Thinking of Buying A Home? Use This Guide and Make Your Home Buying Experience a Pleasant One.
Buying a home may possibly be the most expensive purchase you will make in your lifetime. For a first time homebuyer, it can also be daunting and stressful. But if you follow the well thought out steps we have laid out for you below, there is no reason why the whole experience should not be stress free!
1. Always get preapproved for your mortgage. Remember, you and not your mortgage broker know your budget best. Factor in closing costs, property taxes, insurance, legal fees and contingencies. The last thing you want is to get short on your monthly cash flow.
2. Choose the right realtor. Always pick someone who is patient, friendly, has a good track record of sales and is a good negotiator. He or she must be knowledgeable on the neighborhoods you like. An experienced realtor can be extremely important and valuable to a first time homebuyer.
3. Start looking. Before you start viewing homes, make sure you have a list of needs, wants and deal breakers. Keep this list handy and check it regularly. It’s easy to be swayed by renovations and smart landscaping.
4. Make an offer. Your realtor will refer to recent sales of comparable homes to help you decide how much to offer. This is an emotional process, so you must keep your budget in mind during negotiations or bidding wars.
5. Remain calm and diligent. The offer to purchase should include a condition giving you enough time to have a home inspection and let your lender confirm the value of your home.
6. Seal the deal. By closing day, your lawyer or notary will have made sure that the seller is allowed to hand over the home to you. At the final signing, the down payment will be transferred, your mortgage is finalized and you get the keys to your new home!
To learn more about Virani Real Estate Advisors or to discuss a property sale or purchase, email us at [email protected], visit one of our offices, or call 604-913-1000.