Are you on the lookout for the right home? Probably, there must have been a particular house that you have coveted since you started your hunt. Well, if that’s the case, then you better list down all the necessary stuff and start preparing the documents that you’re going to need to get that house before anyone else does. You’ll never know, some people may have also kept an eye on the same property. The competition in the real estate market is tough. Just like in False Creek area in Vancouver where potential buyers spent days in line ahead of their pre-sale just to get a chance to own one of the condos in the new high rise infrastructure. It’s a tight competition to be in since others are going to do what it takes, so you should be wise on how to win.
Whether home buying or selling is very tight and you should grab the advantage of being the first to lineup for the property that you greatly dream to have. Given the change in the market trend nowadays, buying a home is not as easy as it may seem. It can be exciting yet terrifying at the same time, especially for first-timers. If you really yearn to get the perfect home soon, here are the six relevant points that you should ponder.
1. Calculate Your Budget
First and foremost, don’t overlook your budget – it’s important to calculate how much you can afford. If you have set an eye to a particular property, think about your budget. Make sure that your future investment will not be a huge budget-buster. There are a lot of houses or homes that may have the same quality and characteristics that you are looking for but with a cheaper price, so don’t hesitate to consider all options. Always set your budget as a PRIORITY.
2. Choose The Right Agent
Did you ever think that you could do it alone? Well, think again. You definitely need an expert to help you along the entire process of buying your perfect home. Remember, real estate agents know the best ways to get you what you want in the most legal way and they could help you get the best deals out of it. Just remember to think twice when hiring a realtor for the job and don’t forget to do background check as well as review their credentials.
3. View Homes
Certainly, this season, there will be a lot of houses for you to choose from, which is why don’t just stick to one. Look around and view homes. You’ve got three options for this: (1) Drive-by – tour the neighborhood where you want to live; (2) Open Houses – check out a home in person without asking the assistance of your agent; and (3) Home Tours – an exclusive tour in the whole house without having to compete with other buyers. All these options could help you find the perfect home for you and your family.
4. Think About Mortgages
In the process of buying a home, you should keep in mind about your finances. Educate yourself about mortgage and learn its basics which include familiarization of how it works, what goes into your monthly payment and of course, your options for loan. It is important that you process pre-approved mortgage loan in order to avoid future financial pitfalls. Also, work with a competent and reliable mortgage broker to ensure that everything will go smooth.
5. Make An Offer
How good are you in doing negotiations? If you’re best at it, then you better use it in making an offer to the seller or if not, let your agent negotiate with the seller to get the best deals. At first, the seller might reject your offer because they might be looking for more and faster terms, but your agent can do the job for you where you’ll gain mutual acceptance. Once you have a pre-approved loan, you’ll have a bigger chance of getting the house that you want and have the seller accept your offer.
6. Close The Deal
Lastly, you just have to close the deal in a sweet way. Mutual acceptance between you and the buyer could sweeten the deal and get you the perfect home that you want. As a buyer, it is your responsibility to deposit an earnest money check after you closed the deal. It will be checked by an attorney or Escrow Company in accordance to the state law to ensure that there will be no biased situations or unreliable conditions.
Given all these points, you should be set and good to go. One quick reminder though, don’t forget to schedule a professional inspection of the home the you’ll buy. Ask the seller whether there are any repairs that need to be done or any other fixes. It’s better to ensure that the property is good before completely making it an investment.