Buyer Tips – Become A Savvy Home Buyer
This particular post is an on-going collection of tips to help you on your home search.
Take a look & give us a call when you are ready to start looking at properties!
• Helpful Tips for Buying a Home •
• Mortgage Pre-Approval – before you step foot in a home you should know if you can afford it! Finding out what your limits are before you start allows you to focus on the best homes for you & saves you (as well as the seller) the effort/stress of a home ‘selling’ then going back on the market.
• Talk to a REALTOR® who you trust – having their guidance, information & services can help you get from searching to owning that much sooner!
• Get organized – ensure that your income tax is paid, your paperwork for income (pay stubs) & taxes (t4’s) are on hand, have a deposit/downpayment saved up & accessible, keep all revolving credit below 75% of your maximum credit (on each individual account). Being ready to jump when the right house comes along saves you the stress of compiling it all on short notice or having the Seller pass you over because you aren’t pre-approved.
•Be aware of the closing costs which often catch Buyers by surprise – you’ll need more than that down payment to get the keys to your next home! Find out all about Closing Costs here.
• Neighbourhood – location is constant… you can change colours, designs, layouts, even add an entire story to a home but you can’t change the area you are living in. Be realistic in where you can afford but keep in mind that the neighbourhood you choose will play a large roll in your overall happiness in year to come.
• Team of Experts – using trusted professionals can help ensure the process is smooth every step of the way. Start thinking about Lawyers, Mortgage Brokers, Home Inspectors, Trades/Contractors & of course your REALTOR®. Ask your circle or feel free to contact us for our list of trusted professionals to help you build your home buying dream team.
• Structural Issues – A home may look ascetically pleasing but pay attention to the ‘bones’ of the house… the structural integrity. Paint, cupboards, counter tops, etc. are negligible in cost compared to foundation or joist issues. If you absolutely love a home that is showing signs of structural issues it is imperative that you have a professional advise you before you commit to buying the home. (This doesn’t mean you can’t buy it, just that you need to be aware & budget for those expenses)
• Check out the neighbours – Assess not only the home you are viewing but also take in the neighbours (on the street behind as well). These people may not be permanent but they could be there for many many years to come. Observe how they take care of their property… is it overgrown or rundown? Are they meticulous? Surveying the surrounding area can help you gage if you will enjoy your neighbours or if they may become a headache over time.
• Walk around – take a few minutes to walk around the home & look for any obvious problems… cracks in the foundation, rotting decks, cracking mortar in brickwork, downspouts too close to house, ground angled towards the house, etc. Your REALTOR® will help you spot some of these issues.
• Bones vs. ascetics – a move-in condition home has its perks but don’t just focus on the interior design features. Pay attention to the structure (cracks in drywall, sloping floors, cracked tiles, etc.) as well as the quality of the finishes.
• Age of Critical Fixtures – knowing the age of the main components of your home will allow you to better estimate expenses. Does the roof need replacing as soon as you move in, a year or two later or in 15-20 years? (Be sure to check out the worksheet below)
• Layout – put thought into your lifestyle now & consider future changes as well. An open concept bungalow may be great for entertaining but not as appealing for a young family with sound carrying into the bedrooms. Just as a centre stair 2 story layout is probably too much house for single owner & a townhouse or condo is probably a better fit.
• Deficiencies – Pay attention to any damage you see… peeling laminate is relatively minor but seeing water damage may be an indication of a larger problem. These items will be uncovered in more detail during a home inspection but noticing them prior to making an offer means offering a lower price to start vs. requesting a reduction after inspection. Pay particular attention to areas below washrooms & the basement.
• Cost Conscious – Take into account the age & functionality of the kitchen as well as bathrooms. These are the two areas that cost the most to renovate so always take their condition into account. Things like flooring are a relatively cheap renovation in comparison.
Every home is unique so enjoy the hunt for your next home & keep these tips in mind to help ensure you find the best fit for you!
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Real Estate is very localized & while your process will be similar to this, we cannot guarantee that transactions progress exactly as written here. Feel free to reach out & ask us any questions you may have. If we aren’t your local REALTORS® we are connected to a vast network of real estate agents across the country & are always glad to help you connect with someone in your market.
Keeping it Genuine,
The Edwards Team
of S. Todd Real Estate Ltd., Brokerage
The Genuine Blog
