So you’ve been out looking at houses with your Real Estate Professional, using your Home Shopping Comparison Guide. You’ve found a property of particular interest that meets many of your needs and wants and have decided that you would like to move forward - so - What happens now? Well it’s time to sit down with your Real Estate Professional to prepare an Offer or what is known as an Agreement of Purchase and Sale. This is the time that the homework you did in finding a real estate professional pays off - with their help you know the value of the house and relying on their expertise an offer is drafted and you’re feeling confident knowing your interests are protected. There are really only two parts to any offer – price and terms. The Buyer typically needs to negotiate terms before a final purchase can be established and the Seller typically wants to negotiate Price prior to terms. Terms include such things as Date of Completion, Chattels included, Deposit, conditions of purchase and so on…Your Real Estate Professional should guide you through the terms of the offer, to meet your specific requirements. Remember, typically, a Seller will not negotiate with you if they don’t like your Real Estate Professional or if they think you’re trying to cheat them. Once the offer is signed your Real Estate Professional will make arrangements for presentation which is best if done in person.
Armed with your mortgage pre-approval it’s time to find a home. Many Real Estate Professionals can set you up on an automatic system- via email- to receive properties of potential interest and parameters based on your wants and needs. Your search will likely begin broadly and narrows as you gain knowledge and experience about the current market as well as available options in your price range and what you can or can’t live without. You may also find homes of interest from other sources and should pass these on to your Real Estate Professional. Once you see one or more properties of interest, your Real Estate Professional will set up viewings. Don’t miss out on your dream home – if you’re interested- you need to go and see it – this is especially important during fast paced markets like the current one. Some tips for viewing houses:– wear comfortable shoes, slip on’s work best ; do not take food or drinks in the houses ; check out the neighbourhoods you’re interested in -people, schools, Property Trends. It’s a good idea to take notes about the homes you’re seeing to be able to recall what features you liked or didn’t and which homes had what??? remember typically after you’ve seen a few houses it becomes difficult to …differentiate –better yet…ask your Real Estate Professional to provide -the easy to use “Home Shopping Comparison Guide”.
So you’ve taken that MOST important first step to home ownership , you’ve interviewed several Real Estate Professionals...selected that one you feel is most qualified...and a great fit for you. Together you’ve developed a Real Estate Success Plan. The Very First Step in your plan should be to seek a Written Mortgage Pre-Approval. Obtaining a mortgage pre-approval prior to starting your home search provides you with some valuable information including the maximum amount you’ll be qualified to borrow, the maximum interest rate you will be charged (typically with a rate guarantee)– ensuring you are protected at this lower rate as interest rates rise and conversely as rates fall benefiting from a -New lower rate. Armed with this information enables you –to home shop with confidence; pre-plan your monthly budget determine a comfortable purchase price range for you and more. A mortgage pre-approval can give you the competitive edge to beat out other buyers and get YOU the Home of your dreams in today’s highly active real-estate market. So is it wise to get a mortgage pre-approval? Definitely!
This week’s tip is for Buyers wondering - What are the first steps in getting ready to purchase my first home? Well, a great first step would be to interview –several- meaning more than 1.. Real Estate Professionals…this could begin as simply as a phone conversation to help you get a “Feel” for this person while remaining somewhat anonymous Or possibly visit some “OpenHouses” to view some RealEstate Professionals in action. Find someone knowledgeable, you are comfortable working with and with whom you are comfortable asking questions. Remember –You- will be working closely with this individual to meet your goals. Not all RealEstate Professionals are created equal… Be wary of any Real Estate Professional whom suggests they are a Specialist or Specialize in any particular aspect of Real Estate Any Real Estate Professional in the Province of Ontario is bound by a strict code of ethics from suggesting they are a Specialist or Specialize in…without an Official Designation or Accreditation. Ask for References and check them out! Next …make an appointment with the Real Estate Professional you’ve selected as most qualified...and a great fit for you …have a face-to- face and If you still feel you’ve made the right choice ask for help… put together your RealEstate Action Plan for Success To-day.
This week’s tip is for Buyers trying to decide - When is a good time to enter into Home ownership? Can I afford to buy a house? Well this one is easy. If you have steady employment, have a minimum 5% downpayment saved or gifted, the mortgage payment is within your budget, you can cover the costs of heat, hydro and taxes and have some reserves for things like your cell phone internet, date night and so on...well then it’s a good time to buy. Real Estate is cyclical in that there are highs and lows - we need to keep in mind that on the whole Real Estate has not lost value since the 2nd world war...it’s one of the smartest investments you can make for your financial future and typically the earlier you can enter homeownership the healthier your financial future. Many first time homebuyers have saved the 5% minimum down payment but feel they could save more on their purchase saving for another year or two...problem is house prices in a typical year increase more than most of us could possibly save even if we make saving a priority. Now our dreams of home ownership keep moving to the future... So when is it a good time to buy? – Now is a good time to make home ownership a reality and start to build your nest egg
Last Buyer’s tip found you moved into your new home taking care of a few simple but important exterior items to prevent water from finding its way into your basement. This week, let’s look at keeping you, your family and your pets - safe and secure - in your new home with a few basic safety items. One - If you haven’t done so already be sure to arrange for the door locks to be changed including the garage if you have one – there is no way of knowing how many keys might be out there. Two - Check smoke detectors and C02 detectors to make sure they are located properly and that they actually work. Three - If you have small children or pets you may have some child or pet proofing to do to cabinets and doors, baby gates to install by stairs and covers to install in outlets to keep fingers or objects from being poked into them. Four - Are you Counting on your fenced backyard to contain pets or kids? - make sure that there are no gaps or holes that they can slip through.