Buying a Home in Nova Scotia in 2022 - Step by Step
- Get "Pre-Qualified: Have a meeting with you bank or a mortgage broker and get a pre-approval before even starting to look at homes. A prequalification is essential so that you i) know what you can afford and will be approved for and ii) so you can have a prequalification letter to submit with your offers. In today's market there is a good chance you will be in a competing offer scenario and one of the basic things the sellers will be reviewing when looking at offers is "is the buyer qualified to buy our home".
- Connect and commit to a Realtor: There are many Realtors in Nova Scotia. It is crucial that you connect with an experienced full time Realtor who can guide you through the home buying process and will have answers to the many questions you will have along the way. An experienced Realtor will be able to refer you to the professional and services providers you may need along the way, including lenders, inspectors, trades people. movers etc. Ask your family and friends who they used. Check the Realtors reviews on Google, and most importantly, have a coversation with them to make sure they are availalbe to work with you for the area you are looking in and within the time frame that you have to view homes.
- Start your search: You've likely been looking at listings online and have seen properties come and go. As soon as you have your pre-approval and Realtor, get out and look at homes. In today's swift moving market, it is crucial to start to look at homes in your price range and watch what they are selling for. I like to take clients to as many viewings as possible / even if the house isn't perfect, it's a good way for me to guage and get an idea of what they like and what they don't like. You may not even know what you like or don't like until after you've viewed 4-5 houses. I refer to this as building the knowledge bank, so you can related the selling prices back to the houses. After a couple of viewings you'll likely be ready to jump in and make an offer.
- Making an offer: Once you've decided you are ready to make an offer, as your Realtor, I will guide you through the process. Many listings come on the market with an "offer deadline", meaning there is a certain day and time that all offers need to be submitted by, so the seller can review all offers at the same time. I will always advise you of the day offers are due. We will do an analysis of what has sold recently in the area that is comparable and use that to come up with the offer price. I will draft the offer with the conditions that you require, and review it with you. Once the offer is signed, it's my job to present the offer to the sellers Realtor and sell them on why your offer is the best ! We will usually hear within 24 hrs of the offer deadline if we're the successful bidders. You may win the first one, or it may take a few before you find yourself with an accepted offer.
- Accepted offer: