Are you in the process of buying a home, but have no idea what things you need to know about first? Then read through our list of 20 home buying tips to get clued up.
- House insurance: there are a variety of different companies selling house insurance. Make sure to get various quotes in order to assess which one is the right fit given your budget.
- Take your time: rushing to a decision is not going to be to your advantage if you regret it later on. You have a higher chance of picking the right home when you think through all the factors.
- Furniture and extras: don’t make assumptions about what you will get with the house. Ask what appliances and extras come with it so that you can budget your spending on the furniture to buy list.
- Neighbours: getting an opinion from the neighbours regarding the surrounding area is beneficial. You’ll get a non-biased review of what it will be like to live in the area, and it’s an opportunity to introduce yourself.
- Several viewings: it’s beneficial to view the property several times if you are genuinely interested in it. That will give you an opportunity to see things you might have missed before.
- Take pictures: to be able to accurate compare properties you’ve visited it’s a good idea to take pictures. Make sure to use a good quality camera – if you haven’t got one ask a friend or family member.
- Real estate brokers: with so many real estate agents out there choosing one can be difficult. Make sure you hear a few of them out before settling on one.
- Pick the neighbourhood: when selecting a home it’s equally as important if not more so to choose the neighbourhood. The area you live in will have a major role to play in your quality of life.
- Bank loan: not all bank loans are created equally – there are several factors at play. Make sure you choose a loan you know everything about.
- Moving market: house prices go up and down, therefore try to find ones that seem to be fit your budget at any given market trend.
- Credit rating: before going to the bank in order to get a loan try to improve your credit rating. As a result you’ll be able to borrow more for a lower percentage.
- Borrow carefully: don’t take out a big loan if you can’t afford it. Think about your finances carefully before coming to a decision.
- Overall cost: the price tag associated with the home isn’t what you will be paying. There are extras such as lawyer fees, bank cost, movings costs etc, that you’ll need to factor in.
- Bigger isn’t always better: a bigger house needs more furniture and more maintenance. Think about the added cost before you opt for a bigger home.
- Choose your lawyer wisely: your lawyer might not give the attention your transaction deserves – it’s your job to chase them up
- Information: the more information you get the better off you’ll be when the time comes to make a decision.
- Home Inspection: it is crucial to get an home inspections done to understanding the kind of home you’ll be moving into and the immediate and long term repairs you need to budget for in the future.
- Negotiate: don’t accept the asking price right away, haggle a bit and you’ll be surprised what kind of discount you can get.
- Strata History: if you are planning to buy a condo or townhome make sure you review minimum past 2 years of strata meetings, it will give you an insight of the building financials and knowhow of how proactive they are with the building maintenance and repairs.
- Property Transfer tax & CMHC: you should research on property transfer tax cost and CMHC premium on the mortgage before you start your home buying.
This post was written by Stefanos Anastasiadis on behalf of Hurford Salvi Carr.