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5 Tips for Buying a Home
Condos in the area with a beautiful ocean view.
Buying a home? Here are some things you need to know. The spring house hunt is now well underway, and in markets across Canada homebuyers are actively looking at real estate properties. For most Canadians, buying a home is the single largest financial transaction they will ever encounter and it’s critical that prospective homebuyers prepare themselves before they start their search.
5 Tips For Navigating the Home Buying Process
1) Know what you can afford. A mortgage pre-approval offers peace of mind by helping you determine the price range of homes you can shop for and the maximum mortgage you can afford. Remember that final mortgage approval is also based on your information and the property that is to be mortgaged.
2) Lock-in a mortgage rate before you begin shopping for a home. Most financial institutions will lock-in a rate for up to 120 days when pre-approving potential borrowers for a mortgage. Remember to renew the 120-day period if mortgage rates fall during this time, or better yet let an Invis Mortgage Consultant do this for you.
3) Be specific about your lifestyle needs. Remember to consider not just the home itself but the property as a whole, including the neighbourhood and its proximity to work, shopping, restaurants, and other important places you'll be spending your time at.
4) Don't confuse an appraisal with a home inspection - you need both! An appraisal determines the worth of the property by estimating the market value of the land and building. A home inspection inspects the adequacy and condition of the building and all major systems.
5) Place conditions on your offer. Conditions provide you with the flexibility of withdrawing your offer if you are unable to obtain the necessary financing, or if the inspection reveals structural problems with the home. Even with pre-approval, homebuyers who make an offer without conditions do so at their own risk.
Below, I’ve outlined the buying process steps. I can offer you an enjoyable,
informative, no pressure buying experience and introduction to the area.
1 Set-up Initial Meeting Appointment
To set-up a meeting to review suitable property listings, call my office, toll-free,
at 1-800-668-3622 or my direct number (250) 752-2588. Or, if you prefer, use the
Quick Contact form below to let me know that you would like to take a closer look at properties in the area.
2 Review of Candidate Listings
At our first meeting, we will sit down together at the RE/MAX Anchor Realty office
computer and carefully go over listings that suit your needs to produce a list of homes
that you want to tour in-person. If you’re coming to the area from out-of-town, I can advise
on hotels and things to do and see.
3 Booking of Home Tours
I will book appointments and make any other preparations necessary for us to visit each of your selected
listings for an in-person home tour. I will provide you with my Buyers Guide, plus local
and regional publications to help you make the most of the up-coming home tours.
4 In-person Home Tours
Next, we’ll visit each of your selected listings for an in-person tour. This may take 1 to 3
days to see all the homes you want to. A maximum of about 6 homes per day is advisable (more
than that and things can get a bit overwhelming). We want you to enjoy your visit as it’s important
for you to have time to get out and look around at what will be your new home area.
5 Narrow Down the List to the Best Property
As we look at each home, I’ll ask you to rate each home on a scale of 1 to 4 (1 being best). We drop the 3s and
4s and go back a second or third time to look at the 1s and 2s. Eventually narrowing down the options to select the
property that best suits your needs.
6 Making a Successful Offer
Once we have successfully negotiated an offer on the home, I will: