1. Hire a Realtor.
Your Realtor knows the home buying procedure, protects your interests and makes it an easier process for you, making for a much more enjoyable experience.
2. Talk to a Mortgage Broker.
A mortgage broker can advise you on your home buying budget and they have access to many lenders so can find the best mortgage for you. This means not only a competitive mortgage interest rate but also lenders with the lower mortgage payout penalties.
3. No Big Purchases.
Making a big purchase before your home purchase closing date, you could affect your borrowing capacity and the lender may not follow through with the financing at closing. So, wait to make that new car purchase until after you move in.
4. Get a Home Inspection.
For a small amount that a home inspection costs, relative to the costs of a home, it is well worth while to have a home inspection done so you know what you’re buying.
5. Do your Research.
Check the local amenities, crime rates, schools and parks in the neighbourhood. Walk to the local store, drive your commute to work so you have an idea of travel routes and times.
6. Think Ahead.
Think of your next move being at least 5 years from now to help you purchase a home that can accommodate you and your family’s needs for several years.
7. Don’t get Emotional.
Buying a property can be an emotional experience, especially in multiple offer situations. Remember to stay focused on the facts to help you stay on track.