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Looking to buy a home? Here are five essential tips for making the process as smooth as possible.
Get your finances in order.
First start by getting a full picture of your credit. Obtain an updated copy of your credit report. Ensure the facts are correct, and correct any problems or issues you find. Next, find a suitable lender / bank and get pre-approved for your mortgage. This will put you in the best position possible when you are ready to make an offer on the right house.
Find a house you can afford.
The same goes with engagement rings, there’s a general rule of thumb when it comes to buying a home, two and a half times your annual salary. There are some good tools and calculators online that will help you better understand on how your income, debt, and expenses can affect what you can afford. Don’t forget, that there are lots of considerations beyond the listed price, including property taxes, energy costs & miscellaneous expenses.
Hire a Professional Realtor®
While the Internet gives buyers unprecedented access to home listings and resources, many aspects during the home buying process require a level of expertise that you simply can’t pick up from surfing the web. That’s why you’re better off using a professional Real Estate Agent, than going at it alone. If possible, recruit an exclusive Buyer Agent, who will have your best interests at heart and will assist you with right strategies during the home buying process.
Do your homework.
Before you make an offer, do some research to determine the state of the market. Is it more favourable buyers or for sellers? Next, look at sales trends of similar homes in the neighbourhood of your choice. Look at prices for the last few (3 months) months. Come up with an asking price that is competitive, but also realistic. Otherwise, you may end up upsetting the seller / sellers.
Think long term.
Certainly, you shouldn’t buy unless you’re sure you’ll be staying there for at least a few years. Beyond that, you should buy in a neighbourhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own professional home inspector, who can point out potential problems that could require costly repairs in the future.
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