9 Ways to Prepare for The Purchase of Your Next Home

Posted by Stuart Neal on Thursday, October 11th, 2018 at 11:30am.

The journey to find a new home can be exciting. Its also time consuming and nerve racking. A lack of preparation on your part could also result in you either missing that dream home when it comes into the market, or your offer being rejected by the seller. Please review these tips and you will enjoy success.

1.  Find a REALTOR® to help You

With so much information available on the internet it’s tempting to try and go it alone. After all you can scour the market for listings in seconds on the internet and surely, it’s as easy as just calling the listing agent and making an appointment isn’t it? We suggest you think again. There are many compelling reasons to consider getting your own representation. Please read this blog for more details: 6 Reasons to Pick a REALTOR® When You Buy a Home.

2.  Set Your Budget Early

Know exactly how much you can afford and getting pre-approved for finance is key. There’s no point in going out looking at homes you cannot afford or don’t feel comfortable buying based on the mortgage payments. Equally when you find ‘the one’ you must act quickly. Did you know there are 2 steps to approval? This article will give you a better understanding: The 2 Steps of Finance Approval.

3.  What?

Unless you are looking for something unusual our market always has a steady supply of homes for sale. The trick is in understanding what kind of floor plan will suit, how many bedrooms you really need, the same goes for bathrooms and parking etc. Again, let your lifestyle and personal preferences lead you a little bit.

4.  How Long Will Your Purchase Process Take?

It would be normal for you to spend 1 to 2 months looking online and less than 2 weeks ‘in the field’ looking at homes before you buy.

5.  How Many Homes Will You View Before You Buy One?

If you have truly focused on your needs rather than dreams, we would expect you to look at 5 to 10 homes before you ask us to prepare an offer.

6.  How Many Homes Will You View Before You Buy One?

If you have truly focused on your needs rather than dreams, we would expect you to look at 5 to 10 homes before you ask us to prepare an offer.

7.  Be Ready to Drive by Homes First

Why? As an extreme example, you might be instantly put off the ‘home of their dreams’ if it has a power line running down one side of the home and a band of Hells Angels living in the home on the other side. As a potential owner you must put the home into context. If you don’t like the curb appeal, you won’t buy it.

8.  Do You Have a Home to Sell?

We advise you to sell your existing home first. Unless you can own 2 homes you really don’t have a choice. Most sellers of the really nice homes will not accept an offer to purchase if you make it conditional to the sale of a home. Why would they? There are always buyers that don’t have this hindrance and even if the seller does accept your offer, don’t expect them to give you a deep discount. You have no leverage.

The only way to truly secure a great deal is to put yourself into a situation where you can enter the market properly and negotiate well. Sell your home first!

9.  Take Time Off Work

Taking some time off work to view homes has several advantages. We think you should look at homes during the day. That way you can determine how light enters the home and get a real sense as to what it would be like to live there. In any market the best homes sell quickly. If you are going to be successful you MUST get there first. Many of your competing buyers will try and see homes in the evening. If you see the home during the day and get your offer in right away, this could be the difference between your success and failure.

About the author:

You can read more about the author of this blog by clicking this link: Stuart Neal or you can call Stuart at 780-760-2014 or visit our home buyers website www.AmbergateHomes.ca.

 

 

 

 

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