Wednesday, September 21, 2022 / by Chantal Johnson
Top 3 Tips for Home Buyers
Buying a home can be stressful. Along with the stress of moving, this will probably be the largest financial purchase that you will ever make. It's important that you consider these three tips when beginning your home search journey to ensure a smooth and successful process.
1. Find the right agent - It is equally import to research real estate agents as it is to know what type of home your are looking for.
Are you purchasing a condo, or a detached home outside the city? When choosing a realtor it is important to work with someone who is an expert in the market and type of home that you are buying. Part of a realtor's job is to ensure that you are informed with current market conditions as well keeping you up to date with specific details or areas of caution that you should be aware of with the properties that you are viewing. You want to be confident (through your research) that you have chosen an agent that is well informed and experienced so that they truly can have your best interest in mind as they guide you to your perfect home. Looking up realtor reviews is a great way of doing this. You also want to ensure that you get along with your realtor. This way you are not only informed and educated to ensure a successful purchase, but hopefully you'll also have fun along the journey.
2. Get pre-approved - Before you can write an offer on a home, you need to know what you can afford. If you know that you will need financial assistance through a bank or a private lender, it is advised that you begin to have the conversation about what you can get pre-approved for as soon as possible. This process can be quick, or make take several months. For example, if you have just started a new job, you may be required to wait a minimum of three months to get a pre-approval. This pre-approval will give you a specific price point to stay within and also give the sellers more confidence to work with you if you do end up wiring an offer. It shows that you are serious and ready to commit. Using an online mortgage calculator is not getting pre-approved for a mortgage, and is not advised to be used to figure out what price range you should be shopping in.
3. Know what you want and what you don't want - It is very important to know where you want to live, what price you can afford, how much space you need, etc. As important as it is to now that you DO want, it's also important to know what you DON'T want. Too many options can result in decision paralysis and delay the process, or result in you missing out on a home that could have been a great fit.
You may want a home that is 3 bedrooms and 3 bathrooms but not over 2,000 sq ft. Or you may only be looking for properties that have backyard space but only on one level. A simple process that you can do is to make a list of 5 things that you would love in a home, and 5 things that are deal breakers. No home is going to be a perfect, but there will be a few that are very close. Making these lists and seeing what properties check the most boxes will help you find your dream home.
1. Find the right agent - It is equally import to research real estate agents as it is to know what type of home your are looking for.
Are you purchasing a condo, or a detached home outside the city? When choosing a realtor it is important to work with someone who is an expert in the market and type of home that you are buying. Part of a realtor's job is to ensure that you are informed with current market conditions as well keeping you up to date with specific details or areas of caution that you should be aware of with the properties that you are viewing. You want to be confident (through your research) that you have chosen an agent that is well informed and experienced so that they truly can have your best interest in mind as they guide you to your perfect home. Looking up realtor reviews is a great way of doing this. You also want to ensure that you get along with your realtor. This way you are not only informed and educated to ensure a successful purchase, but hopefully you'll also have fun along the journey.
2. Get pre-approved - Before you can write an offer on a home, you need to know what you can afford. If you know that you will need financial assistance through a bank or a private lender, it is advised that you begin to have the conversation about what you can get pre-approved for as soon as possible. This process can be quick, or make take several months. For example, if you have just started a new job, you may be required to wait a minimum of three months to get a pre-approval. This pre-approval will give you a specific price point to stay within and also give the sellers more confidence to work with you if you do end up wiring an offer. It shows that you are serious and ready to commit. Using an online mortgage calculator is not getting pre-approved for a mortgage, and is not advised to be used to figure out what price range you should be shopping in.
3. Know what you want and what you don't want - It is very important to know where you want to live, what price you can afford, how much space you need, etc. As important as it is to now that you DO want, it's also important to know what you DON'T want. Too many options can result in decision paralysis and delay the process, or result in you missing out on a home that could have been a great fit.
You may want a home that is 3 bedrooms and 3 bathrooms but not over 2,000 sq ft. Or you may only be looking for properties that have backyard space but only on one level. A simple process that you can do is to make a list of 5 things that you would love in a home, and 5 things that are deal breakers. No home is going to be a perfect, but there will be a few that are very close. Making these lists and seeing what properties check the most boxes will help you find your dream home.
