Buying a house or any other type of property is one of the most important projects in a person’s life. However, without a good understanding of the steps involved in buying a home, it’s easy to feel overwhelmed, stressed, or make hasty decisions.
In this article, the experienced brokers at Groupe Expérience Québec present the 10 key steps involved in buying a home and offer their professional advice.
First, why is it essential to understand the steps involved in buying a home?
Important reminder: Buying a home is often the most significant asset and real estate investment in an individual’s life.
Before even visiting properties, it is crucial to understand that buying a home is not just a matter of falling in love with a property. Each step of the home buying process influences the next: budget, financing, choice of neighborhood, negotiation, inspection, and legal aspects.
Good planning not only allows you to avoid unpleasant surprises, but also to maximize the long-term value of your real estate investment.
Step #1: First, clarify your needs, a step that is often underestimated when buying a home
The first step in buying a home is to take an honest look at your current and future situation. While this may seem obvious at first glance, we regularly find that it is often underestimated.
Ask yourself the right questions:
- How many bedrooms and bathrooms do you really need?
- Do you need a space to work from home?
- Is a garage essential, or will it just become storage space?
- Could your needs change in the coming years (children, teleworking, caregiving)?
This step will help you avoid buying an attractive property that ultimately proves unsuitable for your lifestyle and needs.
Step #2: Clearly define your tastes and priorities.
Your tastes play an important role in buying a home, but they must be aligned with your ability and lifestyle. For example:
- If you are not naturally handy, a home requiring major renovations can quickly become a source of stress.
- A large yard may seem attractive, but it also involves additional maintenance, time, and costs.
- Conversely, an urban property offers proximity to services, restaurants, and culture, but often comes with more noise and less green space.
At this key stage of buying a home, the goal is to identify what is non-negotiable compared to elements that are less important to you.
Step #3: Set a realistic budget for the purchase of your future home.
One of the key steps in buying a home is determining a realistic budget, not a maximum budget, based on your current and actual financial capabilities.
Your budget for buying a new home should include, at a minimum:
- The maximum purchase price of the property;
- The ideal down payment based on your financial situation;
- Notary fees;
- Transfer tax (welcome tax);
- Insurance;
- Maintenance and repairs (often estimated at between 2% and 3% of the home’s market value per year).
A well-established budget allows you to purchase a property with confidence, without compromising your quality of life after the real estate transaction.
Step #4: Explore your mortgage options and make sure you get pre-approved
Before actively visiting properties for sale, we strongly recommend that you get mortgage pre-approval for your project.
This step in the home buying process allows you to:
- Know exactly how much you can borrow to purchase your future property;
- Reassure the sellers of the property when you submit a formal offer to purchase;
- Act more quickly in a highly competitive real estate market, as is currently the case.
Depending on your down payment, you may be eligible for a conventional or high-ratio mortgage, sometimes accompanied by mortgage insurance.
Étape #5 : identifiez le bon courtier immobilier pour vous accompagner dans l’achat d’une maison
Le choix du courtier immobilier est une étape déterminante dans la vente comme dans l’achat d’une maison. En effet, un bon courtier immobilier ne se limite pas à ouvrir des portes : il agit comme stratège, négociateur et guide tout au long du processus. Il prend aussi en charge tout le stress lié à ce changement de vie important à votre place, ce qui n’est pas négligeable!
Ce qu’un courtier immobilier vous aidera à faire dans votre démarche d’achat d’une maison :
- ✅ Identifier les propriétés qui correspondent réellement à vos critères et à vos besoins;
- ✅ Comprendre la valeur réelle du marché immobilier actuel;
- ✅ Structurer une offre d’achat solide pour la maison que vous convoitez;
- ✅ Utiliser son expertise et son expérience afin de négocier pour vous les meilleures conditions possibles pour l’achat de votre maison de rêve.
Step #6: Select a notary specializing in real estate
Among the often underestimated steps in buying a home, the role of the notary is crucial, as they:
- ✅ Verify the title deeds;
- ✅ Ensure that there are no debts, liens, or unpaid taxes;
- ✅ Examines the legal documents related to the real estate transaction;
- ✅ Formalizes the sale of the house and registers it in your name.
In certain situations, particularly in the case of a bidding war, it may even be wise to consult a notary before submitting an offer to purchase a house.
Step #7: Actively search for your new home
Searching for a property is often the most time-consuming step in buying a home, which is why we strongly recommend entrusting this task to your real estate broker, who will take care of everything for you.
To save time and avoid frustration, our team recommends that you:
- Make a clear list of criteria that are essential to you;
- Consider the ideal environment for you: neighborhood, schools, transportation, services, etc.
- Think long term: resale, changing needs, future value, etc.
It’s important to evaluate the property as a whole, not just the house itself.
See also: Selling your home with or without a real estate agent? What are the differences?
Step #8: Make a strategic offer to purchase the home you want
When you find the right property, your real estate agent will prepare an offer to purchase for you, including:
- The proposed price;
- The conditions (financing, inspection, sale of another property, etc.);
- The deposit;
- The closing date.
The seller of the house can then accept, reject, or make a counteroffer. In a highly competitive real estate market, in order to maximize your chances of having your purchase offer accepted, we strongly recommend that you work with an experienced real estate broker.
Step #9: Have the property inspected and review the warranties associated with its sale
Having a home inspected before you buy it is highly recommended, especially if it is not a new construction.
Inspecting a home you want to buy allows you to:
- ✅ Identify major problems;
- ✅ Negotiate repairs or a price adjustment accordingly;
- ✅ Avoid unexpected expenses after purchasing the house.
For new homes, specific warranties generally protect against certain construction defects for several years. Your real estate broker will be able to provide you with all the necessary information on these matters.
Step #10: Finalizing the real estate transaction and taking possession of your new home
The last step in buying a home is also the most exciting! It includes:
- Final approval of your mortgage;
- Official signing at the notary’s office;
- Transfer of funds;
- Official handover of the keys to your new home.
From that moment on, you become the legal owner of your new home and your real estate project finally comes to life!
Choose Groupe Expérience Québec to guide you through the purchase of your future home
With good preparation, the right professionals, and a clear vision of your needs, buying a home becomes a structured, reassuring, and lasting experience. To make this important life step easier, choose cutting-edge support from the experienced real estate brokers at Groupe Expérience Québec.
Our approach is reassuring and attentive to your concerns. Let us manage the stress for you, whether it’s visits or negotiations, we take care of everything!
