If you were to ask Canadians what the highest goal to be achieved is, they would certainly tell you that it’s buying a home. People yearn to own their own homes and they’re not interested in renting. What people want is freedom and stability. Purchasing a home is an important step, one that should be taken very seriously. If you’re ready, from a financial and emotional standpoint, then you should take the step. Not so fast. You have a few more things to do. Take the time to educate yourself about the 5 must-dos.
1. Get to know your credit score
The credit score is the expression of how creditworthy you are. Lenders will check your credit score for a loan. The biggest mistake that you can make is to assume that the financial institutions won’t check your creditworthiness when applying for a loan because they will. Get to know your credit score even before you apply for the capital.
You can use a free website. Attention needs to be paid to the fact that online platforms of this kind aren’t entirely free. You have to pay your access to the report. Another way of obtaining information on your credit score is getting in touch with the credit card provider. More and more companies are willing to offer this kind of info to customers. Last but not least, you can get a free credit report from the national credit bureau.
A credit report contains details like your name, address, date of birth, credit applications, financial links, late payments, and so on and so forth. If you have a high credit score, you won’t be able to get your hands on the best deals. What is more, you’ll have to pay a great amount of money in terms of down payment.
You should do your best to improve your credit score for your financial future. But how? If there aren’t mistakes in your file, then pay your invoices on time. Paying your telephone or utility bill on time demonstrates that you’re able to respect your debt obligations. Since you’re thinking about applying for a mortgage, it’s best to not apply for a credit a year in advance.
The credit score has the most significant impact on the mortgage application, affecting the rates that you’re offered, which is why you should make sure you don’t have a high credit score.
2. Hire a real estate agent
One of the things that you must put on the top of your to-do list is hiring a realtor. Is it still necessary to hire a real estate agent? So what if they have gone through schooling and training? It’s true that nowadays there is plenty of information available online, but that doesn’t mean that you should acquire property without representation. A real estate agent has access to numerous properties and they know exactly what needs to be done so as to get the deal done.
The realtor will help you complete the transaction successfully, negotiating the best deal possible. Unlike you, a professional can detach themselves emotionally from the transaction, not to mention that they have negotiating skills. It’s part of their job. For the relationship to go smoothly, you have to make an effort. Tell the real estate agent what you want and need in a home.
When beginning house hunting, nobody knows what they are looking for. It’s quite normal if you’re a little bit confused. Yet, you need to organize yourself and start doing things in an effective manner. Create a list of your wants and needs. After having toured a couple of homes, you’ll understand that it’s necessary to adjust your expectations according to what is available. If you expect the realtor to come pick you up and drive you home following home showings, then you should make your expectations clear. Not all people provide this kind of service.
3. Get an indoor air quality test performed
Undoubtedly, buying a home is the biggest investment that you’ll ever make. It’s of paramount importance to make sure that there is nothing wrong with the property. Have an indoor air quality test performed, among other things.
Indoor air quality testing is an investigation that is performed to provide information about the quality of the air within and around the structure. Basically, the test measures contaminant levels. Examples of pollutants that can be found inside a property are mould, bacteria, volatile organic compounds, and carbon monoxide.
Mould testing is an important part of air quality testing and it implies identifying the levels, as well as the causes by analyzing the allergens present in the atmosphere. If the home you’re intending to buy is infected with mould, you’ll know.
The home is brand new, so you think that you don’t have to test the indoor air quality. Wrong. Air pollution is a serious concern in new homes, particularly in green ones. Researchers have discovered great numbers of toxic chemicals in building materials. The point is that it doesn’t matter how new the property is. It’s still essential to test the quality of the indoor air.
You need healthy air in the home. Just like everybody else, you spend most of your time indoors. Imagine what can happen when you’re exposed hours at an end to hazardous particles, liquids, and gases. Let’s take mould as an example. It’s not possible to eliminate the particles. The only thing you can do is repair the moisture problems and therefore reduce the impact.
If you have reason to suspect that there is a problem with the building that you’re about to buy, have it tested immediately. Only after having addressed air quality issues will you have peace of mind.
Now, are you ready to go buy a home? You should be. It’s not impossible to be prepared when acquiring property. When it comes down to buying a home, you have to make smart decisions and pay close attention. Do your best to do things right from the start. The last thing you want is to have regrets later on.