What to look for this home buying season

This is the time of year most Canadians come out of their winter shell and
begin their quest for their new home. 

They’ve been dreaming of buying their new home all winter, they’ve checked
out all the free real estate magazines and have even test-driven a couple of
mortgage calculators to see what fits in their budgets. 

But alas, with this frenzy of activity in the market one has to slow down and
make sure you don’t get trapped in a situation you don’t feel comfortable with;
after all this is likely your largest purchase in your life thus far, and you
don’t want to leave it to chance! 

#1: Confused buyers - don’t start looking before you figure out what you are
looking for! There may be a big difference between the kind of home you want and
the kind of home you need. Realize that it’s important to satisfy the needs
first and the wants last. 

#2: Shortsighted buyers - don’t forget to factor in your future needs. What
will you need in five to 10 years? Try to estimate your future needs as well as
your immediate needs. 

#3: Unrealistic buyers - how much can you afford, before looking. Determine
what you can realistically afford to pay for a home, remembering that there is a
myriad of costs that you probably haven’t even considered (i.e. closing
costs).

#4: Unapproved buyers - get pre-approved for a mortgage. Many sellers want
to know that you can really afford the home before they will take your offer
seriously. You can go through the application process for a mortgage and have
financing in place before you even start looking. 

#5: Cash poor buyers - you may not be as poor as you think! Consider every
possible source of cash - RRSPs, life insurance policies, gifts from family
members, work bonuses. 

#6: Bank bound buyers - don’t take “NO” as your final answer! Shop around for
the best mortgage. Many of us think ‘bank’ when we think mortgage, but there are
dozens of other options available through a mortgage agent and they all have
various rates, terms and repayment options, usually better than your banks
up-front offerings.

#7: Uninformed buyers. There’s a lot of information on the local &
national housing situation; check online, attend seminars offered by real estate
professionals. Check out books, magazines and web sites. 

#8: Do it yourself buyers. Get a realtor, but get a good one. They are paid
from the seller, and will work on your behalf. 

#9: Sloppy buyers. Get a home inspection. The inspector’s job is to check the
property and tell you what defects if any need to be repaired or replaced. This
will provide you with peace of mind.

#10: Buyers who don’t do their homework - check the zoning for the
surrounding area, and research possible restrictions. You don’t want to see a
shopping mall going up behind you. 

#11: The emotional buyer - emotional buying can lead to disasters and losing
control of your deal. You can end up paying too much, buy a poorly built home or
end up with an airport in your back yard, if you end up letting your emotions
control your buying decision.

#12: Location. Location. Location! -- did I mention location? Location is the
key. The value of your home is affected by those around you. The home may be
perfect, but look carefully at the neighbourhood too. No home is an island
(usually) and the value is affected by the homes that surround it. 

#13: Screwing up the offer - it’s not over once you’ve found the house you
want. Now you have to make an offer. Some common mistakes at this stage include;
low-balling, paying too much, being afraid to negotiate, being pressured into a
quick deal and not asking the seller to pay for extras.

*Article provided by the Red Deer Press*

TIP OF THE WEEK
See the above article, all 13 are great tips to ensure you are prepared to make your purchase.


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