THE REAL ESTATE TRANSACTION- THINGS TO CONSIDER WHEN BUYING A HOME

What To Do When Buying a Home        

 

·       Location, location, location – What you can not change matters most.

·       Obtain pre-approval for your mortgage at the onset of looking for property.

·       Consult a mortgage specialist to investigate all options on financing terms, rates, amortization, fixed, variable and other options for financing. Understand the terms of the mortgage and any penalties that may apply if closed prior to the terms. 

·       Be an educated buyer.  Learn what you can about the market before you purchase.

·       Be honest and open with your Realtor so they have a good understanding of your needs.

·       Consider Re-sale – purchasing an unusual home may be an obstacle upon resale.

·       Consider the School District as part of the appeal for location.

·       Fact - There is no perfect home.  Buying involves compromise.  Know what’s most important and ‘give’ in aspects that matter less.

·       Supply and demand are critical issues.  Be ready to move quickly when a property fits your criteria. Real Estate is often about timing.

·       Pay attention to floor plans.  Consider altering layouts may be possible but costly.

·       Understand Renovation Costs and return on investment.  Kitchen and bath updates are high on the scale of buyer wish lists.

·       Imagine the home vacant.  Do not be swayed by decor and furnishings.  Focus on space.

·       Vacant homes appear larger than they are.  It is good planning to measure for furnishings.

·       Buy the best home in the best neighborhood you can afford and think long term.

·        It is always better to purchase the least expensive home in a better neighbourhood, than the most expensive home in a less favourable neighborhood

·       Buyers often make home buying choices based on emotions and a “feel”, rather than from the “must have” wish list.  A good Realtor understands and will often present alternative properties.