Purchasing a home is probably one of the most expensive investments a lot of families and individuals will have to make in their entire lives. It therefore requires a number of back and fort decisions, planning and trusting the guidance of an experienced and knowledgeable REALTOR®. Trust is a very big deal in making such a decision so every intending buyer deserves to get the utmost service of truthful, loyal, caring and sincere industry professional. Below is a general overview of the real life expectations and preparatory steps to follow when making this life changing decision of purchasing a home.
The process of buying a home begins with setting aside some money as down payment towards the home. The down payment starts at a minimum of 5% of the total purchase price of the home. This saving phase can be done concurrently with seeking the services of a mortgage broker in order to secure a pre-approval. A pre-approval confirms the rate at which a lender will approve a specific amount to a borrower. Thus, I strongly recommend that an intending buyer shops around for various options and takes advantage of the best rate and terms being offered.
After a pre-approval has been secured in place, a buyer then knows the price range of houses to consider. The buyer can then make preferential decisions based on personal or family requirements. This step requires careful thinking, as factors such as preferred neighborhood, accessibility to school for children, community and recreational facilities, transportation availability, to mention just a few, have to be considered.
This step is one of the most important decision phases as the choice of a REALTOR® goes a long way in affecting the buyers experience. One cannot overemphasize the importance of making the right choice here as buyers needs to be able to rely wholly on the advice of their REALTOR®. It is the REALTOR® ‘s responsibility to help you view as much homes as meet your preferred criteria and also help to explain the process as clearly as possible just so there are no surprises. Therefore, it is very important that you go with a REALTOR® who strives to protect your interest, is highly knowledgeable and has gathered the necessary experience to do the needful.
It is your REALTOR® ‘s responsibility to walk you through the process of searching for your desired home. My website gives intending buyers, the flexibility of being able to search the present day MLS inventory by selecting preferred parameters and narrowing down your search results. I’ll also make it my responsibility to update you with new listings that come into the open market just in case they turn out to be the perfect one for you.
The negotiating phase kicks in when the buyer who wants to now make an offer to purchase has found the perfect house. You will need the help of your REALTOR® to place an offer that the seller will accept, counter, or reject. A REALTOR® with strong and tactical negotiating skills will be great here as it is necessary to ensure you do not overpay even for the right home. After negotiations have kicked in, a home/property inspection is great advised so as to determine early if any repairs are required. This will also affect the negotiation process before finalizing funding with your mortgage provider. With all things being good, you can now put pen to paper on ownership with the help of a Real Estate Lawyer. This phase is particularly very tense for buyers awaiting confirmation after which smiles and congratulations are the order the day. After this comes the joy of being a homeowner and being able to make changes as you see fit (as long as allowed by Bylaws and possibly Condo board as the case may be).