Making the decision to purchase a home can be a bit overwhelming. Finding the perfect home, searching for the financing, and dealing with sellers and multiple offers is enough to make anyone crazy. These tips will help make your search a little easier. Follow them and you’ll be sure to come out on top.
GETTING PREPARED
1. Get Pre-Approved
Getting pre-qualified for mortgage financing will enable you to have an idea of your price range. Looking at houses for sale that are out of your price range is a recipe for disappointment and can potentially cost you money. Your time is valuable so don’t waste it. Contact a trusted Mortgage Broker. Interview them and be sure to ask them important questions.
2. Make a list of what is important to you in a home
Are you primarily concerned with space? Do you want to live closer to downtown? If so you may want to look at older homes which usually cost less per square foot than new construction. If you like to cook make sure a spacious kitchen is on your list. A list will help you stay focused during your search so you're not distracted by amenities you don't need. Your decision should be based on reason, not emotion.
3. Visit Open Houses
To get an idea of what you are looking for in a home or apartment, you need to see what’s out there. The good, the bad, and the ugly…take it all in. The only way you will better understand what your price range will deliver is to view what is on the market. If you visit a Private Sale, ask the seller if they are open to working with a buyer that has a Realtor representing them. If they say no, move on.
4. Be Realistic
Most buyers want a brand new home but that comes at a cost. A new construction home may not be available in the older parts of town that bring with them the charm and character of a mature neighbourhood. If you are dead set on something you may have to make a few concessions in other areas of the home like size or location. Be sure to ask your Mortgage Broker about the financing options for older homes that need immediate repair and updating as these costs do not have to come out of your pocket upfront.
5. Work with a Realtor
A real estate agent is worth much more than you think. Realtors know their city and the local market best. They can also let you know if you have realistic expectations before you waste your time looking for a home that just doesn't exist. Also, buying a home using a Realtor is totally FREE! Don’t forget the legal benefits that come with using one as well. Ask them to explain these to you; you’ll be amazed at what they have to say.
Denise Benninger | 519-502-1091 | Verico The Mortgage Wellness Group | Licence #11970
STARTING YOUR SEARCH
1. Look Online
Most homes for sale are advertised on the internet and include photos and maps of the area. The best site to do this would be Realtor.ca. Looking at real estate listings online will help to narrow your search and save your gas. Your real estate agent can even email real estate listings directly to you as they become available, another awesome benefit for using a Realtor. Homes for sale by owner are frequently posted online as well however run the risk of slightly higher prices and unprotected buyers due to potential hidden risks. Always consult with your Realtor if you are interested in looking at a Private Sale.
2. Take Your Time
Make sure you have enough time to really look at a home or wait until later. Looking at a home when you're in a hurry can cause you to overlook both positive and negative features. Again, use reason when you find a home. Emotional home buying can lead to costly regrets and unexpected losses.
3. Become a Note-taker
Bring a notebook with you when you go to look at homes. Open houses, Model homes, and viewings with your Agent are all great opportunities to really do your research and to write down the pros and cons of every home. Take notes on the things you dislike and like, repairs that may affect the price of the home, and any other concerns like noisy neighbours or homes around the area. Afterwards you can use your notes to compare homes and narrow down your choices based on everything you have seen.
Denise Benninger | 519-502-1091 | Verico The Mortgage Wellness Group | Licence #11970
MAKING YOUR FINAL DECISION
Once you have narrowed your search down to a few homes, here are some other things you can do to make your choice easier:
1. Make sure you visit at different times of the day and night. You may find out about loud neighbours, dogs that bark all night or some other detraction from the property.
2. Talk to the neighbours. Neighbours have insights into the area like only a local does. You may find out about a tucked away park or plans for a development that might increase traffic.
3. Drive around the area to make sure you are in close enough proximity to stores, restaurants and other business.
4. If possible go by during a rain storm to find out about potential flooding issues. Even if the home itself is fine the streets around it may flood.
5. Check for the energy rating which is available for a large portion of the real estate in Canada. A higher energy rating means lower electric bills.
6. If you are moving to a condominium or apartment community check into the subdivision restrictions. There may be rules concerning the number of pets or landscaping restrictions. In some cases there may even be monthly or yearly association dues.
Finding the right home may seem like a lot of work, but with careful planning and patience you'll find your dream home in no time. Ensuring that you use the professional services of a Mortgage Broker and a Real Estate Agent will drastically help this search.
Sincerely,
Denise
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