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Cheat Sheet

After deciding to enter the marketplace, it's important for buyers to complete their research and delve into the mechanics of the industry to ensure they're successful in finding their ideal home. There are a number of processes that should be completed to reach home purchase objectives, and these processes are outlined below in our home buyer cheat sheet. 

Get Pre-Approved with a Low Rate Guarantee 

Getting pre-approved for a mortgage will save buyers a lot of hassle as they enter the purchase process. They'll know exactly how much they can spend, ensuring they have the upper hand in negotiating pricing with sellers. 

Make a check list of your Wants, Needs and Must Haves 

Before entering the marketplace, buyers must know exactly what they're looking for in a home. They might want a large yard but settle for a smaller yard space with a swimming pool. It's important for buyers to outline the features they absolutely must-have. This will provide the foundation for their real estate agent's home search. 

Top Features to Look for in a Home 

The leading features to look for in a property are those that will ensure comfort and add efficiency to the home lifestyle. For example, high efficiency heating and cooling systems are a must. A modern kitchen is also one of the most important features of today's homes. Kitchen space with cutting-edge appliances and stylish countertops can hold their value exceptionally well. 

Where do you want to live? 

Buyers should highlight the local neighbourhoods they prefer as part of their buying checklist. Within this process, they should also review and detail the prices of their preferred properties. This will help provide direction within the home search strategy. 

Know your Closing Costs 

There are a number of factors that go into deciding the final closing costs of a home purchase. On average, these closing costs can comprise 2-to-5% of the final home purchase price, and so it's imperative that buyers know exactly how much they will be obligated to pay to complete the purchase. Closing costs can include insurance fees such as hazard and fire insurance, lender fees such as an application fee and an administration fee, and attorney fees. 

Negotiating 101 

In negotiating their home purchase, buyers must take a pragmatic approach to ensure success. It's important to know the deal-breakers and the elements that can be negotiated before entering the discussion with the seller. Those preferred purchase items that have less value can be used to show concession during negotiations, which can then move the deal in the buyer's favour. Buyers must also establish a connection with the seller to ensure a mutual understanding, but they should be careful to not reveal too much information to protect their negotiating stance. 

To learn more on navigating the home purchase process, please contact our team today! Experts with years of real estate experience are ready to help you. 

Understand the Buying Process 

While each homebuyer will experience a unique purchase process and timeline, there are a number of fundamental elements that comprise the various home-buying stages. It's important to understand these elements to ensure complete comprehension on the road ahead. Below, we've outlined the step-by-step buying process. 

Hiring a Real Estate Agent 

The first step is to hire a specialist local real estate agent. It's important to review and interview a number of agents before selecting a chosen expert. 

Pre-approval 

Getting pre-approved for a mortgage will help to remove many obstacles during the purchase process. To achieve pre-approval, buyers must speak with lenders directly and ask for a pre-approval letter that verifies income and credit levels. 

Review the Marketplace 

Buyers should speak with their agent about their precise buying parameters. The agent will use their local knowledge to find homes that match the buyer's requirements. Buyers can then select from the agent's properties and then inform the agent when they're interested in reviewing selected properties. 

Write a Purchase Offer 

It's now the stage where buyers must decide how much a particular home is worth and then select a price that the seller will accept. Buyers must prepare to place multiple offers for homes in popular locations. 

Negotiation 

The seller might return with a counter-offer to the buyer. Buyers can then decide whether to walk away or negotiate. During the negotiation, it's important that buyers share information with the seller to help bring a level of comfort to the potential deal and ensure the seller understands their position. 

Finalizing the Deal 

The finalization element of the purchase will include processes such as final mortgage approval and meeting with lawyers to discuss items such as insurance costs and purchase conditions. 

Moving Preparations 

Before making the move, buyers must ensure that the property is ready for their arrival. For example, they must organize the installation of utilities and services such as cable, internet and phone. By completing this work before the move, buyers can save time and energy later. 

Closing Day 

On closing day, buyers will become the official owner of the property. At this stage, lawyers will complete the required paperwork and the homeowner will receive the deed to the home, as well their home keys. 

By navigating the buying process with a full understanding on each of the steps involved, buyers can save money and move forward with confidence. Speak with our team today to learn more how we can help you complete a more effective purchase process!