If you are thinking of buying a home for the first time or if you have been out of the market for awhile, there are a lot of things to consider before you start home shopping!
Here is our list of to-do’s to get the process started:
Get pre-approved and decide on budget!
Book an appointment with your lender or mortgage broker to discuss your plans before you even start seriously viewing properties. There is nothing worse than falling in love with a house only to find out that it doesn’t fit your budget.
Knowing the price point of properties you are pre-approved for helps us to narrow the search so we are showing you homes that will fall into the right range.
Your lender will need your employment/salary info and the full picture of your financial situation so they can best advise you as far as price range. Having all of the paper work done in advance will save you time & make the final approval process run more smoothly when it comes time for an offer. They will also guide you as far as the amount of your down payment and what is required for your mortgage.
Know the Costs Involved
There is more to consider than just the purchase price of a home. You need to factor in property taxes, utilities, and condo fees where applicable. Your monthly costs are important to know to determine not just how much you can afford, meaning your pre-approved budget, but how much you are comfortable allocating to home expenses.
There are also costs that go along with making the purchase including your home inspections, legal fees, and land titles transfer fees and the deposit portion of your down payment. With the possible exception of property taxes depending on how you pay those, these expenses are all out of pocket, meaning you have to have the cash accessible as they can’t be rolled into your mortgage.
There are a number of great apps that can help you calculate those expenses so you have an idea of the numbers in advance.
Create your “wants & needs” list
Make a list of what things you want in your next home and what areas appeal to you. Do you love entertaining and the space must have a gourmet kitchen & open concept living spaces? Do you have school age children and the school district is of the utmost importance? Do you have pets and a fenced yard or access to park space/walking paths is a must? Is it number of bedrooms/bathrooms that are most important….or a master bedroom with separate ensuite bath perhaps? Do you want to be able to walk or bike to work so proximity is a priority? Whatever the things are that matter to you most are the starting point for the house hunting process and that all helps us to choose the best possibilities to begin with. Your time is valuable so we ant to be sure that we are choosing the best houses to fit your wants and needs. Of course some compromise is inevitable but we want to help you find the home that checks off the most boxes!
Why Hire a Realtor®?
Because we understand the local market and have the tools and knowledge to guide you through the process, from the first home viewing to the day you take possession of your new home. We negotiate with the sellers agent on your behalf and liaison with your lender, lawyer, home inspectors, appraisers etc and make your home purchase as seamless as possible for you. Simply put we are your advocate!
If you are ready to start looking for your first home, your dream home or even just looking to make a change we are here to help you make the right move.
If you have questions about anything real estate, whether it’s buying, selling or looking to build a new home we have answers!
Happy Home Shopping!
Karin & Jen
Your Proven Regina Real Estate Team