc.*

*If you do not have a lawyer, we will be pleased to recommend one of our preferred partners to you.

On closing day, your lawyer will advise you once the transaction has been successfully completed (i.e. funds have been transferred) which would mean that the title will be officially transferred and you’ll be given access to your new home! The Sellers typically have until 6:00pm to provide vacant possession, unless otherwise negotiated in your contract.

Congratulations, homeowner!