Step-by-Step Guide: How to Buy a Home in Newfoundland & Labrador

Buying a home is one of the biggest financial and personal milestones you’ll ever achieve. Whether you’re a first-time buyer or looking for your next property, understanding the process in Newfoundland & Labrador can make the journey smoother. Here’s a step-by-step guide to help you move from dreaming to moving in.

Step 1: Assess Your Finances

• Before you start browsing listings, take a hard look at your budget. Consider:
• Your income, debts, and savings
• Down payment funds (minimum 5% for most homes in Canada)
• Additional costs like legal fees, inspections, and closing costs (estimate 3–5% of the purchase price)

Step 2: Get Pre-Approved for a Mortgage
Mortgage pre-approval is essential in today’s market. It tells you:

• How much you can borrow
• What interest rate you qualify for
• Your maximum purchase price range
• This step also shows sellers you’re a serious buyer.

Step 3: Start Your Home Search
Work with a REALTOR® who knows the Newfoundland market. They’ll guide you through:

• Identifying neighborhoods that fit your lifestyle
• Spotting red flags in properties
• Comparing prices between urban hubs like St. John’s and rural communities

Step 4: Make an Offer
When you’ve found the right home:

• Submit a written offer through your agent
• Include conditions like financing, inspection, or sale of your current home
• Negotiate terms such as price, closing date, and repairs

Step 5: Complete Inspections & Remove Conditions
A professional home inspection is highly recommended. You may also need:

• Appraisals (for lender approval)
• Property surveys or title checks
• Repairs or credits negotiated with the seller
• Once you’re satisfied, you’ll remove conditions and move toward closing.

Step 6: Finalize Financing & Legal Work
Your lender will finalize the mortgage, while your lawyer handles title transfer, registration, and other closing tasks. This stage usually takes 30–60 days.

Step 7: Closing Day & Getting the Keys
On closing day:

• Funds are transferred
• Documents are signed and registered
• You officially take ownership and receive the keys
• Time to move in and make your new Newfoundland house a home!

Thinking of buying a home in Newfoundland & Labrador? Let’s map out a personalized plan, connect you with trusted lenders, and guide you from first step to keys in hand.

Megan Dawe, Realtor®
709-740-3869
megan.dawe@exprealty.com
www.megandawe1.expportal.com