BUYERS  |  Helpful information for home buyers from Sophie Abbasi

Common Buyer Errors

Shopping for a new home is an exciting and emotional experience. Often times, buyers get overwhelmed with excitement and tend to overlook some important details in the home buying process. This could result in making your purchase more expensive than it should be.

 

If you have an organized plan before you shop, you will be able to avoid these common mistakes. Below are a few tips that could help you make the most out of your home purchase:

 

1 | BID WITH CARE

Is the seller’s asking price high? Is it a steal? How much do you offer? These are common questions that often get overlooked from the excitement of buying a home. With the help of a real estate professional, you will be able to do research on the market and comparable homes which could save you thousands of dollars. Without important information on the market, your offer could be too high, or you could even miss out on a great buying opportunity.

 

2 | ARE YOU BUYING THE RIGHT HOME?

Do you know exactly what you want in a home? It is important that you have a list of clear, detailed specifications on the home you want to purchase. Buyers often overlook items such as distance to schools, the neighborhood, hospitals, shopping malls, or even the distance to work. If you plan ahead with clear objectives and goals, you will be in a great position to buy the perfect home.

 

3 | CLEAR TITLE

Before you sign any document, you should be certain that the property is free from any encumbrances. Your agent should be able to provide you with the copy of the title to ensure there are no liens or debts on the property. Essential background information can save you from enormous consequences in the future.

 

4 | REPAIRS

For a few hundred dollars, a professional home inspector can conduct a thorough examination on the home. Doing this will give you an idea on the cost of future repairs. Spending the money for a home inspection can save you from repairing costly items in the home in the future.

 

5 | GET PRE-APPROVAL

When shopping for a home, it is a good idea to get pre-approval for your financing. This will put you in a favorable position, as a seller is more likely to consider an offer from a serious buyer. Failing to get pre-approval can cause you lose your dream home to another buyer!

First Time Buyer Advice

 

1 | PRE-QUALIFICATION

Meet with a mortgage lender and see if you can get pre-qualified for a loan. You can also see how much you will be able to afford to pay for a home. Sellers will be much more responsive to serious buyers who are pre-qualified.

 

2 | KNOW WHAT YOU WANT

Make a list of what you need and want in a home. This takes some careful thinking and planning. Once you know exactly what you are looking for in a home, your real estate agent will be able to begin searching for your dream home.

 

3 | GET PROFESSIONAL REPRESENTATION

Hiring a real estate professional will ensure that each step in the home buying process is as stress-free as possible. Your representative will be able to provide you with essential market information and recommendations on ideal properties that fit your criteria.

 

4 | BE OBJECTIVE

Often enough, first time buyers get emotional when purchasing their first home. It is important to keep an objective state of mind and think with your head, rather than your heart. Does this home really meet your requirements? With so many homes on the market, there is no need to make a hurried decision that you will regret in the future.

 

5 | HOME INSPECTION

Acquiring the services of a professional home inspector can save you thousands of dollars in the long-run. A home inspector will evaluate the home and reveal any repairs or damages that need to be fixed. Being aware of any structural damage to the home before closing will prevent you from being liable for any repairs in the future.

Find Your Dream Home

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Reasons To Buy Now

 

1 | SAVINGS!

There are deals on properties everywhere. It’s not uncommon to find your dream home at a GREAT price!

 

2 | AMAZING NEIGHBORHOODS

The perfect neighborhood is waiting for your. There is an abundance of properties in great locations waiting for you!

 

3 | FLEXIBLE SELLERS

Many sellers are willing to take the extra step to sell their home. With the help of a good agent, you can easily lock in a terrific offer.

 

4 | GREAT INVESTMENTS

With the recent economic downturn, there are undervalued properties everywhere! This could be a good opportunity to build on your investment portfolio.

 

5 | LOW MORTGAGE PAYMENTS

Mortgage rates have never been lower! Act now before you see interest rates spike once again.

Steps to Owning a Home

 

STEP 1 - MAKE THE DECISION TO BUY

For most people, buying a home is the biggest decision they will ever make. Buying a home is certainly a very exciting time, but it is important that you know all the facts and making sure buying makes financial sense to fit into your lifestyle.

 

STEP 2 - GET PROFESSIONAL GUIDANCE

Whether you are looking to buy or sell, it is important that you get help and advice from a trusted real estate professional. Your real estate agent should act as a consultant and guide you through the entire buying process. That includes answering questions about the neighborhood, market conditions, schools, and helping you get the finance you need. At the same time, your agent will assist you in acquiring a pre-qualified mortgage loan. This will show lenders you are committed to purchasing a home and make your financing arrangements a lot easier.

 

STEP 3 - BEGIN THE SEARCH

To begin the search, you should have a general idea about the type home you want. Your real estate professional will use all of their resources to find homes that fit your criteria. You agent will also be able to advise you on “hot” markets and any good deals that are available. After touring some homes, your search will be narrowed down, and you will be one step closer to finding your dream home!

 

STEP 4 - FINDING YOUR DREAM HOME

After you find your dream home, your agent will begin the process to get you moved in as quickly and easily as possible. The process usually begins with putting together an offer to the seller that is tailored to your needs. After the seller accepts the offer, closing is usually held within 30-60 days from the offer date.

 

STEP 5 - NEGOTIATE THE DEAL

It is very likely that the seller will submit a counter offer. This should not discourage you. Your agent will help you assess the counter offer and help decide whether to accept the counter offer, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions. Your agent will be well-prepared to make this step easy and stress-free.

 

STEP 6 - ARRANGE FINANCING

During the closing period, you will be working with your mortgage lender to obtain the financing you require. Your agent will also be involved in this step by gathering the necessary property information that the lender requires to help you get that much closer to the end.

 

STEP 7 - CLOSE THE DEAL

At the time of submitting your loan application you will be presented with closing cost estimates and the expected down payment. Your agent will review the closing cost estimate and provide you with an idea of how accurate the estimate is.

 

STEP 8 - MOVE IN!

The most exciting step in the home buying process- moving day! A little bit of planning here will help ease the pressure of moving. Your agent’s work doesn’t end here. You will be provided with a checklist of reminders to help make your moving experience a delight!

 

Your Home Buying Plan

 

1 | CHOOSE YOUR REPRESENTATIVE

Even if you’re just thinking of buying a home, contacting a real estate agent can provide a wealth of valuable resources. You can get access to a wide range of information that will allow you to be prepared when you are ready to make the next step.

 

2 | FIND YOUR PRICE RANGE

The best way to find out your price range is to speak to your lender. A mortgage pre-approval will assure that you are ready to purchase a home. It will also allow you to develop a budget and know exactly what to look for when searching for a home.

 

3 | KNOW WHAT YOU WANT

Develop clear specifications on the type of home you want. This includes: price, neighborhood, accessibility, distance to work, schools, etc. Knowing what you want will put you one step closer to finding the home of your dreams!

 

4 | FIND YOUR DREAM HOME!

Once you know exactly what you want and your price range, you will be surprised how much your buying representative will be able to assist you. Before you know it, you will be waking up in the home you’ve always dreamed of!

 

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Listing and Properties data is deemed reliable but is not guaranteed accurate by the Toronto Real Estate Board (TREB). In Canada, the trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.