10 Steps to Buying a Home with Carol Bass

Whether you’re a first-time buyer or looking for your next dream home, the process can feel overwhelming — but it doesn’t have to be. Carol Bass is here to guide you every step of the way.

Contact Me

Step 1: Is Buying the Right Move?

Choosing to buy a home is a big decision. To help you weigh your options, here are some key questions to consider when deciding between buying and renting.

How does buying build equity?

Each mortgage payment increases your ownership in the property. Rent, on the other hand, goes toward your landlord’s equity.

What are the upfront costs?

Buying requires a down payment, plus closing costs like legal fees, inspections, and land transfer tax. Renting typically involves a security deposit and the first month’s rent, making it cheaper upfront.

Who takes care of maintenance and repairs?

Homeowners are responsible for repairs and upkeep. Renters rely on their landlords for maintenance and property issues.

How does each option affect financial risk and stability?

Owning means long-term stability and control over your space, but it comes with market and interest rate risks. Renting offers flexibility and fewer financial responsibilities, but less control over future housing expenses.

If buying feels like the right step for you, let’s move forward.

Estimate Your Homeownership Costs

Home Price

$700,000

Upfront Costs

Down Payment $140,000

Closing Costs $155,175

Monthly Recurring Costs

Mortgage Payment $3,029

Property Taxes $583

Home Insurance $58

Note: Cost breakdowns are estimates based on averages for first-time home buyers in Ontario and should be used for reference only. Actual costs will vary by individual situation.

Most lenders use two main affordability guidelines:

Gross Debt Service (GDS):

Housing costs (e.g., mortgage, taxes, heating, and 50% of condo fees) should not exceed 39% of your gross household income.

Total Debt Service (TDS):

Housing costs plus debt payments (e.g., car loans, credit cards, and student loans) should not exceed 44% of your gross household income.

Get pre-approved for a mortgage to lock in your rate for up to 130 days and show sellers you're a serious buyer.

Not sure what your budget looks like? Use our Mortgage Calculators to find out.

See How Much You Can Afford

Step 3: Set Your Home Search Criteria

Before diving into listings, take time to define what’s important to you.This keeps your search focused and aligned with your needs.

Things to consider:

Location

Is the neighborhood safe, convenient, and aligned with your lifestyle?

Size

How much space do you need now, and what about your future plans?

Condition

Are you open to a fixer-upper with potential, or do you prefer a move-in-ready home?

Type of property

Are you looking for a detached home, a condo, or a townhouse? Each has pros, cons, and cost considerations

2210 - 15 Queens Quay E
11Toronto
$2,590/MO Read More
6 Duffin Drive
33Whitchurch-Stouffville
$3,375/MO Read More
34 Dorcot Avenue
32Toronto
$928,000 Read More
5193 Aurora Road
42Whitchurch-Stouffville
$999,000 Read More
152 Olde Bayview Avenue
4 + 15Richmond Hill
$2,749,000 Read More
145 Old Surrey Lane
44Richmond Hill
$1,500,000 Read More
18381 McCowan Road
2 + 24East Gwillimbury
$2,000,000 Read More
Upper - 160 Welland Avenue
21St. Catharines
$1,700/MO Read More
42 Reesorville Road
44Markham
$1,448,800 Read More
27 Pugsley Avenue
3 + 14Richmond Hill
$1,168,000 Read More
411 Hoover Park Drive
4 + 25Whitchurch-Stouffville
$1,499,000 Read More
40 Covington Crescent
23Whitchurch-Stouffville
$769,000 Read More
69 - 39 Camelot Way
32Markham
$728,800 Read More
206135 Sykes Street
3 + 12Meaford
$3,200/MO Read More
90 Black Maple Crescent
11Vaughan
$1,600/MO Read More
20 Jasmine Crescent
32Whitchurch-Stouffville
$1,138,800 Read More
basement - 63 Hillview Drive
11Newmarket
$1,600/MO Read More
227 Elgin Mills(MAIN FLOOR) Road
32Richmond Hill
$3,300/mo Read More
905 - 31 Tippett Road
11Toronto
$389,900 Read More
872 Hilton Boulevard
3 + 15Newmarket
$1,339,000 Read More

Step 6: Find a Real Estate Lawyer

A trusted real estate lawyer protects your legal and financialinterests throughout the transaction. Start by asking friends, family, or Carol Bass for recommendations.

