This article is the second in a three-part series where we’re telling you everything you need to know about selling, buying, and moving homes. Today, we’ll be sharing all of the ins and outs that come along with buying a home. There is also a free downloadable checklist to help you evaluate a home to purchase.
So, if you need help buying your home or are looking for more information then you’ve come to the right place! If you would like to read the first article on selling a home, click here. And stay tuned on our blog for the final part of the series which will cover moving. If you have any further questions or would like to know more, feel free to give us a call at 250-864-HOME (4663) and one of our team members would be happy to assist you. Let’s get started!
Get Your Finances in Order
The first thing to do when you decide you’re ready to buy a home is to understand your financial situation and know how much you’re able to spend. Decide on the amount you have for your down payment, and then get pre-approved for a mortgage – this will give you the top end of your budget for a home, although you don’t necessarily need to spend that much. Remember that there are many other costs that come with purchasing a home (such as closing costs, moving, furniture, renovations, etc.), which your mortgage broker should factor in to your pre-approval.
Decide on Your Home Must-Haves
Once you have your budget, it’s time to make a wish list of your needs and wants for your home. Decide what’s important to you and your family when it comes to your home. Do you want to be in a good neighbourhood close to schools for your children? Do you want to be in the heart of the action, close to shopping and restaurants? Other factors may include how many bedrooms you need for your family, how far you are willing to commute to work, and how much maintenance you want to take care of (i.e. buying a house versus a condo).
Meet With a Real Estate Professional
Next, it’s time to speak to a Real Estate Professional. They can show you homes what will best fit your budget and wish list based on what is currently on the market, as well as make recommendations on neighbourhoods, prices, etc. It’s important to find a Real Estate Professional who has your needs as a priority, so don’t be afraid to speak to a few and make sure you find the best fit.
Now comes the fun part (at least we think so) – viewing homes! When viewing homes, there are a few things you want to look at:
- Neighbourhood – good location, safe, close to amenities
- Wish list – is it within budget, how many boxes does it tick on your wish list
- Home interior in good condition – including floors, doors and windows, plumbing, HVAC, and appliances
- Home exterior in good condition – including roof, siding, foundation, sidewalks/pathways, landscaping
Click here to download our free home evaluation checklist!
It’s important that if you are seriously considering making an offer on a home that you have a professional home inspection done. Here is an article where we share some tips on what questions to ask during your home inspection.
When you finally find the home you want to buy, it’s time to make an offer. Your Real Estate Professional will guide you through this, as well as any negotiation with the seller.
Taking possession of your home is the exciting part! Once you sign at your lawyer’s office and the keys are released, it’s all yours. Congratulations – you now own your home!
And there you have it – that is everything you need to know about buying a home! If you would like a more in-depth guide, make sure you check out our free-to-download Buyer’s Guide. Or, contact us with any questions – we’d be happy to help!
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Featured photo by Scott Webb on Unsplash