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Buying a home can be an exciting and emotional time. Before you set out with a REALTOR ® and fall in love with your dream home you need to do some preparation and ensure you are aligned with any person you may be purchasing with. Stage One Real Estate is happy to guide you through the purchasing process in order to match you with a home that fits your lifestyle and budget.
Check out our 10 tips below for purchasing your home!
1) Know your budget.
Getting pre-approved by your financial institution is also a very good idea. This helps expedite the financing process once you want to make an offer and ensures all parties know what budget they are working with in.
2) Know the general neighbourhood you are interested in.
Equally important be sure to advise your REALTOR® if you know places you do not want to live. This will help narrow the search to properties that are truly of interest to you.
3) Know what type of home you are looking for.
Are you looking for a condo, semi-detached or fully detached home? What are other “must haves” for you?
4) Meet with your REALTOR® in advance.
Meet with your REALTOR® in advance of viewing any homes so they can fully understand your needs not only about the home but also about your budget and desired timelines.
5) On viewing day, be open minded and optimistic.
Also be honest with your REALTOR®. If a property is not for you they need to know and also want to move on to something more suitable to your needs.
6) Be serious about your intentions.
Sometimes an offer needs to be made quickly so being prepared to jump in to action at any time is important. There is no pressure however be aware that markets are hot and desirable properties sell quickly. If you hesitate you may lose a home you really wanted.
7) Do some pre-work. Do some pre-work in terms of servicers you may use once you are making an offer. Do you have a finance company, home inspector and lawyer selected? If not, rest assured your REALTOR® can assist you however if you have preferred providers it is best to use them again.
8) Be sure to start looking in to any purchasing incentives that may be available to you such as:
First time home buyer incentives
Land transfer tax refunds
RRSP Home buyer plans
9) Start planning for any closing costs that may include:
Land transfer tax
Mortgage insurance
Legal fees
Title insurance
Home insurance
Adjustments
Utility hook ups and moving costs
10) Start Packing!