1. Define a budget that leaves room to live
Start with your savings and monthly commitments. Keep a separate cash reserve for closing, moving and the first repairs. Use the affordability tool as a starting point, then check the result against the lifestyle and savings habits you want to keep.
- Set a comfortable monthly total, not just a purchase price
- Separate your down payment from your cash reserve
- Try a higher interest rate in the mortgage planner
2. Prepare your financing conversation
Gather income records, identification, debt information and evidence of your down payment. Ask a lender what its pre-approval covers, what could change the decision and when it expires. A pre-approval does not replace the final review of you and the property.
- Record your financing status in Buyer Passport
- Keep your pre-approval letter private in Documents
- Confirm expiry dates and conditions directly with your lender
3. Turn preferences into a useful shortlist
Choose the location, property types and requirements that affect daily life. Separate essentials from preferences so an attractive photo does not obscure a poor fit. Save a few homes, compare their full recurring costs and revisit your priorities after each viewing.
- Compare the exact unit and address being offered
- Check your commute at the times you would travel
- Include condo fees, taxes, utilities and maintenance in your notes
4. Investigate the home before committing
Use a viewing to identify questions, then obtain the appropriate professional reviews. Ask about condition, renovations, inclusions and documents relevant to the property type. Give your inspector, lender and legal professional time to review the information rather than relying on a listing description.
- Write down unanswered questions after the visit
- Ask about inspection and financing timelines
- For a condo, request the documents your adviser needs
5. Review the whole offer
Price is one part of an offer. Your deposit, proposed closing date, conditions and included items also matter. Discuss the terms with your representative and legal professional before signing. Keep a dated record of each condition and the person responsible for resolving it.
- Understand deposit handling before transferring money
- Track financing and inspection conditions separately
- Obtain written confirmation of any negotiated changes
6. Prepare for closing and ownership
Confirm the final steps with your lender and lawyer or notary. Arrange appropriate home insurance, utilities and your move. Verify payment instructions through a trusted contact channel. After closing, keep your documents together and start a maintenance plan for your new home.
- Confirm the amount and timing of funds required
- Organize keys, access devices and the final walkthrough
- Keep warranties, manuals and important property records