If you’re eager and ready to buy a new home or maybe your first home, here are some practical tips to help you get organized before you dive into the market.
It’s the largest purchase you’ll make, so make sure you have a competitive edge.
1. Make a wish list of “must-haves.”
Make sure to list and rank all the things you want in your future home. Open concept? How many bedrooms and bathrooms? Do you want your home to be in an accessible location close to restaurants, theatres, parks, schools, places of worship?
These things are important factors to consider before starting your hunt and can save you from wasting time looking at properties that don’t include your must-haves.
If you’re purchasing a home with your partner, make sure you’re both on the same page.
2. Research your neighbourhoods
Your ideal neighbourhood will vary depending on your budget. If your dream neighbourhood is outside your budget, the right agent will help you find a home within budget and still in a desirable area that fits all of your needs.
Remember that sometimes you need to alter your must-haves to get into your ideal neighbourhood. Again, make sure you’ve decided whether location or features are more important to you to save your time and frustration.
3. Create a budget
What’s your household’s weekly and monthly budget?
Keep in mind the extra expenses associated with a home purchase, like the moving costs, land transfer taxes, closing costs, property tax and insurance, and potential renovations.
All of these things can add up quickly. When you’re approved for a mortgage, you can be approved for a much higher number than what’s sustainable for you once all of the above are factored into your expenses.
4. Get pre-approved
Once you establish what you’re comfortable with spending on a monthly mortgage, get it in writing.
A professional mortgage specialist will offer you a pre-approval letter outlining what you can afford to offer on a property (remember what we said above, sometimes this number is higher than what you’re comfortable with).
In today’s market, eliminating the need for a financial condition in your offer can make your bid stand out from other potential buyers.
5. Find the right agent.
Last but certainly not least is working with the right agent.
While searching for a home online is convenient, it does not substitute the professional expertise of a real estate agent. They will have local market knowledge and guide you through the shopping and purchasing process.
If you’re looking to buy in the Ottawa area, contact us! We’d love to help you throughout your buying process & ensure you remain stress-free.