Buying a home is a sizable financial investment, and oftentimes is a very thrilling and rewarding experience at that! I feel privileged and delighted to see the excitement when I hand homebuyers the keys to their new home. Are you thinking about buying a new home yourself? I’ll be there to help you every step of the way. In the meantime, here are a few simple things to make sure your experience buying a home
Before You Buy:
Learn some home financing basics. It might seem like an overwhelming thing to put on your list of things to do in the home buying process, but in the long run you will thank yourself so much that you did. It is crucial that you know how to shop for a home loan that is right for you.
Get Pre-qualified:
Start with a review of your finances and then work with a qualified mortgage broker or bank to get a clear picture of what homes will fall within your budget. This takes very little time and helps you find a price range that fits your lifestyle and goals.
Make a Wants vs. Needs List:
The last thing you want in the home buying process is to close a deal and then realize that you bought a house that didn’t have all the features, bells and whistles that you wanted. Do yourself a favour, and take five minutes to sit down and write out your list of ‘must haves’ and ‘wants’. That way you’ll know it’s your home when you see it because it checks all the things on your list!
Keeping Your Debt Load to a Minimum:
Although life can sometimes throw us unavoidable financial curveballs, try not to make any major purchases or incur any additional debt until after your purchase. Lenders evaluate your financial situation based on your gross (pre-tax) income, so it is important to get your finances in order leading up to your home purchase. Pay regularly on your Credit Cards (set up automatic payments through your bank to make this easy) and tackle all debts, particularly high interest consumer debt (credit cards, credit lines, etc). There are many resources available to help you online with improving your credit score and achieving financial health.
Things to Consider Before You Buy:
- How large does my home need to be to accommodate my family, work and goals?
- What would my work commute look like from this location?
- How are the schools in this community?
- What kinds of repairs would I be in for with this purchase?
- What is the greater community like?
Be Prepared to View New Properties Quickly:
Now more than ever, homes are selling quickly. So do your research and be prepared going into home showings so that you can be ready to make fast decisions. If you have a partner, make sure you have a few meetings before you hit the road for showings to make sure you’re on the same page as far as budget, wants and needs.
1. Submit a strong and competitive offer:
Be ready to include a substantial earnest money deposit if necessary. Sometimes offers are accepted based on the amount of the deposit!
2. Hire a Home Inspector:
A professional building inspector or appraiser will make sure the house of your choice is in satisfactory condition.
3. Check Zoning Regulations and Covenants:
Good residential neighborhoods will be zoned to keep out commercial and industrial users. Read any restrictive covenants and make sure they fit your lifestyle. Think about things like irrigation from farmers, etc…
4. Request an updated Property Survey:
Be sure the boundaries for the property are clearly marked and check for problems in the document.
5. Have Clear Communication with the Sellers About What Stays and What Goes:
Your contract should be very specific about which items (appliances, etc) are included in the sale.
6.Get it in writing!
Make certain that verbal agreements are written out into the final contract to avoid any stressful and expensive issues later. Clear communication is paramount in the home buying process!
