Step 1 - Get Educated
It is so important to get educated on the real estate process and industry. We are talking about one of the biggest investments of most people’s lives; a little time to empower yourself will go a very long way. There are several resources you can turn to for information.
The Internet - The internet is truly the information super highway. If it isn’t on the internet, it probably doesn’t exist . . . yet.
Libraries or Bookstores - There are thousands of books written on real estate. If you are still hungry for knowledge, stop by your local library or favorite bookstore. Try to stick to something that is pertaining to the country or area you reside in, as the laws and procedures can be dramatically different.
Book a Meeting with your Realtor – It is so important that you understand how the current real estate market will affect your particular situation.
Step 2 – Initial Meeting or Consultation
After selecting your agent, you will want to schedule a sit down meeting. At this time you can officially meet (if you haven’t already).
You don’t want to skip this step. It will be virtually impossible to properly represent you without having actually sat down to discuss things, as they fit your unique situation. The real estate market is constantly changing and you must be aware of where you stand. Once you have assessed your situation, this is where you will express your goals and determine an appropriate action plan so you can confidently move forward.
Step 3 - Determine How I Will Pay
There is nothing but options when it comes to financing, but you should have a good idea of how you will purchase your next home before you get too committed to looking. There are three main sources of financing.
Traditional Banks – If you already have a great rapport with your current bank, this is a good option. Usually you will be able to get pretty good terms on your mortgage.
Mortgage Brokers – They have the most options. They can use most of the major banks, plus many other lenders. They will be your best bet to truly finding the best option for your particular situation.
Creative Financing – The options here are endless and are great for investing, or if you cannot access a mortgage through the banks or mortgage brokers.
Step 4 - Start the Search
Now this is when most of the excitement really starts to happen. You already know the type of home you’re looking for and the price you can afford. A property search will have to be set up to notify you (typically via email) when a new property enters the market that matches your criteria. Once you have identified some potential properties, it’s time to hit the pavement.
This is where you really want to keep the goal you set during the initial meeting top of mind; it will make this process a whole lot easier, not to mention less stressful. During your showings, if you visit a property that isn’t inline with your goal, it is easy just to erase it from your mind. However, if it is inline, you can easily add it to your shortlist or even write an offer. Quickly identifying a property which is inline with your goal will save you the headache of viewing hundreds of homes and getting discouraged.
Give me a call and together we will make a plan for your individual needs. I look forward to working with you!