While your lawyer handles the legal side, don’t miss opportunities on the market.

Set Price Drop Alert

Here’s how your lawyer helps:

Review the Agreement

Ensure all terms in the Agreement of Purchase and Sale are accurate

Run a Title Search

Confirm there are no liens, unpaid taxes, or legal claims against the property

Handle Closing Costs

Calculate and pay land transfer taxes, title insurance, and prepare legal documents

Register the Property

Transfer ownership and register the property in your name with the provincial land registry

Coordinate Mortgage Funds

Work with your lender to transfer mortgage funds to the seller on closing day

Step 7: Make an Offer

Found the one? Carol Bass will help you craft an offer that aligns with your needs and stands out to the seller.

What’s in an Offer?

Purchase Price
Deposit (often 5% of the price, held in trust)
Conditions (typically home inspection, financing, and sometimes a sale of your current home)
Inclusions (items to remain in the home e.g., appliances, blinds, fixtures)
Closing Date and Irrevocable Period

Types of Offers

Firm Offer: This means you’re ready to buy the home as-is, with no conditions; be sure everything checks out before going this route.
Conditional Offer: It includes specific conditions that must be met before the deal becomes binding.

The seller may accept, reject, or send a counteroffer. Don’t worry — Carol Bass will negotiate the best terms on your behalf.

Step 8: Get a Home Inspection

Even if a home looks great on the surface, an inspection can uncover hidden issues that could cost thousands to fix later.

Tips

Attend the inspection if possible. it’s a great opportunity to ask questions, learn about the home’s condition, and pick up useful maintenance tips.

If the home doesn’t pass or you decide to keep looking, stay in the loop with our Just Listed alert. It’ll help you spot your perfect home the moment it’s available.

Get New Listings Now

Step 9: Finalize Your Mortgage

Your offer has been accepted — congrats! Now it’s time to lock in your financing.

You’ll need to:

1

Agreement

Submit your signed Agreement of Purchase and Sale

2

Financial Documents

Provide your financial documents such as proof of income, tax returns, bank statements, and a void cheque

3

Mortgage Terms

Review and confirm your final mortgage terms, including the loan amount, interest rate, and amortization period

Tips

Between now and closing, avoid major financial changes like taking on new debt, changing jobs, or making large purchases. These can put your mortgage approval at risk.

Hold off on big financial decisions, but keep your home search moving. Set up a PRICE DROP alert to catch any deals that come up.

Step 10: Closing the Deal & Moving In

You’re almost home! As closing day approaches, your legal and financial team will handle the final paperwork.

Before closing, make sure you have:

Mortgage approval and insurance
Finalized legal documents and title transfer
Fund ready for closing costs (typically 1.5% - 4% of the purchase price)
Utility and services set up

Once everything is signed and processed, you'll get the keys and can officially move in. Schedule a final walk-through, book movers, and celebrate this exciting milestone!

Carol Bass

Sales Representative

RE/MAX Hallmark Realty Ltd., Brokerage *

10 Step Guide to Buying Your Home

10 Steps to Buying a Home with Carol Bass

Step 1: Is Buying the Right Move?

Step 2: Know Your Budget

Estimate Your Homeownership Costs

Upfront Costs

Monthly Recurring Costs

Step 3: Set Your Home Search Criteria

Location

Size

Condition

Type of property

Already have a neighbourhood in mind?

Step 4: Work with the Right Realtor®

TESTIMONIALS

Step 5: Begin Your Search

Now for the fun part - house hunting!

Step 6: Find a Real Estate Lawyer

Review the Agreement

Run a Title Search

Handle Closing Costs

Register the Property

Coordinate Mortgage Funds

Step 7: Make an Offer

Step 8: Get a Home Inspection

Tips

Step 9: Finalize Your Mortgage

Agreement

Financial Documents

Mortgage Terms

Tips

Step 10: Closing the Deal & Moving In

Have Questions?

Let's Talk!

Contact form