Owning a home is an accomplishment you feel proud of and a great way to secure financial strength. But just because you have the financial capacity to make a purchase does not mean you should make the leap right away. Understanding the housing market and knowing why you need help can make you make informed decisions.
Find a House with a Real Estate Broker
When you determine a property’s value, location is a significant factor to consider. A local broker from the Agence IMM real estate agency who is familiar with your preferred area knows the housing market well. In fact, they know the specifics of certain properties in your desired neighborhoud and can confirm if this neighborhoud meets your expectations. They can look for a property that fits your budget. Make sure you work with a real estate broker you are comfortable with and can give you personalized support during the home buying process.
Be Well-Informed
Purchasing a home is a significant investment. Thus, you should know and understand the necessary documents during the transaction. For instance, you might want to know about the Seller’s Declaration. A real estate broker can walk you through the different complexities of a home sale and what you can expect at each stage of the buying process. Without enough information about a house that you want to buy, you could end up buying a house that does not meet your needs and one you cannot afford to maintain. Part of becoming informed as a home buyer includes understanding the different government programs you may qualify for. These include the first-time home buyer incentive, land transfer rebate, home buyer’s plan, and first-time home buyer tax credit.
Get Pre-Approved
To know the amount that you can borrow from a lender, get a pre-qualification. It takes just a few minutes to complete this process and the results become available immediately. But such estimates are rough and not entirely accurate.
If you are a serious home buyer, you must begin the buying process with a pre-approval. This involves filling out a loan application and entering your income, assets, debts, and other personal data.
Prepare a Downpayment
Usually, the down payment is the main obstacle involved in buying a house. Your broker can give you an idea of how much down payment you need, but such funds must be readily available. Once a seller accepts your offer, you may need to put down a certain amount right away as your deposit. Then, you can pay the rest of the down payment when the home closes.
