In Ottawa and throughout the province, many potential buyers are looking to take advantage of their pre-approved low interest rates, and perhaps make a purchase sooner than later. Whether you’re looking for a townhome, a single family house, or a condominium, now may be the time to buy. That means it’s also time to be sure you’re fully prepared! You might have done this once or twice before, or you may be a first-time buyer; either way, these tips are sure to help with the process.
1. Be Financially Prepared
Before you decide you’re ready to buy, you need to be sure you’re financially ready for home ownership. Buying a home is one of the largest purchases you will ever make and it’s important to understand the financial details. Speak with a mortgage specialist who can help you establish your budget and get you pre-approved. Determine how much you have saved towards a down payment and examine your monthly and annual budgets to see what you can afford. Don’t forget to calculate for unexpected events down the road; you want to be sure you will be able to fully cover the costs of your home.
2. Establish Your Needs and Wants
Distinguishing what you need from what you want can be more difficult than it sounds! Write out a list of “deal-breaker” items, such as the neighbourhoods you’re looking in, the number of bedrooms, or whether there is adequate parking. If you know you can’t live too far from work, be sure to add location to your “needs” list. Take a drive around areas you like and imagine yourself living there; even attend a few open houses in the neighbourhood. You can also add some features of the home to this list, like a recently replaced roof or a particular heating system.
Anything that you are willing to change yourself should go on your “wants” list. Prepare yourself for the number of homes you’ll be looking at over the next few weeks and be ready to see some strange colours on the walls and bizarre décor decisions. If you like the idea of a large kitchen, but don’t think you’ll use it as often as you’d like to, be willing to consider a home with a smaller kitchen if it meets the rest of your criteria.
Don’t think that you’ll need to compromise on the things you really want the most! You will likely find a home you love, even if you need to make a few changes. The reality is that “the perfect home” often does not exist. Knowing what you’re willing to compromise on will make the process less stressful for you, and let you relax and enjoy going out to view homes.
3. Speak With a Professional
Once you have a pretty good idea of what you want and what you can afford, it’s time to find the perfect balance. Speak with your real estate sales representative about where you are in the process. Explain your budget and some of the important criteria you’ll be looking for in your next home. Your Realtor® will need to have a sense of your “needs” versus your “wants”, and will likely ask if you’ve been pre-approved for financing. Once they have a clear idea about what you are looking for and how much you are looking to spend, they can begin to help you with your search. Their market expertise will guarantee that you’ll be getting the most house for your money.
A Realtor® will find listings in your ideal neighbourhoods and alert you of any new properties or open houses, and they’ll keep an eye on similar neighbourhoods to be sure that nothing’s missed. Their large network of other real estate professionals will give them access to new, exclusive listings and additional market information. Your Realtor® can accompany you to showings and ask questions to the listing agent for you. They will likely know things about the area that you may not have considered, such as how many schools are within walking distance, or what homes in the neighbourhood are currently selling for. Your sales representative can also refer you to other professionals you’ll want to speak with, such as lawyers and home inspectors.
When you work with a Realtor®, they are required by agency law to represent your interests and disclose any known information about the homes you choose to view. You can find comfort knowing that your sales representative is on your side. If you find your dream home, your Realtor® can also help you establish the right price and negotiate an offer that will help protect your interests throughout the transaction.
4. Trust Your Instincts
When it comes to your home, no one can make the big decisions for you. You can get professional guidance at every step along the way but it’s important to remember that a house is really your home, a place where you should feel safe, secure, and happy. Don’t ignore your instincts. Your comfort is most important, whether you intend to live in the house for just a couple of years or you plan to raise your family there. If you believe the asking price is too high or you find problems during the home inspection, make sure you voice your concerns. Sometimes even the house number or the “vibe” buyers get from a home can be enough to hold them back from writing an offer. Remember that you are buying a lifestyle and a future in addition to a house, and use your instincts to help guide your decision.
5. Prepare to Move
When the deal is done it’s time to celebrate! Home ownership, especially for the first time, is one of the most exciting events of many peoples’ lives. It’s also time to prepare yourself for your move. Ensure that you speak with your mortgage specialist or lender right away to prepare for the transaction. Discuss the closing details with your lawyer to be sure you are aware of all the costs, and make sure you understand the timeline for when you can expect to pick up the keys to your new house. Notify your heating, electricity, and cable companies of your new address, and call Canada Post to have your mail forwarded. Schedule and arrange with your movers to be sure that the home will be vacant and ready for your furniture and other items. If you have children or pets, make sure they’re comfortable with the move – it’s their move, too! It might good idea to have someone care for them on the actual moving day.
Buying a home can be an emotional process, but with the right tools and planning, you can help make it easier for you and your family. Ready to start your search? Have a look at some of our current listings. If you’d like more information on how a Realtor® can help you, please contact us at any of our branch locations or search our website for a sales representative.
If you need to sell your home before you buy, request a free market evaluation of your current property.
We’re happy to help you make your move!
