Buying a house is one of the most important decisions of our lives. For this process to go more smoothly, it is necessary to define your main objective, determine your budget, draw up a financial plan, consider the home's characteristics and search for it.
To help you make this moment less complicated, I have below a list of some essential items that should be considered before, during the purchasing property process, and even during an inspection. Are they:
First, you should define your budget and get pre-approved for a mortgage as soon as you set it. This will help you with your financial planning, give you a more realistic view of your installments, and allow you to adjust them according to your budget.
Then, you must choose the region/location where you want to live, considering transportation and the proximity to work, family, and friends. Look for amenities such as parks, malls, groceries, recreation, schools, health care facilities and community events and activities, among other factors that you consider essential for your convenience and necessities.
Think about the characteristics of your new home: the number of bedrooms and baths, whether a finished basement is necessary, the garage for how many cars, the backyard, the total area, whether it is a house or apartment, etc. To help narrow your search, I’ve included a checklist supporting these details here.
Once you have set up the above points, it is time to start your search. Visit some websites to get a sample of what is available on the market, following the characteristics of properties within your budget and needs.
Now is the perfect time to find a specialized professional to help you with the next steps. This professional must be registered and have a record of outstanding professional conduct. Their primary role as real estate agents will be to match your buyer's needs with suitable property, and many other responsibilities, such as:
- Coordinates and supervises open houses.
- Organize meetings with potential buyers.
- Interview buyers to understand what they are looking for in their new home.
- Coordination of expertise and inspections.
- Negotiate requests and offers for property repairs on behalf of the buyer.
- Guides the buyer through the closing process.
When you find a home that attends your objective and necessities, get a home inspection to examine the infrastructure and other critical analysis, as below:
- Basement (signs of water damage)
- Exterior walls (damaged bricks or siding)
- Foundation (cracks)
- Heating and air conditioning (furnace age and type)
- Plumbing (type of pipes and fixtures)
- Roof (type, condition and age)
- Water, sewer or septic (type and age)
- Heating and cooling (type and age)
- Windows (type, condition and age)
- Wiring and electrical panel (wire type and amperage)
- Home Appliances (any damage, age and type)
You are almost there! The deal is nearly closed; it's time to review the contract before signing it. Ensure you understand the terms and conditions, including costs, financing and contingencies. At this stage, you should be able to seek legal advice, which may be independent of a solicitor or conveyancing agent.
Buying a house is a big challenge that must be analyzed and carefully considered before deciding. Following the steps and checklists in this article, you can outline your objective and make an informed decision based on your budget and expectations.
I am Rochelle Mervin, a real estate agent in Orilia and the area. I can make the entire home-buying process a great experience. I'm here to give you the necessary information, guide you to make the best decision and connect you with the home of your dreams.
Call me anytime: (647) 990-7624