You’re buying a house. Don’t find your dream home before you know what you have to do first. It will only let you down if you don’t know the steps to buying a home first. Be prepared and you will get that home of your dreams.
Find out how much you can borrow;
You can go to your bank first and find out how much you can borrow, but you can also go to a good Mortgage Broker. They can get competitive rates from many different lending organizations for you. Using a Mortgage Broker saves you a lot of time from visiting a lot of different banks. A Mortgage Broker works for you where as a bank representative works in the best interest of the bank.
Get pre-approved for a loan;
Know how much you have to spend before you start to look. There is nothing more frustrating than finding the home of your dreams and finding out you can’t afford to buy it. Knowing how much you can borrow will save you time from searching the internet and having a real estate representative show you homes you can’t afford.
Research the type of home you want;
Go on the internet and research many different types of homes you can see you and your family living in. Is it a condo that best suits your needs or a single family home? Get to know the terms of the different types of homes available. A good real estate rep. will also sit down with you can go through the types of homes with you and which would be the best option for your family, lifestyle and amount of money you are able to spend. An example of this would be that you want a single family home, but where you want to buy may not be in your budget. You may have to be shown homes just outside your preferred area to get everything in a home you’re looking for. You can spend a lot of time searching if you don’t know what type of home and what area you can afford that home if you don’t have a good real estate agent.
Find the right Real Estate Agent for you;
A good agent will show you areas that are within your budget and type of home and amenities you are looking for. They are skilled at negotiation, the home buying process and can explain the legalities you’ll be facing when it’s time to put in an offer. This service is FREE to BUYERS!
Let an agent do all of the leg work and negotiation work for you. It’s not easy negotiating for a home when you the home buyer are so emotionally attached to the house you want to call home. To protect you certain clauses MUST be inserted in the offer i.e. financing, inspection, etc. If it’s a property in the country there’s water clauses, septic system clauses, etc. If it’s a condominium, then you need to obtain a Status Certificate to ensure that the condo corporation is in good standing financially and that there will be no surprises after closing.
The other bonus when you use a good agent is that she will go through a house with you and, of course, point out all of the great features you’re looking for, but also highlight any problem areas or issues in the home before you buy. Don’t just buy the house look at the neighbouring properties, is the location adequate i.e. is it a busy street, is there a bus stop in front of the house?
Your real estate agent will also be able to provide you with comparable homes sold in the neighbourhood to help you decide on the right price for that particular property. She will provide you with the information and you can make an educated decision.
Get a home inspection;
Once you have chosen a home you should get a home inspection. Everything may look perfect to you, but there are areas that you don’t see that a home inspector will and let you know if anything needs repairing. You are not a plumber or electrician or an expert on foundations so you may think everything looks great on the surface, but in reality it may not because you don’t know exactly what to look for. This is a great investment in your property. The inspection will point out any inadequacies that you might need to address in the future.
Purchasing a house is a huge investment and protect yourself by using the tools available to make it a successful experience.
You can reach me (Irene Bilinski) at (613) 858-1151 if you need more help to purchase a home or if you are wanting to sell your home and need advice or a market evaluation (which is free).