REAL ESTATE CORNER

Lynn and John Drewry

 

GETTING READY TO BUY A HOME

 

The most important thing about buying a home is being properly informed and knowledgeable before you start.  The reason for this is that once you start on this adventure many factors will come into play. The speed at which real estate moves in this kind of market can sometimes be overwhelming. Another element besides logic that enters into this equation is emotion.  If you are prepared, the logic and the emotion will only help to convince you that your choice is the home to buy.

 

First, make sure you know how much you can spend. Visit your bank or mortgage broker to get competitive interest rates and the maximum you can spend. We advise that you never go close to that number, but stay within your comfort zone.

 

Second, create a wish list of things you absolutely “must have” in the house and location and another list of “things that would be nice to have”.  Although you will try to find the house that has everything, sometimes you just have to give up a few of those things when you ultimately decide on the home to buy.

 

Third, choose a real estate sales representative to work with. If you work with one person, this agent should be dedicated to learning what you want and finding it for you. A qualified representative has extensive knowledge and success in listing and selling homes.  If you are buying a home, it is likely that you are also selling your home.  In that case you want a representative who has a competitive edge, selling many homes, professional advertising and Web site to sell your home and most of all is compatible with you and your family. (See our previous article “Choosing a Sales Representative (agent)” on our Web site www.lynnandjohn.ca).

 

Starting out with these three criteria will help you not only find that next home, but also create a pleasant experience. After all this should be a really exciting time for you and your family.

 

Try to view houses together with your significant other.  Some people have ‘her’ look, then ‘he’ looks, then ‘they’ look.  Often the house is sold by the time “you both look”. Looking together makes it easier to discuss the pros and cons and develop your decision.

 

Remember that buying a home in this market is sometimes daunting. Some homes are selling in hours with multiple offers.  You are relying on your sales representative to help you through this process using professional knowledge and experience to guide you to the best decision for you.

 

This is particularly important if you find yourself in competition to buy a home.  Experience is essential if your sales representative is to help you. Major winning points when competing are:  fewest conditions and  highest price.  Also important are closing date and higher deposit than normal.

 

Next Week:  The second article of a series on:  Buying a Home-Everything You Want to Know

 

Your questions, opinions and ideas for topics are welcome.  Phone us at: 905 873-0440.

 

Lynn and John are with Re/Max Realty Specialists Inc. Lynn is a Sales Representative entering her 10^th year in real estate. John is an Associate Broker and Chartered Accountant (FCA).