Process of Buying a New Home

By MyVine | October 16, 2011

When planning to buy a home or investment property, there are a number of measures that require considerate execution. One way to make certain that the approach runs smoothly is to align yourself with an experienced REALTOR® that has a established track record of success. A REALTOR® will aid you find and analyse prospective homes as well as negotiate and close the sale. Throughout the often time consuming buying process, a REALTOR® will save you time by offering valuable insights into market conditions, provide expert skills and put you into contact with other reputable professionals.

If a word of mouth referral is not easily available, deciding on a Real Estate Agent with a few good reviews in Google Places or on Facebook, or Yelp is an outstanding strategy. Also, the Canadian Real Estate Association’s database website, the Multiple Listing Service, (MLS), includes a searchable database of designated REALTORS® and homes for sale in your location of interest.

Before looking for a house, it’s important to know your budget. Often your REALTOR® can suggest a mortgage lender or broker to help you get the financing you require. A smart move is to meet with a mortgage specialist before you start home searching to acquire a pre-approved mortgage.

A mortgage specialist will evaluate your financial circumstance and help determine how much you have to spend and what the best mortgage is for you. You will also have to figure into the equation the extra costs of buying a home over and above its price. The buyer on average should budget 1.5- 4% of the home’s price for closing costs. Your REALTOR® can talk about the further costs you may incur when buying a home.

Figuring out your priorities is another crucial step in choosing a home that is the best match for you and your family. Do you want the appeal and character of an older home or are the conveniences associated with a newer home more appealing? Are the low maintenance characteristics of a condo desirable to you or do you love the idea having green space to create a beautiful garden? Parking is a huge factor for most house buyers. Are you part of a family that needs to be close to good schools, access to highways, transit or shopping?

When you are buying, the real estate agent doesn’t cost you anything because commission is compensated by the seller. The rewards of having a REALTOR® guide you through the buying process, is however priceless. If you are prepared to put in an offer your REALTOR® will search for comparable properties on the street and help you come up with a honest offer. If there are no other offers pending, your REALTOR® may be able to negotiate a better price. The process of buying a new home may often feel demanding but with the help of a competent REALTOR® you are certain to make the right moves into the home of your dreams.

Topics: Buying Tips, General, Investing | Comments Off

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