As a home buyer, having a Buying a Home Checklist is often a good idea. Have you ever thought of how many steps there actually may be in the home buying process? Following is a checklist that outlines the main ones.
Establish your real estate needs in a home. This is a step that many home buyers miss or simply do not think of. Before doing anything else sit down and think about your needs and wants. Your needs should be those things that are must haves in a new house. Your wants are those things that would be nice to have but are not essential. With this information create a list under each heading and use this as a reference when you start looking for your next dream home.
Start browsing internet listings to get a sense of the local market and area. It is very difficult to determine the layout of an online real estate listing. No matter how good the photos are, how nice a virtual tour may appear or how well shot the video tour is, all too often it is challenging at best to get a feel for what the property has to offer just by what you see online. Nevertheless, you can get a general sense of what is available in the area, what type of home styles and features are available and where they are located.
Choose a general location. Most local real estate market areas cover a wide area. By knowing what you want before you start to get serious about looking you can save yourself a lot of time. Are you looking for a rural property? Are you content on living in a urban area with neighbours close by? After you decide on the rural – urban choice move on to specific neighbourhoods. The Comox Valley offers rural, urban, and many choices of local neighbourhoods and subdivisions. The more you can narrow things down early one the more you can concentrate on those areas that interest you.
Choose an agent. A real estate agent can provide you with tremendous help and value. By choosing an experienced realtor who knows the area you gain access to invaluable advice and information that you can use to make decisions along the way. As a home buyer, you do not pay the agent. The real estate agent gets paid from the commission that is charged to the home seller. Why would you not want such expertise to add to your home-buying repertoire?
Get your financial preparation underway. If you have not already done so it is important to get financially pre-qualified and then pre-approved. Knowing the difference between these two important steps and understanding the difference between going to a mortgage broker and a mortgage professional who works for a specific financial institution is a must. You can save yourself time and money when the time comes for you to purchase a home.
Choose a Lender
Not all lenders offer the same deals or rates. Check out your options and ask to see what you will eventually be asked to sign for a mortgage on your new house. Read it carefully and ask questions to ensure you know what exactly is being offered to you and what will be expected of you. Finding out about a clause that restricts your rights as a home purchaser when you have committed to an offer is not the time to be surprised.
Sell your current home. Many home buyers seem to think that it is better to find a new residence before disposing of your old one. This is generally not the best option. In some market conditions sellers will not accept offers subject to the sale of your home. In some market conditions where homes are selling quickly they may not be available for very long. It would be a great disappointment to look for your dream home for months, find it, and then not be able to buy it when the time comes because you have a home for sale.
Obtain a financial pre-approval. When your are given a pre-approval for your mortgage the financial institution will give you a letter outlining what you are qualified to borrow and what the terms and conditions are. This is only an intermediate step that will give you the financial confidence you need to start looking at homes in a specific price range knowing that the bank or other financial institution is prepared to loan you the money you need for the purchase provided that the home qualifies.
Start viewing homes. Now that you are ready to buy it is time to start looking at homes in the local market area. Take your wants and needs checklist with you. Your Realtor will advise you on a list price ceiling to use as a guide based on local and current market conditions.
Choose a location. If you have not already done so start focusing on preferred areas or neighbourhoods.
Narrow down your choices. The home viewing process is often a process of elimination. After the first viewing of a house you should be able to strike it off your list or leave it on as a possible fit for you and your family. Once you narrow down your choices go back for a second viewing of your shortlist of a handful of the homes that seem to come closest to what you need and want. Take notes on what you might like to have included in an offer if the homes seems to work for you. But do not take photos without the sellers permission. Privacy laws exist for a reason and you do not want to run afoul of them.
Choose a home. After choosing a home discuss your choice with your realtor and talk about things like price and possession dates as well as inclusions and exclusions.
Make an offer.
Next steps. There are a number of steps that follow any offer. When you are ready to choose a Realtor to help you buy your next Comox Valley home contact Brett to be your guide and source of advise.