4 Helpful TO DO Tips Before Buying Real Estate
Real estate transactions can be overwhelming and seemingly complicated, but having the help of a real estate professional all the steps of a transaction can make your life so much easier. When you’re ready to make a move, sketch out a plan and get well informed before you enter the market.
You may begin by casually browsing listings only to stumble across a place you love, and suddenly find yourself in the throes of a major purchase. Perhaps, you’ve checked out a few open houses or called the number on a For Sale sign to schedule a private viewing of that property. Yes, you can do all of that on your own if you have the time and expertise. However, statistics prove that you’ll be more successful in finding your dream home at the right price with your own personal real estate agent. By being informed right from the start, you’ll have confidence in the decisions you are making, even if they do happen quickly. Paying attention to these 4 important points is a good start.
1. Make sure you are ready to buy
You have to make sure three things are ready: you, your bank account, and the real estate market. Owning the roof over your head will bring you great pride, but with that pride comes accountability and sacrifice.
Are you ready? There’s the obvious financial responsibility, but your home will also require constant care and upkeep.
Is your bank account ready? Your first home will be the biggest financial obligation you’ve ever faced. You should already be an experienced saver and good at managing debt like student loans or credit cards. Ideally, you’ve also saved up some money for a nice down payment. Talk to your financial institution about the Home Buyers Plan too.
Is now the time to buy? Here is a wise tip, markets go up, markets go down and even the smartest experts can’t accurately predict when a market will peak or bottom out. The good news is if you’re buying a home as a long-term investment (and for long-term enjoyment), you’re protected from short-term changes in the market. Over time, real estate has almost always increased in value. All you have to do is pick a home that meets the needs of you and your family. Then you’ll enjoy living in your investment as it grows in value. A home is one of the best financial decisions you can make, so make sure you think things through. You know how much money you have, and you have a good idea of what you want. Now you need the help of a real pro, to make your search a success.
2. Find a REALTOR® who is Right for you
REALTORS® are Highly trained and continually training.
In Canada, licensed REALTORS® are members of their local real estate board, a provincial association and The Canadian Real Estate Association. This system of membership ensures the highest level of service and that you are always treated with honesty and integrity. This is backed by the REALTOR® Code of Ethics. Take a look at ‘The REALTOR® Commitment’ to learn more.
Selecting a REALTOR®
There are lots of ways to find a REALTOR®. As you drive through prospective neighbourhoods, jot down the names and numbers of REALTORS® on the ‘For Sale’ signs. Open Houses are a great way to meet face-to-face. Maybe friends or family members have worked with a REALTOR® they love. Interview two or three and pick the one you like best.
How REALTORS® help buyers like you.
- A REALTOR® will review your list of wants and needs to help you determine your price range.
- Answer questions about the markets you’re interested in and help you compare homes and neighbourhoods.
- Use the local Multiple Listing Service (MLS).
- MLS is the single most powerful tool for buying and selling a home. Your REALTOR® will give you access to exclusive features of the MLS system that the public is not privy to.
- Preview properties to ensure you’re only shown homes that meet your needs and budget.
- Make appointments and walk you through potential homes, answering all your questions.
- Give up-to-the-minute information on financing and explain your mortgage options.
- Negotiate with the seller, smooth out any potential conflicts and draw up a legally binding contract.
3. Read and understand everything
When you hire a real estate representative to help you buy or sell a home, you will likely be asked to sign an agreement that defines your relationship with the representative’s brokerage. It’s a legal contract that spells out how long the agreement is for, the location it covers and what fees or commissions will need to be paid. Also, when you buy or sell a home, you will need to sign a legal contract to complete the transaction. This agreement contains a lot of important information in addition to price and conditions, such as whether the appliances and light fixtures stay with the house. These are just two examples of real estate agreements that are legally binding, meaning you typically can’t back out once you’ve signed on the dotted line. Whenever you’re presented with a document that requires a signature, read it and understand it thoroughly. Don’t be afraid to ask for clarification, or request that your representative walk you through it, line by line. If you’re still unsure about something, consider asking your lawyer for advice.
4. Be active in the process
Your salesperson is a knowledgeable resource who can help you make informed decisions, but you should always remember that you’re the one in the driver’s seat, even when the car appears to be accelerating down the expressway. Be an active participant in the process. That means being open and candid with your representative about what’s important to you in a home, and which services you expect from him or her. Your salesperson can best help you when you’re clear about what you want. And it means you have a responsibility to perform your own due diligence: asking questions, understanding any required paperwork, conducting your own research (when necessary), and being an active participant through every step.
But remember, you own the process.
ManuelaLovasz.com
Comments
Post a Comment