NEW HOME BUYER NEEDS TO REMEMBER FEW POINTS BEFORE BUYING DECISION

* GET YOUR CREDIT REPORT: Check the credit yourself by getting report and check that the information on the credit report is correct. If not than contact particular creditor(s) who hasn't / haven't updated your record in terms of cancelled cards or balances that have been paid off. Give priority to pay off high interest credit cards.

** GO AND GET PRE APPROVAL FOR THE MORTGAGE: Talk to your real estate agent or mortgage consultant/broker for your affordabilities and pre-approval of max limit of qualification amount with expected down payment before you start looking. Pre-approval means that you have actually been approved for the purchase by a lender, which gives you the edge in home purchase negotiating. The pre-approval guarantees you, up to a period of 90 days, that if the rate increases during that time, you will still get the original rate. If the property you are looking to buy won't be completed for six months or more, then you should look into the mortgages offered by the builders on-site. In these cases, the on-site lender will typically be able to guarantee a capped rate for a longer time duration (such as 12 to 24 months), usually until the expected project completion date. You should negotiate a capped rate for as long a period as possible.

*** MAKE LIST OF THINGS YOU WANT AND YOU DON'T WANT: If you are buying first time, visit new & old houses to see what do you want to see in your dream house including interior lay out of the rooms and Make a list of what you want, need, and don't want in a home. Make list of desired home attributes. This checklist will help you to select the properties to see and to assess according to your needs and will save you invaluable time when you go out to see various properties.

**** Check out the neighbourhood: Most valuable things you look around you and your family are NEIGHBOURS, SCHOOLS, DAILY LVING NEEDS EASILY AVAILABLE OR NOT, CRIME RATE OF NEIGHBOURHOOD AND OTHER FEATURES. For all, make yourself a familier by talking with people in the area and visiting at different times during the day.  The characteristics of the area may change dramatically during different hours of the day. Go to the local planning office to find out about the plans for the area.  Remember, you're buying not just a home - you're buying the entire neighbourhood package!

***** Talk with a real estate lawyer and Take your Agreement of Purchase and Sale (APS) to review the  with them prior to signing the contract. Especially, when you buy new built home with builder, in your APS you will find many clauses which is really hard for common people to understand and will be in difficulty at the time of closing. This will ensure you understand the exact terms and conditions of the contract, and that you know what's included in the purchase price. Be sure that any verbal agreements from the seller are included in written form within the APS.

******When somebody make decision to buy the house, this decision is the one of the biggest decisions he/she made in the life. WHether it is hot or slow market, remain calm, be cool and stay with your calculated decisions. If you're buying a new condominium, be sure to review the disclosure statement carefully. By law, you have a 10-day cooling off period once you receive the disclosure statement.

******When somebody make decision to buy the house, this decision is the one of the biggest decisions he/she made in the life. WHether it is hot or slow market, remain calm, be cool and stay with your calculated decisions. If you're buying a new condominium, be sure to review the disclosure statement carefully. By law, you have a 10-day cooling off period once you receive the disclosure statement.

*******Whether you buy from resale market or new house, keep your professional service provider with you - specially for Mortgage and inspection. Check properly and run to test all chattels which are included working properly, furnace, central A/C, hot water tank etc., Make a  list of all defects and deficiencies and negotiate for all or some which are more important with expense perspective before removing the inspection condition. Now the last and more important issue with home buying process is your Financial situation. Loan/Mortgage specialist will properly guide you and will get confirmed approval from the financial institute before you remove your financial condtion. To make whole process of buying your home stress-free and with enjoyable experience, find out all right professionals in their field to help you out.

Jayesh Bhavsar

Jayesh Bhavsar

Broker
CENTURY 21 New Star Realty Inc., Brokerage*
Contact Me