Tips for Buying

• Hire an agent

  Buying a new home should not be a “do it yourself” project! Once you have made the decision to purchase your new home, the next step should be hiring a real estate professional. The agent you select will help you understand your options and guide you smoothly through each step of the process. There are many financial and difficult legal aspects involved in buying your dream home and their professional expertise will be invaluable during your search.

• Do the math. Shop around for the best rates

  When shopping around for the best interest rates, keep in mind that small differences in percentage points can lower your monthly mortgage payments significantly. These slight variations can ultimately save you thousands over the life of your home loan.

• Pre-qualification

  In order to determine what you are able to afford, you should pre-qualify for your home loan early in the process. Sometimes the market is saturated with other buyers and this allows you to decide if you are able to make a competitive offer. Sellers are also more confident that you are a serious potential buyer when you pre-qualify.

• Know your expectations

  Be realistic and specific. Make a list of all the things you need in your new home. If there are amenities, locations or other items you cannot compromise, make sure to have them available for quick reference. It might also be helpful to make another list of the luxuries you prefer, but that do not fall into the ‘must have’ category. These lists, of course, can be modified as you search. The internet is another invaluable tool that can be used to review what is currently available on the market and might also meet your needs.

• Have your agent schedule property viewings

  Your agent can schedule as many, or as few, visits to potential properties as you would like. Keep in mind that the more properties you are willing to see, will likely determine how quickly you find your next home. A ranking system might be helpful to establish, as some properties will meet your expectations while others will not. Ranking them accordingly might help you determine which properties you might want to revisit and which ones you do not.

• Making the offer

  When you have chosen your ideal new home, now you are ready to take the steps required in extending an offer. This is where an investment in the professional expertise of your agent will pay off. Allow your agent to guide you through the difficult nuances of this process in order to reach the desired outcome.

• Inspection of the home

  Once the seller has accepted your offer, it is imperative that you work with your real estate professional to schedule an inspection with a respected individual or agency. It is not uncommon to find minor problems with the home. This is the time when negotiations can be arranged with the seller to offset some of the costs of those necessary repairs. Before signing the final paperwork, make sure you have walked through the property again. Your agent can also explain ways to save money on future repairs with home protection plans.

• Closing

  There is a lot of paperwork involved in this final stage of purchasing a home. Keep your closing date in mind and ensure that all the documents are completed and correct. Your agent can review them with you prior to that date so there are no errors, which could cause unnecessary delays in the process.

• Moving in

  Painting, cleaning/replacing, and making minor repairs to your new home are often easier to complete prior to moving in. Arrange far in advance for electricity and other necessary utilities to be available to you on your expected date of move-in. This will allow for an effortless moving day and enjoyable new home purchasing experience.

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