Yesterday, a young couple approached me at my brokerage's mall kiosk to ask about some listings. I gave them the information and started to ask them some questions about their needs and what they knew about the local market. I was surprised that they had not really thought about the details. They had been to the bank and were pre-approved for xxx amount of financing but that was the extent of it. Needless to say we spent over an hour discussing things and we will meet later this week to further our discussion.
If you are a first time home-buyer take some time before you start to research different aspects of home buying. Some of the items to consider:
- Getting mortgage pre-approval. If you don't understand what this is, check out my post on Pre-Approval Versus Pre-Qualified.
- Understand the costs involved with purchasing a home. These costs may include home inspection fees, appraisal fees, land transfer tax, title insurance, mortage insurance and lawyers fees to name a few.
- Make a list of the home features you must have with another one listing your "it would be nice to have".
- Decide the neighbourhoods you would like to live in with secondary choices.
- Research information about the local market conditions. Understanding what type of market it is prepares you before you go looking.
- Ask friends and relatives for REALTOR referrals. You need a professional who has a proven track record for superior service.
- Don't be afraid to ask the Sales Representative questions. As an example, before you even go out looking at homes you should have an understanding of what type of representation you will have with your REALTOR - client or customer.
If you are an informed/knowledgeable home-buyer you will make the right decisions for you and your family.
Proudly selling Quinte Real Estate.
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