Buying your first home | Who you need on your team
Buying your first home is an exciting time in your life and a smart investment for your future. Since this is one of the biggest investments you will make in your lifetime, my goal is to help you be well prepared before you set foot into any home. If you don’t want to find yourself stuck in the middle of a homebuyer’s worst nightmare, there are three key people you should be working with: a real estate agent, a mortgage broker and a home inspector. This trio will put you on the track to a successful purchase.
REAL ESTATE AGENT
Your real estate agent is the person who will guide you through the maze that a home purchase can be. Find one you can trust. Ask your friends and family if they can refer you to someone they had a good experience with in the past. Interview at least three real estate agents and decide who is best suited to you.
Don’t be shy, go ahead and ask lots of questions! How long they have been selling real estate? Are they familiar with the area you are looking to buy in? Are they full time or part time agents? This is important depending on how motivated you are to buy. If you are looking to buy in a short period of time, work with a full time agent who can dedicate the necessary time to get you into your new home quickly.
Financing is extremely important in the purchase of your new home and doing it right can save you thousands of dollars. Most people will need to get a mortgage and there are two main ways of obtaining one: through a bank or through an independent mortgage company. In both instances, you’ll work with a mortgage broker who will give you advice on which mortgage meets your needs. The broker will work with you to get you pre- approved for a mortgage adn help you to figure out how much you can afford.
If you decide to get your mortgage through the bank, be sure to shop around for the best deal. It is a competitive market out there so get rate quaores from as many financial institutions as your can. Independent mortgage brokers will do this research for you and present you with a range of mortgage rates and options.
Although, you won’t need a home inspector until you find that dream home, you’ll want to make sure you have one close at hand. You never know how fast you will need to move to get the house you have fallen in love with. Since home inspections have become the norm in any home purchase, finding a good inspector has actually become difficult. There are unqualified home inspectors out there preying on buyers who don’t know the difference. Buyer beware! Check that the inspector belongs to the Canadian Association of Home Inspectors. You’ll want a registered home inspector who has the right credentials.
Being a first time home buyer is an important life event and it means you will have many decisions to make. Once you’ve got all the important things sorted out, have fun with it! After all, becoming a homeowner mens freedom from rent and the beginning of a new chapeter in your life. Happy home hunting and good luck!