Looking to buy a home? Amazing! Becoming a homeowner is so rewarding.
You might already be writing a wish list of features and browsing online, which is the perfect way to start preparing to shop for your new home. However, before you walk through the doors of any potential houses, there are a few really important things you’ll want to do to make sure you’re all set to get the best house for the best price, and have a great experience while doing it.
Hire a Professional
In recent years, some home buyers have questioned whether they need a realtor to buy a home, and the answer is absolutely, yes. Here’s why:
- Your agent is legally bound to work in your best interest. If you are working without an agent, the seller’s agent has no responsibility to you, which decreases your ability to negotiate and find additional resources that you’ll need during the process.
- You will not save money by forgoing an agent. Market value of homes is inclusive of both a seller’s and buyer’s agent commission. Since the seller is the one who actually pays both agents, if you don’t have an agent, the commission either goes to the seller’s agent, or it stays in the seller’s pocket – not yours.
- You can let your agent do all the legwork. As you see more and more houses, you can add likes or dislikes to your list and they can update your online search. They will also keep an eye out for coming soon and off-market properties as well as comparable areas that might have the perfect home for you.
Get Pre-Approved
Before you head out to view homes with your agent, you will need a mortgage preapproval. Typically, preapprovals are valid for 30 days, and they tell you exactly how much you can afford. Now, of course, you will want to sit down and decide where within that budget you are most comfortable. Then, you can adjust your search to ensure you stay within your price range.
For many buyers, opting for a mortgage broker over a bank gives them more options in terms of interest rates and allows them to apply to a wider range of lenders so they can get the best possible financing terms. A mortgage broker can also advise you of the smartest down payment amount – bigger isn’t always better!
Cruise Communities
If there is a specific area you’re looking for, or one that seems to have more homes you like, go pretend to live there before you visit a house. Drive there after work or in rush hour, or park somewhere and go for a walk. Try going there at different times of day to see what you think of the traffic, noise, and access to amenities.
Keep doing this throughout your search. When you start to narrow in on potential homes or you really like one in particular, act like a local and see if it feels right. You’d be surprised at the things you don’t notice on a quick showing tour that might change how you consider a property!
Refine Your List
When you start house shopping, you’ll want to have five lists to start:
- Basic criteria (Price, areas, number of bedrooms and bathrooms, garage preference)
- Like
- Love
- Must have
- Must not have
Your agent can program much of this into your search so that you don’t have to weed through a clutter of homes that don’t meet your criteria. As you view houses, you may realize that you actually have more to add or remove.
You’ll also want to chat with your agent about where the wiggle room is. If the perfect house comes up in a different community, is that ok to show you? Are there any absolute deal breakers? Are you willing to look at houses that could be ideal if you renovate?
Buying Brand New
Ahh, there’s nothing better than that new home smell! If you’ve decided to purchase a new build, congrats! Selecting your options and moving into a space that no one else has ever lived in is exciting. But, wait! Before you charge through the front door of the show home or sales centre, there are some things you need to know to make sure you get the home you want and that your finances are protected.
If you visit a builder and do not bring your REALTOR® the first time, make sure you inquire about using an agent, and if that is an option. Home builders have different purchase agreements, contracts and processes they follow, so be sure to ask questions and familiarize yourself with the process.
Now that you’re in the know on that home buyer fine print, you can start your search knowing that you have your bases covered. If you’re looking for advice on all thing’s real estate, from new builds to renovation projects, first-time buyer to experienced seller; Chalkmark Residential is here to answer your questions. We’d love to hear from you, give us a call or reach out by email.