8 Tips for home buyers

Looking for a new home can be overwhelming at any stage – especially if you’re a first time buyer. But if you think you’re on this journey alone, you’d be incorrect. From professional realtors to the right legal assistance, you can set yourself up for success by working with people who can help. Here are some other tips you should also consider.

Prepare yourself

Deciding to buy a home is a big step in anyone’s life. With that in mind, you need to be mentally prepared. Start by doing some thinking about the type of home you’re in the market for. One bedroom or two? Are you planning to live here more than 5 years? Does it matter if it’s a house or a condo? All these simple questions can help you achieve a better idea of your “want” and “need” list. Next comes the hard part though – money.

Assess your finances

Have an honest conversation with yourself about what you can afford. And if you can’t, that’s what financial advisors do best. Sit down and carefully examine how much you earn, how much you spend and how you plan to fit a mortgage into that picture. 20% down payment is what of experts recommend when buying a home. This might impact your decision making quite a bit.

Start browsing

Once you have a clearer idea of your finances, it’s time to start researching where you’d like to live. Start by looking into what you’d like to have. This might be a home in the city or the suburbs. You’ll want to consider what is around you in terms of transportation options and necessities like grocery stores, pharmacies and other essential services to you.

Avoid sleeper costs

This is where a good real estate agent can help. Take your time in asking your friends if they recommend anyone to help you in your search. The right agent should be diligent, experienced, knowledgeable and responsive. If you’re thinking of skipping an agent altogether, that could prove to be more of a headache than you expect. We don’t recommend it. Agents are professionally trained and skilled negotiators.

Get the full story on a home

Here’s where having a good real estate agent really pays off. They should be able to provide you with the details you’d expect about a home, but they might also have additional information to share. Be sure to speak up and ask as much as you can. You’d be surprised at just how connected agents are, and what you will learn by simply asking.

Get to know the neighborhood

Looking into neighborhoods and what they have to offer will allow you to really narrow the scope of your search. This makes it easier for a real estate agent to find a home you can call your own. Don’t be afraid to visit a home during different times of the day with your agent, if you can. You can get a better idea of how busy a street can be, noise levels, etc.

Don’t get emotional

Finding the perfect home can certainly cause a rush of endorphins, but it’s best to keep a cool head. You’ll want to rely on your agent to stay impartial. Don’t be too stingy or too willing to part with your money when placing an offer. An agent will be able to advise you on when other buyers are involved and how to proceed in order to hopefully land your home and keep you on budget.

Don’t try to time the market

While you might be thinking there is a perfect time to buy a home, you’re right. That time is when you’re ready, and not a moment sooner. Trying to time the market in order to get the best deal really isn’t a reliable strategy as things can get quite unpredictable. Instead, if you’ve planned out your finances and feel ready to buy, you’ll want to coordinate with your agent to start placing offers on potential homes.

Never underestimate the value of professional experience

As you can see from these simple tips, a lot goes into your search for a home. However, having the right people by your side makes a big difference too. That’s why we’d like to remind you that our team takes pride in being there for home buyers when they need legal advice or help with the closing paperwork.

Rest assured after years of helping people just like you, we’re the right choice for your next big move. Feel free to give us a call if you have any legal questions, and good luck in your search for a new home.