You have been saving up money for a while now, and you’re starting to out grow your current home. The topic has come up time and time again with your family and friends, and you have finally decided, “I am ready to purchase my new home!”
What happens next?
Of course, having a realtor on your team helps immensely with the process as they can advise you and guide you along every step of the way, and help you look for that perfect home. However, before all that fun begins, here are a few steps you can take prior to help yourself and your agent get a head start on the journey.
1) Talk to Your Bank/Financial Institution
If you require financing, it is very beneficial to talk to your bank and/or financial institution first before viewing any homes. By doing so, you get an idea of how much mortgage you can qualify for, and therefore what property pricings you should be targeting. It also gives you an idea of what monthly mortgage payments will have to be made in the years to come after you purchase your home. If you are a first-time home buyer, your bank may also have first time home buyer programs available to you.
2) Figure out your Budget
When it comes to purchasing a home, there are additional costs on top of the purchase price; commonly known as closing costs. For example, these can include property transfer tax, GST, legal fees, and so forth. Understanding these costs and building them into your budget can help ensure there aren’t any unexpected financial surprises during the process.
We discuss closing costs in more detail here.
3) What is your time frame?
Prior to purchasing your new home, do you have to sell your current home or terminate a rental agreement? If the former, do you want to sell your home first or after you find your new property. By having a timeframe for us agents, it can help us cater your home searches and contract conditions more precisely to your needs.
4) What Will Your New Home Have?
This seems so obvious, but it is so important for us agents to help narrow in on our searches to help you find your perfect home and with efficiency. So, take some time to figure out what you want in your new home. Here are a few questions to help you start:
· Which part of the city do I want to be in?
· What features of the home are most important to me?
· Will I be living in this home or will this be an investment property?
· How old of a home am I comfortable with?
· Do I need to be close to public transit?
· Do I prefer quieter neighbourhoods or the convenience of larger commercial streets nearby?
Once you have taken these steps, all the fun that comes from looking for your next home can commence!
If you are looking for that perfect agent to join your home searching journey, give us a shout!
Rachel Van: 778-960-2202 / [email protected]
Arthur Van: 778-822-8219 / [email protected]
