Buying a Home
 

Whether you've spent years saving and preparing to buy a home, or are unsure if you can afford it, or looking to trade up, the questions surrounding a house purchase can feel endless.

You can find the answers - and peace of mind - by working with RE/MAX Jet.

Here are some tips to help you become your own landlord.

1.        Use a real estate professional.

The first step is to select a real estate professional to help you find your dream home and fine-tune your financial expectations. John Reid can guide you through every step to buying a home.

2.        Shop for mortgage rates and terms.

A difference of even half a percentage point can mean a huge savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600. You may deal with your own bank or play the field with a Broker.

3.        Pre-qualify for a loan.

Your third step should be to get pre-qualified which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and really can afford to buy the property.

4.        Define what you want.

The next step is to create a realistic idea of the property you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you house hunt. It is also helpful to search online to see what is currently available on the market. Your real estate professional can then show you houses that meet your expectations.

5.        Visit properties.

Now you're ready to visit houses. Ask John to arrange showings, and keep track of the properties you've seen.

6.        Know the features that help or hurt resale.

In some areas, a swimming pool actually detracts from a home's value and makes it harder to sell. In neighbourhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. John can point out features that hurt or help resale value.

7.        Rate the houses you tour.

After touring each home, write down what you liked and didn't like. Develop a rating system that will help narrow the field down. For example, pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favourite as the standard.

 8.       Arrange a further home inspection.

After you find a property you like, set up a further home inspection. Take note of any specific issues that you want information on or want checked out. These may be minor such as a missing door handle to major such as wanting the roof checked. Also take note of the chattels as listed or what you would like. John can help find a reputable building inspector if you require that.

 9.          Make an offer.

Once you've pinpointed your dream house, it's time to get serious about the financial and contractual side of the purchase. John will be a great help to you here, as it can be an emotional time and he’ll help you stay focused on achieving your end goal.

10.       Satisfying all conditions in the Contract.

 The Agreement will detail all the conditions which need satisfying within a set time period. Each one needs to be worked through. A deposit is often a condition upon the Contract being completed. You will need a Conveyancer/Solicitor to handle and advise you on any legal aspects including the mortgage and insurance.

11.        Settlement.

Before settlement, you have the right to a pre settlement check of the property to ensure it is as you inspected it. All the paperwork should have been dealt with by your Solicitor and payment made on settlement day. Upon confirmation of payment from the Sellers Solicitor the keys can be released.

 12.        Prepare for life in your new home.

Before rolling out the welcome mat, consider some moving basics: arranging for an alarm company, turning on electricity, water and gas, cleaning or replacing the carpet, and notifying your local post office of your new address. The best time for renovations is often before you move in.