Either you are planning to buy your first home or upsizing or buying for investment, journey to buying home requires a lot of time and efforts, moreover, it comes with big financial responsibilities. It takes sacrifice, discipline and determination. These measures will may assist to make the home buying process manageable, simplify process and help to achieve your ambition. It may provide clarity ahead to time, what are challenges, you may face?
Ask For The Experience of People Around You
Family and friends who have bought one house in their lives probably don’t know all of the important details of today’s home-buying process. People who have worked in real estate, home improvement and title industries for years probably do know their stuff, so listen to them. It will provide to quick walkthrough on basic steps.
Answer Yourself, What You Need? vs Nice To Have.
Calculate how much you can spare every month on long run. Morethan just a monthly mortgage payment, property comes with additional expenses, like property taxes, maintenance fee and utilities bills. Compare with the place, you currently owned or rent. How much space your belongings really require?
Find Your Mortgage Amount & Get Pre-Approval
Shop for best interest rates in market, either go directly to lending institutions (banks, credit unions, etc) or hire professional mortgage agent. Hosehold income, current debts, car lease, personal loan, equity in current property and closing costs can drive your mortgage cost and amount. Get the pre-approval for the amount of mortgage you can get. Pre-approval, may put in better negotiation spot.
Make An Offer And Negotiate
Take as much time as you need to find the right home. Then work with your real estate agent to negotiate a fair offer based on the value of comparable homes in the same neighborhood. Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the home buying process.
Professional Home Inspection
Homeowner may not always know or reveal existing structural problems. The only way to truly know about home's structure is to secure the services of a reputable home inspector. Inspection could save you if the home isn't up to code or has major issues.
Closing
Lawyer will perform title search to determine, if property title is "free and clear". Purchase homeowners insurance. Once everything will be all set to close the deal. Lawyer will ask you to sign lots of paperwork, usually, 1 day before or on the day of closing. Congratulations, expect your lawyers call for get keys.
Understand you needs and decide location versus space
Before you begin your search, know the limitations each locale places on your lifestyle and the perks each has to offer. Urban areas offer greater social, culture, educational and career opportunities, whereas suburban lifestyles are flexible, offering children the opportunity to play outdoors and enjoy a neighborhood environment.
New construction vs Resale home
New home is protected from damage and component failures for at least the next few years. Your investment is protected by Tarion for first 7 years. However, after finalizing new home, you need to usually wait for 1-2 years, there could be construction delays. With a resale home already built, buyers are able to close the sale of the property and move in faster. Resale homes inherit the appliances, landscaping, fences and sometimes decks and a variety of other items.
Work With Professional Realtor And Find You Home
Hire a professional and honest real estate agent. Realtor knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. Take home tours or go to open houses and choose your dream home.
Get All Disclosures And Validate Title
Seller requires to disclose potential problems with the property. Ask questions about the history of property, house built year, when seller originally bought the house?, any major repair done recently? is basement legal? Inside or outer improvements done with city permit? Ask you realtor to help investigate, if you are convence with answers. Get it in writing.
Walk Around Your Neighbourhood
Drive around and explore places around the neighbourhood. How much traffic does the street get? Is there enough street parking for your family and visitors? Is it conveniently located near places of interest to you: schools, shopping centers, restaurants, parks, and public transportation? Create checklist, you may not remember everything, pictures or video to help you remember each home.
Moving
Start packing and label each box, so that you can find all your item quickly at new place. Rent a moving truck, if you decided to move yourself. Buy a case of beers and do not hesitate to ask your friends may give you hand, they are nice though. 🙂 Or, Hire professional moving company.
