Tips for buying a home
Buying a home can be a rewarding life experience, as well as a great investment. But having a successful purchase requires some education and research. For first time homebuyers especially, you'll save yourself a lot of frustration--and maybe even money--if you start with a few simple steps.
1. Know What You Need
The first step is being honest about your needs versus your wants. For example, you may dream of having a big backyard for gardening. But if you have a busy schedule, a low-maintenance townhouse probably makes more sense. You also have to think about the long term. Will the house still meet your needs--or your family's needs--5 years from now?
2. Find a Real Estate Agent
A real estate agent can pre-qualify you for a loan, answer questions about neighbourhoods, recommend lenders and even coordinate the closing--all while saving you time and money. To find the right agent, look for someone who makes you feel comfortable and listens to your needs. You also want to find a professional who knows the community and current market. Top agents, like those who advertise in Homes & Land Magazine, are great resources for information about their area.
3. Compare Neighbourhoods
Focus on areas that meet your needs, budget and personal taste. Factors to pay special attention to include convenient access to transportation, employment, schools and stores. The right neighbourhood should also make you feel safe, offer recreational opportunities, and have adequate police and fire protection. To help find your ideal location, consult with your real estate agent and try speaking with residents in the neighbourhood to learn more information.
4. Inspect Houses Carefully
During any house showing, be alert for signs of structural weakness, water damage, pest infestations or other things that just don't "look" right. Most importantly, never purchase a home without first having it thoroughly examined by a professional home inspector.
Summary Points
1. Be honest about your housing needs, and find a real estate agent to guide you through the process.
2. Assess your finances and meet with several lenders to find the right loan.
3. Research neighbourhoods carefully, and make sure to have the house professionally inspected.
4. Use contingencies as a negotiation tool, and don't forget to budget for closing costs.
10 Home Buying Mistakes You Should Avoid
1. Working with an agent who is unfamiliar with the area, or thinking that you don't need to have an agent .
2. Making an offer without having a clear idea of your budget.
3. Not shopping around for the right loan
4. Failing to research the neighbourhood beforehand
5. Buying a house based on its size, rather than how well it fits your needs
6. Overlooking a good home simply because of cosmetic problems
7. Not having a home professionally inspected
8. Thinking that price is the only bargaining chip
9. Not reading the fine print on the purchase contract.
10. Not budgeting enough money for closing costs.
