Buying a home is a big decision – whether it’s your first home or a vacation home. To make smart decisions, it is important to think with your head, not with your heart. Ontario Real Estate Council (RECO) shares their smart home tips when you are in the market to buy.
DO YOUR HOMEWORK. Read up on the buying process before it begins to save time, hassle, and money.
SHOPPING SPREE. Don’t be tempted to hire the first real estate professional you meet. Make sure the fit is correct, check the references and visit the RECO website to confirm registration.
Get it in writing. If your real estate professional offers you discounts or incentives, they should provide the details in writing.
UNDERSTAND WHAT YOU ARE SIGNING. Before signing an agreement to represent the buyer, make sure you know what this means, how long it will be valid, and what the various clauses mean. Ask questions and seek advice from an independent legal advisor if you’d like a second opinion.
KEEP THE BUDGET IN MIND:
- Remember to include legal costs, property transfer taxes, mortgage insurance, and electrical connections in your total cost.
- Know the cost of a home inspection and home valuation or survey.
- Moving costs can vary based on volume, distance and the hiring of a professional moving company. Have leeway in your budget to cover the cost.
PROTECT YOURSELF. Base your offer on mortgage financing, a home inspection, the sale of your existing home, and / or other factors that are important to you. These conditions offer you as a buyer important protection.
Check what’s in the walls. Ask your real estate professional to find out the age and condition of the house’s systems, such as: B. about the installation and the electrical system. Find out if the appropriate permits have been issued for renovation work. Consider a home inspection to examine the house further and don’t hesitate to ask questions.
BE EXACT. Make your offer as detailed as possible. Outline what will be in the sale (such as appliances and lights) and use the home inspection to make it clear whether there are any renovations that need to be completed.
PLAN AHEAD. When you encounter a bidding war, enter a strategy. Establish basic rules in advance of what you expect from a house, what you want to spend and what conditions must be met. Once your rules are in place, stick to them. When there are competing offers, it can be tempting to forego your terms (such as a home inspection). Think twice before doing this.
EXPECT THE UNEXPECTED. Does your deadline for your new home coincide with the time you need to move out of your existing home? Have a contingency plan ready in case the dates do not match.
A registered real estate professional can help you guide the many steps and decisions involved in buying a home.
Article source Reco.On.Ca
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