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In a perfect world, you find a house you love, you buy it, and live happily ever after! If only house hunting was as fast and easy as a transaction at the mall. Buying a property is a process that requires time, money, energy, and a qualified team to help you navigate the journey.
To help you build your team and prepare for a house purchase, here is what you need to know!
A good, qualified Realtor knows the market and neighborhoods. They are aware of safety in the area, and how the area has changed throughout the years. A good agent has experience negotiating and can help you get a good price, especially if the property needs some work. You’ll also want to find an agent that can help you detect any major problems with the house before you put in an offer, such as:
To find a reputable Realtor to help you with the transaction, ask around and interview professionals before committing. You want to work with someone who makes you feel comfortable and will work for you!
There are dozens of institutions that can help you obtain financing for your home. Many people manage their finances through a bank, but outside of banks there are other lenders who can offer different rates and conditions on mortgages.
When it comes to residential mortgages, there are many options to choose from. You’ll need to decide whether you want a fixed or variable rate mortgage.
With a fixed rate, your mortgage payments stay the same over the term, usually for five years.
However, you also have the option to sign on to a variable rate, which fluctuates.
Many of us want the lowest mortgage rate. While the lowest mortgage rate helps, it’s also important to consider other factors, such as prepayments, penalties and portability. If you end up breaking or restructuring your mortgage later on, you’ll be glad you did your homework on these factors, so you aren’t blindsided by them.
A home inspector will provide a detailed report about various attributes of the property you’re interested in buying. A good inspector conducts a thorough walkthrough of the house. They offer an impartial opinion on the craftsmanship and condition of different elements of the home. If something is dangerous or not up to code, the inspector will let you know. If anything needs to be replaced, the inspector will inform you! That includes:
An inspector will let you know what needs to be updated, fixed, removed, or changed and then you can make an informed decision about the house, and possibly negotiate the price.
After you have been approved for the house, it’s time to get home insurance quotes. You will need to know a lot of information about the house including the age of the home, the type of roof, electrical and foundation information, among other features. All of the other details you need about the elements of your property will be in the home inspection report.
The final person you need on your team is a lawyer. A lawyer will review all legal documents, and make sure no claims are listed against the property. They will perform their due diligence on the property and ensure a deal is done properly and efficiently.
Contractors
If you are flipping a house or fixing up a property, you will need contractors on your team. Find people who have experience in a trade so you get the best quality and service. Ask for referrals, and look at the reviews so you know what kind of work to expect.
Building a team is part of the fun of buying a house. You are able to learn more about the inner workings of the real estate world and the pieces of the puzzle start to come together. To make your life easier, Smarter Loans connects you with a residential mortgage for your new home. By partnering and working with Canada’s most trusted lenders, Smarter Loans is able to connect you with the best provider and solution for your situation.
When you are ready to find a mortgage, click “Apply Now” after reviewing the companies on the site and complete an online application. You will know promptly if you have been approved and can expect the money in a few days.
Good luck house hunting! ~ Liz Enriquez
