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A Different Approach
February 03 2010 15:30
4Salenetwork will be introducing a different approach to Selling your property. It is not only a site to place an ad on, you will well served with our Consultants.
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Articles Details
TIPS FOR BUYING
BUYING A HOME
WHAT TO CONSIDER BEFORE BUYING A HOME
How long you plan on living in the home: the longer you stay, the more it is worth. Also, if you plan on living there longer, you will be safe from long term value changes in the market.
Plan to grow in your home: For example, consider extra bedrooms for possible future family members.
Stay within your financial comfort zone: when analyzing mortgage options, consider your credit and financial status. Also, talk to a lender or make use of an online home affordability calculator to determine how much you can afford. Don’t attempt to spend more than you can practically afford.
Have a plan for a down payment: if you don’t have the money saved, consider a loan option.
Be aware: the home will have ongoing costs, such as maintenance, taxes and insurance.
Consider location: what is the location’s resale value and how does it fit your lifestyle? Explore the neighbourhood and make sure it satisfies your needs, such as convenience of grocery stores, transportation or schools.
Be cautious with fixer-uppers: they might not bring the profit you expected.
Ask for a written CMA (Comparative Market Analysis): ensure that the home you consider buying is fairly priced compared to others. So ask your Consultant how to obtain a CMA to compare prices.
Hire a Lawyer: they will help make the legal transfer of the home a problem-free process. They will provide you with information of costs to complete the deal, other than mortgages, such as Legal Fees, Land Transfer tax, Title Insurance, and other adjustments.
Know the seller and their reason for selling to advance negotiations.
Weigh out the positives and negatives of buying a home based on its dream features, such as in-floor heated, backyard pool or dream kitchen (the more boring aspects of the home are usually the most pleasing, such as a bigger closet rather than a bigger shower!)
Keep certain information disclosed to avoid benefiting the seller’s negotiation (such as your mortgage).
Steps to take when buying your home
1. Do your research/Hire a Consultant: a consultant will enhance your knowledge of the market, and guide your decision making process (ex; what price to offer a seller).
2. Identify your needs: outline your priorities and find a home you are able to maintain, and ensure it is in an area you want to live in for example, urban vs. rural.
3. Financial Pre-approval: obtain a mortgage pre-approval from your bank/mortgage broker.
4. Make an Offer: your Consultant will help you prepare the offer and help you understand all its terms and conditions.
5. Update the Survey: it is always wise to obtain a copy of the survey. This report indicates any changes to the property. For example, a neighbour’s new fence that extends a boundary. However, your lawyer will address areas of concern that might arise.
6. Expect the Unexpected: hire an inspector to reveal any potential flaws before you purchase the home, and will be able to recommend solutions to any evident problems.
7. Remember Additional Costs: you will need funds for loan fees, insurance, legal fees, surveys, inspections, etc.
8. Check the Title: your lawyer may supply a copy of the title to ensure it does not have any liens, debts, undisclosed owners or leases against it.
9. Close the Deal: either you or your Consultant must complete all required documents after all conditions have been waived. Fax them to your lawyer so they may close the deal. He will inform you of the total amount required by certified cheques.
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