Home Buyers' Guide
Welcome to your best online resource for buying a home in Greater Sudbury, Ontario. Here you’ll find a step-by-step guide to buying a house, with information on pre-qualification, finding a real estate agent, what to look for in a home, and making an offer.
If you're ready to start the home buying process, contact us to speak with a real estate professional and get started on finding the perfect home to suit your lifestyle and budget. Below, you'll find valuable information to help you get started on buying a house.
Is Home Ownership Right For You?
Buying a house is one of the largest financial and emotional investments that you’ll make in your life. It’s important to ensure that you’re prepared in all aspects to purchase a home, before you begin the process.
To begin with, are you financially stable and ready to take on the financial responsibility of owning a home? You should have at least five percent of the purchase price of the property ready for the down payment, but ideally more than that.
Second of all, do you have a stable job and home life, and are you ready to settle down in one place for some time? When you own a home you don’t have as much flexibility to move as when you rent. Moving can be costly, and you’ll want to build some equity before relocating.
How Much Can You Afford?
Before you start house hunting, it’s important to go through the mortgage pre-approval process. Once you meet with a lender or a mortgage broker, they’ll determine how much of a mortgage you qualify for, so you know exactly how much you’ll be able to afford.
To get an estimate of what your monthly mortgage payment might be, check out our Mortgage Calculator. Remember though, there are many additional costs associated with buying a home, so take these into consideration when calculating your finances.
If you’re a first-time homebuyer, you might want to consider participating in the federal government’s Home Buyer’s Plan (HBP). This program allows you to withdraw up to $25,000 from your RRSPs to buy or build a home. Typically, with the HBP the money is tax-free, provided that you repay it within 15 years. Ask our team for more details.
Things To Consider Before Starting Your Search
Before you start your house hunt, it’s a good idea to make a list of features that you’re looking for in your new home. Separating your list by wants and needs can help you stay on track when you start to get caught up in the smaller details.
Consider what features you need before starting your search. How many bathrooms do you need? Do you love gardening, or would you prefer minimal yard work? Are you looking for a brand new property, or a pre-owned home? Once you’ve completed your list, organize it in order of priority and be prepared to compromise.
It’s also important to know your ideal location before you start your house hunt. Not only does it affect your lifestyle, it’s also a significant factor when it comes to the value of your property and reselling in the future. Make sure to take the commute distance to work, amenities, and schools into consideration.
Lastly, know what type of property you’d like to purchase. If you’re looking for a maintenance-free lifestyle, then a condominium is an ideal choice for you. However, if you don’t mind home maintenance and would like more living space and land, then a single-family detached home is a great option. Make sure to establish what type of property best suits your overall lifestyle and budget.
Research Homes For Sale in Sudbury
Our comprehensive home search tools allow you to search through all available Greater Sudbury homes using a wide range of criteria, including searches by city, neighborhood, postal code, or map.
In addition to typical details such as the listing price, number of bedrooms and baths, etc., we also provide satellite map and street views, high resolution images, and virtual tours when available.
Using our advanced search systems, you can easily bookmark your favourite properties, save your searches, and receive email alerts when new homes matching your search criteria enter the Greater Sudbury real estate market.
Get A Buyer's Agent
Although buyers today have access to numerous resources and tools online for home searches, a buyer’s agent can help the home buying process move forward smoothly, and ensure that your best interests are taken care of when it comes to the real estate transaction. Below, we’ve listed our top 3 reasons for using a buyer’s agent when purchasing a home:
1. Representation: Typically, when you buy a home, the seller will have a listing agent on their side. The listing agent is there to ensure that the seller receives top dollar for their home, and by negotiating directly with the listing agent, you’re putting yourself at a disadvantage, as the agent is legally required to disclose everything to the seller to get the best deal for their client.
When you use a buyer’s agent, you’ll be sure to have a professional on your side, looking out for only your best interests. Your agent will negotiate on your behalf to ensure that you get the best deals and terms possible.
2. Full Access to All Listings: A buyer’s agent is able to provide you with access to the most current listings on the market, and find all available homes and properties that meet your preferences. Your agent will notify you of listings that match your criteria as soon as they enter the market, and sometimes even before that. With a network of listing agents, a buyer’s agent can often discover listings before they even enter the market.
3. Professional Experience: When you have a professional and experienced buyer’s agent working for you, their main job is to make sure you’re making informed decisions. They have invaluable knowledge when it comes to helping you choose the right Sudbury area house, in the right neighbourhood, on the right street.
Your buyer’s agent will also have an experienced eye when it comes to viewing homes, and will inform you of any damage or modifications that they see. When you’re ready to make an offer, your agent will negotiate on your behalf to get you the very best deal. A buyer’s agent can also help negotiate repairs, find a home inspector, refer you to trustworthy contractors, and help you get financing for your home.
When you’re ready to get in touch with a buyer’s agent and get professional and experienced representation, fill out the form below, or browse our Agent directory.