All the agents at Royal LePage Alliance are committed to providing you with such an exceptional purchasing experience that you will always recommend us to your friends, family, acquaintances as a real estate agency with integrity and a strong sense of reliability. This founding principle, along with the unexpected extras that our agents provide, will lead you into a relationship with us that will last a lifetime.
As you are probably aware, purchasing a home is a complex, time-consuming, and financially-perilous process. If you know you’re already in need of a REALTOR® through Royal LePage Alliance, go ahead and have a look at our amazing agents here
If you are still just wondering where in the world to start, our step-by-step process outlines the buying process for you.
Step 01Are you ready to buy?
Step 02Can you afford a new home?
Step 03What are you looking for?
Step 04Choosing a Royal LePage Alliance agent
Step 05Start looking!
Step 06Finding a good lawyer
Step 07Making an offer
Step 08Getting a mortgage
Step 09Finding a home inspector
Step 10Closing the deal
Step 1: Are you ready to buy?
- You’re already an experienced saver.
- You’re good at managing debt like student loans or credit cards.
- You’ve saved enough for a down payment. The down payment is typically the main obstacle for first time buyers.
- You’ve spoken to your financial institution regarding buying a home.
- You have the time and ability to take care of your own home.
Step 2: Can you afford a new home?
- Figure out your true budget because a home is a big purchase.
- Determine your one-time costs of purchasing (down payment + legal fees + inspection fees + taxes).
- Determine your monthly costs (mortgage + utilities + maintenance + insurance + property taxes).
- Obtain a pre-approval letter from your financial institution.
- The first lending principle is that your monthly housing cost should not exceed 32% of your gross monthly family income. This principle is known as the Gross Debt Service (GDS) ratio calculation.
- The second lending principle used, the Total Debt Service (TDS ) ratio calculation, is that your monthly housing cost and payments on all of your other debts (including loans, credit card and lease payments) should not exceed 40% of your gross monthly income.
Step 3: What are you looking for?
What are your Home Buying goals?
- To stop paying the endless rent?
- To start building equity?
- To have a place of your own?
- To raise a family?
- To entertain business associates?
- To move up to a bigger house?
What are your home requirements?
- How much space do you need?
- How many stories?
- How many square feet?
- What size of yard?
- Newer building, or older?
What are your neighbourhood requirements?
- What kind of area would you like to live in? (downtown, suburban neighborhood, semi-rural?)
- Which area of the city? (north, south, downtown, east, west?)
- Is there a particular kind of neighborhood you’re looking to live in? (older and settled or sparkling new, any particular school zone, specific recreational facilities, other community services such as public transportation, day care, libraries, stores, entertainment).
- How many minutes are you willing to commute to work?
Step 4: Choosing a Royal LePage Alliance agent
Royal LePage Winnipeg REALTORS® are:
- Rigourously trained and regularly upgraded with continuous learning.
- Registered under provincial law, and committed to the regulations with a guarantee of professional behaviour.
- Ethical businesspeople. We adhere to the extensive Code of Ethics of the Canadian Real Estate Association. Several provinces have additional Codes of Ethics governing the behaviour of real estate professionals. We put your interests first, in accordance with our ethical standards.
- Insured through Errors and Omissions Insurance.
- Subject to provincial regulations and a local real estate board, in the event you have concerns about the professional behaviour of a REALTOR®.
- Authorized to access the real estate board’s Multiple Listing Service (MLS), the single most powerful tool for buying and selling a home. It is a complex information-sharing and cooperative marketing network created by REALTORS® to help consumers buy and sell homes.
If you are ready to start looking for a home and would like to select an agent please click here... or call our office at 204-885-5500 and an agent will be assigned to you.
Step 5: Your Royal LePage Alliance REALTOR® will assist you with the following:
- Browsing the Internet.
- Open Houses.
- Providing updated MLS Listings directly to your inbox
- Market and neighbourhood information
- Price analysis on homes you might consider
- Maintain a shortlist with your REALTOR®
Step 6: Finding a good lawyer
- Your Royal LePage agent will be pleased to recommend one or more qualified Lawyers with real estate experience.
- We recommend that you interview all potential Lawyers and obtain cost estimates.
- Be sure you ask your potential lawyer how they structure their fees, and get an estimate of the other legal costs you can expect.
Step 7: Making an offer
- Preparing the offer: REALTORS® are expertly trained and will prepare the offer for you.
- You’ve signed the offer. Your Royal LePage agent will submit the offer and negotiate on your behalf in order to obtain the best possible deal.
Step 8: Getting a mortgage
- Congratulations your offer has been accepted!
- Your Royal LePage Alliance Agent will be pleased to recommend one or more qualified mortgage specialists. Alternatively, you may deal with your personal financial institution.
- Consider the seller’s mortgage: you might try to assume the seller’s mortgage, if they’re locked into a low interest rate.
- Discuss these options and all of your mortgage questions with your REALTOR®.
Step 9: Finding a home inspector
- Home inspections are common, particularly in older homes. Your RLP agent will be pleased to recommend one or more qualified home inspectors for your consideration.
- Home inspectors will check:
- Plumbing and electrical systems
- Visible insulation
- Walls, ceilings, floors, windows.
- Integrity of the foundation.
- Safety issues like lead paint, asbestos, mould, outdated and dangerous wiring, evidence of pests like mice or termites.
- The home inspection report will summarize the condition of your home. If there’s anything that needs work, the home inspector will provide an estimated cost for the repairs.
Step 10: Closing the deal
Congratulations, all conditions on the offer to purchase have been waived and you are waiting to take possession of your new homes.
Your RLP agent will provide guidance with your final steps before taking possession. Some of these steps are:
- Your lawyer will transfer essential utilities like hydro and water, but you’ll have to make sure telephone and cable companies switch their services to your name.
- If you rent, you must give notice to your landlord, or sublease your apartment.
- Book your moving service early to avoid scheduling problems.
- Send out your change of address information and fill out a card at the post office.
- Contact Manitoba Public Insurance about changing your driver’s licences.
If you haven’t already contacted a Royal LePage Alliance REALTOR®, we encourage you to contact us now to start the buying process. We are confident that whatever it is you’re hoping to find in a new home, we can lead you to it in a way that is pleasant, low-stress, and satisfying.