| Purchasing a home is very exciting, you are best to have a plan before you make the move, do not rush your decision but also be prepared to make a move on the right house if it becomes available. Sound advise and a good plan will save you money, time and frustration in the long run. The following steps are designed to help you develope a plan so you can make an educated home buying decision. Listed below are a few essential steps to take when buying a home; these steps should give you a guideline as to what to look for when buying a home and to get the best value for your money. 1. Determine What You Can Afford First thing is to obtain a pre-approval vs. a prequalification from a lender so you can shop with confidence. Your lender will need to run a credit check to ensure that you are pre approved and there are no disappointments down the road. Shop around and speak with more than one lender as terms and options will vary. Some people find it helpful to use a mortgage broker. Mortgage brokers don't work for any specific lending institution. Their role is to find the lender with the terms and rates that best suit your needs. If you have a long standing relationship with a financial institution you may prefer to work with them, the decision is entirely yours to make. 2. Do Your Research Check out neighbourhoods that are of interest to you, drive or walk the neighbourhood at different times of the day and week to get a true sense of the area. Attend openhouses to educate yourself and get an idea of value in the neighbourhood. Home prices may vary in the same neighbourhood depending on different updates, benefits and features. In our current market you may find the best homes are sold within days of coming on the market, but do not panic. You will find a home that meets your needs, rushing may only lead you to making a purchase that you are not completely comfortable with. 3. Determine needs from wants you may not find the "Perfect" home, but close
We all have an idea of our perfect home. So create a list of what you consider to be your top 5 "absolute needs" and your 5 wants. eg: size, condition, location, price, etc... also keep in mind your top 5 do not wants. You may not find a the perfect house, but the home you purchase should have all of your needs and most of your wants and none of your do not wants.
4. Enlist the help of a Real Estate Agent No one will play a more important role in helping you find a home than your real estate agent. A real estae agent will help and guide you through the home buying process, taking care of your interests. Your real estate agent's role is to: -Help you find the ideal home -Prepare the offer to purchase and negotiate on your behalf to help you get the best possible deal -to inform you about the neighbourhood(s) and the home buying process 5. Hire a home inspector You should consider having any home you are thinking of buying inspected by a knowledgeable and professional inspector. The home inspector's role is to inform you on the property's condition. They will tell you if something is not functioning properly, needs to be changed or is unsafe.
The home inspector wants to ensure that you are safe, dry and warm, they will inform you of repairs to be done and give you an idea of the cost of the repairs and a timeline in which the necessary repairs should be completed. If you would like to receive a copy of my Home Buyers Guide click here
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