Buying a home can feel intimidating, with its many decisions and challenges, regardless of whether you’re a first-time buyer or if you already own a home and are looking for a new one.
With the expertise of a REALTOR®, purchasing a home won’t feel so overwhelming. Whether you need advice on your choice of property, or someone to give you insights into the current market, a REALTOR® is there to help you get through the process.
Here are a few things to consider to make buying a home a more enjoyable and seamless experience.
Makes sure you’re ready
Many people share the dream of homeownership, but along with that comes a lot of responsibility.
To determine if you’re financially ready to take on the duties of owning a home, start by working out how much you can afford and what you want to spend. Have a conversation with your bank or lender to get pre-approved for a mortgage. While a pre-approval doesn’t guarantee financing, the quote will give you an idea of how much house you can comfortably afford. This way, your REALTOR® can share listings that fall within your budget.
If you’re learning about mortgage financing for the first time, your REALTOR® can provide you with invaluable access to a vast network of brokers and lenders to assist you, as well as other industry professionals like home inspectors, real estate lawyers and home stagers.
Saving for a deposit and a down payment is one thing, but the monthly and annual expenses of homeownership will also have a significant impact on your lifestyle. The type of property you purchase will influence the kind of costs you could anticipate; condominiums will have a monthly maintenance fee, while freeholds will require regular upkeep. And both require homeowners insurance. Your REALTOR® can help to outline some of these expenses for you and what you can expect.
While you may have worked out the numbers and understand what you can afford, pinpointing the perfect time to buy is nearly impossible with markets constantly in motion. Instead, owning a home should be seen as a long-term investment outside of any short-term interest rate and market fluctuations.
Keep in mind, though, that no one knows better than yourself when is the best time for you to jump into homeownership. If the time doesn’t feel right, resist the pressure to do something you aren’t ready for.
Pinpoints your ideal home
Between townhomes, condos, or a detached two-storey, there’s a lot of choice when it comes to choosing the type of property you want to buy. A REALTOR® can assist you in deciding what types of communities you and your family will love, and narrow down a selection of homes that best fit your needs.
It’s a good idea to narrow down your must-haves from your absolute deal breakers before getting too far into the process. Do you need a condo that’s pet-friendly because you’re thinking of getting a pet in the future? Don’t compromise, because you may have to move again if it isn’t. Do you want a school within walking distance for your children? If you find a house that’s a perfect fit, but the kids have to take a bus instead, is that workable? You wanted granite countertops but they’re laminate, can you live with that until you renovate in the future? Do you absolutely need three full bathrooms but there’s only one? Keep looking.
You need to feel like you made the right decision. A REALTOR® will help you avoid making the wrong decision if your wants overtake your needs.
If you’re confident in the type of property that you want, but aren’t sure of the location, your REALTOR® can highlight the amenities and features available in every community. Often, REALTORS® specialize in specific communities — while some may even live there — and can give you detailed information.
With access to the most up-to-date market statistics, trends and the MLS® Home Price Index (HPI), REALTORS® are your go-to source for learning about local market conditions in new neighbourhoods. When you’re putting an offer, or listing your home for sale, your REALTOR® will use their market knowledge to determine the most competitive price to go with when making an offer, or putting your existing home up for sale.
Determines what to do with your existing home
Every homeowner faces the issue of what to do with their current property when it’s time to move — do you sell your current home and then buy a new one, or purchase first and then list your existing home?
Solving this classic real estate conundrum involves analyzing current market conditions and taking into consideration your personal preferences and risk tolerance. Comparing the market where you currently own a property with the market that you hope to move into is crucial to answering this question. If you’re a current homeowner, your REALTOR® will be able to strategize with you on whether selling or buying your property first is the best course of action.
Buying a home is one of the biggest purchases you’ll make in your lifetime. Make the process seamless by recruiting the services of a REALTOR® who can be a trusted guiding hand.
— Realtor.ca