REAL ESTATE 101 - Home Search Tips

 

• Plan first then look - What do you need (i.e. Number of bedrooms, etc), what can you afford to pay each month on a mortgage, what things do you want )and are willing to forgo if necessary)

• Be practical - You are not going to get everything you want or need in a house.  Evaluate each property, if you get 80% of your needs and 50% of your wants, go for it.

• Do a financial self review - Do you have a down payment (usually 5% of the purchase price) and enough money to cover closing costs (usually about 2%).  Of so, get pre-approved to ensure you're not disapproved later.

• Trust to your own judgement - Many buyers hesitate to make their decisions and have their parents, their siblings, their friends and acquaintances comment on their potential purchase.  It is best to select one or two to turn to.  Having too many opinions will quite simply mean you'll pass on a home perfectly suited to you!

• Decide on the time for your move - Whats best for you?  When do you have to move?  Do you have a lease?

• What are your goals - To find the perfect "forever" home, or, a home as a perfect starter?  Knowing this at the outset will help you decide both on the home you'll buy and the mortgage terms best for you.

• Home Inspections - Insist on having one done.  The relatively small costs of one could save you many dollars in unexpected repairs down the road.

• Use a Realtor - One who specializes in buyer representation and who will work diligently on your behalf.  If you are uncomfortable or uncertain about any, choose another.

• It's your money and your future - Many people spend more time planning their next holiday then they do planning their home purchase - don't be one of them!!

 

Remember, the more you know about factors affecting real estate transactions, the wiser your purchase or sale will be!