Important Things to Remember When Buying a New Home
Buying a new home can seem like a marathon where there’s always just a few more miles to cover until the purchase is complete.
There are so many things to consider when buying a new home, especially for first-time home owners, that it is necessary to make a list so as to not forget anything vital.
Some of the most significant things to remember during the process include:
1. Don’t start looking until you’re ready
The search for a home in earnest should only begin when an individual or family is absolutely ready to act. There’s nothing worse than finding the perfect home only to realize that there are some issues preventing a family from making an immediate offer on a new home.
The homework on real estate, budgeting, and other concerns needs to be accomplished early before tours of homes begin with the agent.
2. Write down amenities and must-haves
Most potential home owners will have a wish-list in their minds regarding what they want in a new home and what they can’t live without, but that list won’t do anyone any good if it is stuck in someone’s head.
Writing up a list divided into amenities that would be “nice to have” and options that are “must-haves” will help the real estate agent to find the perfect property.
3. Know the budget and top price
When searching for a home, it is important to understand how much mortgage you can get by using a mortgage calculator. Paying too much for a house carries potential for disaster when the mortgage is too much for the family to handle and quality of life suffers because all money in the budget must be fed to the mortgage payment. Being realistic about cost is important.
4. Get pre-approved for a mortgage
Even though the Canadian real estate market has been quite volatile in recent years, it important to note that making an offer on a house still works as it has always worked.
Offers that come with a pre-approved mortgage carry much more weight than offers made without that support. It important to note that being pre-approved is different than just being pre-qualified.
5. Find a trusted home inspector
Buying a home that a few years old is almost like buying a used car. The owner of the home will think it terrific even if it has flaws and might be inclined to hide problems from a buyer if the buyers aren’t smart and have the home fully inspected.
Researching early for an experienced and trustworthy home inspection professional helps to make sure a purchase is the right decision.
6. Create a checklist and take photographs
Taking a whirlwind tour of locally available properties is fun, but it can also get confusing after a while. Each time a home tour occurs, it is important to have a camera handy to take many pictures, and it is also a good idea to bring a hard copy checklist to see whether specific “must-haves” are included in the home.
7. Have an emergency fund for unexpected issues
Move-in day should be exciting, but in the true tradition of “Murphy’s Law,” something’s always going to go wrong when a family least expects it.
Despite all the preparation and efforts at a home inspection, things can go a little haywire during the move-in process, so it is essential to have a few thousand dollars available for those unexpected issues that invariably crop up after the purchase.
One can never spend too much time researching and staying up-to-date on real estate trends and home availability. Searching for that elusive, perfect home takes as much effort from the real estate agent as it does the home buyers.
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Category: Mortgage
