Buyer's guide
Buying a home in Newfoundland, step by step
From pre-approval to keys in hand — the whole process, written for this province. Six steps, the pitfalls that cost people money, and exactly where Haris fits in.
1. Get pre-approved first
Before you fall in love with a listing, know your number. A lender or mortgage broker pre-approves your budget, locks an interest rate (usually 60–120 days), and — in a competitive market — turns your offer into one sellers take seriously. Bring proof of income, debts, and down payment.
2. Define what actually matters
Commute, school district, lot size, oil vs electric heat, rental potential — rank your must-haves before touring. In Newfoundland, ask specifically about winter sun exposure, driveway snow, and how the home is heated; these shape monthly costs more than square footage does.
3. Tour homes with a critical eye
Look past staging: check the roof age, windows, basement moisture, oil tank condition, and the age of the furnace and hot water tank. Take notes and photos. See enough homes to know what 'good' looks like in your price range.
4. Make a smart offer
Your offer includes price, conditions (financing, inspection), and a deposit. Haris pulls recent comparable sales so your offer is grounded in what buyers are actually paying — not list-price guesswork. Negotiate on facts, walk away when the numbers stop working.
5. Conditions & inspection
A typical offer is conditional on financing approval and a home inspection. Your inspector examines structure, roof, electrical, plumbing, and heating. If issues surface, you can renegotiate, ask for repairs, or walk away with your deposit intact.
6. Lawyer, title, and closing
Your lawyer handles title search, land transfer tax, mortgage registration, and adjustments, then schedules closing day. On closing day the balance is paid, keys are released, and the home is yours. Budget 1.5%–4% of the price for closing costs on top of your down payment.
From the trenches
Five things first-timers get wrong
- Save all down payment funds in one account with a clear paper trail — lenders will ask where every dollar came from.
- Don't open new credit (car, furniture, cards) between pre-approval and closing — it can derail your financing.
- Factor heating, snow clearing, and water into your monthly budget, not just the mortgage payment.
- Realtor services for buyers are typically paid by the seller — working with Haris costs you nothing out of pocket.
- Read the condominium documents (if any) before removing conditions: reserve funds, rules, and fees matter.
Estimate payments
Play with price, rate, and down payment until the number feels right.
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