TIPS FOR BUYING A HOME – SOMETHING TO KEEP IN MIND
Before starting the process of searching for a home, find out how much you can afford COMFORTABLY – No point of being house broke.
1. Meet with a couple of mortgage brokers to discuss your budget.
2. Ignoring One's Basic Needs
So many buyers don’t know or aren’t sure about what exactly they are looking for in a home. Visiting Open House properties gives you an idea of the style you might like but there’s more than the house. You’ve heard the expression LOCATION, LOCATION, LOCATION well that’s one of the most important things you should consider.
Do you want to live in the City, the suburbs or the country. Do you own a car and will you be needing a secondary one? If you prefer public transportation, how close is the bus stop to your potential home, is the bus route on your street – is that a good thing? How far is the closest grocery store – is that important to you? How about schools for your children?
Sit down and list what your NEEDS are versus what your WANTS are! Then share this list with your real estate agent.
3. Insprection of The Potential Home
Some people decide against a home inspection, to save money. This initial investment is the best thing you can do for yourself. This is not only an inspection it’s an information session to help you get to know your house. If there are too many issues whether minor or major, you might want to cancel the transaction based on the inspection or you might ask the seller to adjust the price based on those items.
4. Negotiating with Emotions
Let your real estate agent guide you with this step. Look at the comparables that have sold in the neighbourhood, look at the upgrades in the house and finally ensure that this is the home for you. If it meets 85% of your needs and some of your wants, this might be the one.
If you're a first time home buyer you may also want to check out this article The Do's and Don't For First Time Home Buyers.
I've been helping home buyers find the home of their dreams for 30 years in the Ottawa area. This is the biggest financial decision you may have to make, make it with a team that has the experience and trust you need. Call Irene Bilinski @ 613-858-1151