In reality, there are only five things you need to know and do to make your home buying experience as simple as possible.
1. Get pre-approved for your Mortgage
If possible, get “pre-approved” for a Mortgage in the amount you’re comfortable in borrowing.
With this pre-approval, you’re in a stronger position to buy a home when you’re ready – rather than finding your dream home, only to lose it to another buyer because you were waiting on the approval.
2. Find a great real estate rep. consultant.
Once you’ve decided to buy a home, find a great real estate rep. What you’re looking for is a Buyer’s Agent.
This means that they consultant, advise and represent YOU as the buyer, rather than the person selling the home.
They will have YOUR best interests at heart. A really good Buyer’s Agent is your consultant they know their markets, and will help you find the best match for your needs and wants.
They can also recommend mortgage brokers with whom they’ve worked in the past.
3. Look before you leap.
Drive around the neighbourhood at different times of day. Get out and walk around and chat with neighbours. Some people like friendly neighbours, others think of them as nosy.
Drive to the local grocery store, shopping centres, community centres, anywhere that you might frequent.
Visit nearby schools and see for yourself how the kids behave and how the grounds look. The point is to see if this is really the type of neighbourhood you want to live in BEFORE you make an offer.
4. Be prepared.
Make sure your Agreement of Purchase and Sale (APS) has reasonable contingencies included to protect you as a buyer. Reasonable can be things like approval by a home inspector, and financing.
For the long-term investment, make sure that your homeowner’s insurance policy is in line and updated as the value of your new home and its contents increase.
5. Be reasonable.
No home will be without flaws. Many times it’s these flaws that lend character to older homes, but nonetheless, it will take SOME work to personalize any home.
Preparing yourself with these five simple things – Mortgage pre-approval, a great broker, getting to know the neighbourhood, protecting yourself, and being reasonable – will help make the home buying process easier for you and your family.
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