As we approach what is normally the “busy season” for the real estate market it is important to be prepared if you are going to be a potential buyer. As a rule a lot of homes are put up for sale during this time because the weather starts to get more favorable to go house shopping and it is just an all around better time to move. Here are some things you can do to be ready to go house shopping and make a purchase when the house of your dreams comes on the market:
1.) Save: If a home purchase is in your near future make sure you are making every effort possible to save money. This is also the hardest part but once you find yourself in the home of your dreams those few extra dollars put into your savings account each cheque will all be worth it. The more you save, the more you can put as a down payment which will also save you interest costs in the end. Saving will also give you enough money to cover costs that not everyone know about when purchasing a home. These are closing costs which consist of legal fees and land transfer tax.
2.) Pre-Approval: It is always best to have an initial appointment with me as we can discuss what size of house you can purchase comfortably, and identify any areas that we need to take care of prior to making an offer for your new home. I will also identify how much you need for a down payment and discuss how much your payment would be for the size of mortgage needed.
3.) Keep Status Quo: As mentioned, if a new home is in your plans this is not a good time to make any other large purchases such as vehicles. A purchase like this, with a large loan, may jeopardize the size of mortgage that would be required to purchase your home. If another credit product is a must at this point it is best to talk with me to make sure it still fits in your financial plan alongside your new house.
4.) Real Estate Agent: Once pre-approved, now is the time to connect with a real estate agent. These agents are the professionals that can help you find the type of home you are looking for and negotiate a more favourable price. They also know what the house should be priced at, are able to spot any red flags and know what homes are available for your price range. When you are a buyer they also do this service for free so it is a win/win. I work with a group of great agents so it is nice to know from my stand point that my clients are well taken care of.
5.) Preparation: The spring season will bring a lot of buyers out and sometimes homes can move quickly. At this point you should be ready to seriously look at a home if you are thinking about buying. I am not saying to make any rash decisions and buy a particular home before you truly love it, but just know there are normally lots of other buyers out there looking as well.
Buying a home will mostly likely be your biggest purchase of your life. As Mortgage Brokers, we will be right beside you every step of the way to make sure your mortgage experience is a comfortable and informative one. What we get most out of our jobs is seeing the pure joy of helping people get into their dream home. It is a great sense of pride becoming a home owner and we look forward to helping you get there.
Chris Turcotte, Mortgage Broker
Office: (204) 727-2177