Advice for First-Time Buyers

O Why use a Realtor®? O Advice for First-Time Buyers O What is a CMA?

O Evaluating a Real Estate Agent O Home Inspections O Home Appraisals

Advice for First-Time Buyers

· Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.

· Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. When you are pre-approved, you are in a better position to make a decision to buy when you do find a property you like, as opposed to finding a property you like, then going to see if you can get a mortgage for it, and often the property is sold by then. With pre-approval, the buyer applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property.

· List of Needs & Wants: You can make two lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wish list, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Sometimes you may not get everything on your wish list, but it will keep you on track for what you are looking for.

· Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.

· Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

1. One or more detailed maps with your areas of interest highlighted.

2. A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.

3. Paper and pen, for taking notes as you search.

4. Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.

5. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?

· Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?

· Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a rush decision that you may regret later.

· Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

1. Include inspection & mortgage contingencies in your written offer.

2. Have the property inspected by a professional inspector.

3. Request a second walk-through to take place within 24 hours of closing.

4. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).

All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

#1 HomeLife office in Canada

HomeLife/Bayview Realty Inc.
505 Hwy. 7 East, Suite #201
Thornhill, Ontario L3T 7T1

Brokerage Independently Owned & Operated

Andy Aslan

Sales Representative

Bus: (905) 889-2200

Fax: (905) 889-3322

Email: aaslan@trebnet.com

Direct: (416) 948-0133

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