Obtaining a home is one of the most substantial and complex purchases you will ever make. Before signing on the dotted line, take your time and gather as much information and insight as possible.
Considerations before beginning your property search
Whether it’s your first time buying a property or you have done so before, the real estate market can be challenging to navigate, even for the most seasoned of us. Here are the top four things you should learn before you start searching.
1. Be upfront and honest about your financial situation.
Aside from the excitement, this is the first move you must take before beginning your search to find available properties for sale. Home loan repayments and the costs of home ownership have a more significant impact on your budget than rent payments, so plan accordingly. While borrowing the maximum amount available on a home loan may be appealing, consider how much the repayment will be and whether it will fit into your budget.
Take into account the total monthly compensation that you are willing to make. The highest cost to consider is your house deposit, which will be at least 10% of the property’s value regardless of how much you can borrow. If you are ready to purchase a home in Kentville, you should know how much money the bank will lend you to move in.
2. Look into the neighborhood and conduct further research.
There is no such thing as having too much knowledge when buying a property, so take your time learning everything you can about the suburbs you have identified as having potential. If you do enough research, you are far less likely to settle (or overpay) for something you do not want. Here are some pointers:
- Consider the areas where you want to live.
- Examine real estate websites for recent sale prices and suburb profiles.
- Speak with local real estate agents to learn more about the market.
- Examine what is selling in the surrounding suburbs (and for how much).
While you should consider what is important to you, you should also consider what could increase the property’s value if you decide to sell it in the future. Here are some examples:
- School zones
- Transportation
- Access to amenities
- The neighborhood
- Future construction plans
3. Collaborate with knowledgeable professionals.
When making a large purchase, you must surround yourself with experts. Hire the most thorough, licensed home inspector possible to identify any problems that may necessitate costly repairs. Discuss the realities of property/home ownership with a financial advisor and work with a mortgage broker to certify that your financing is tailored to your specific needs. Confirm that your lawyer is not also representing the seller to avoid a conflict of interest.
4. The search may take longer than expected.
Refrain from operating on someone else’s timetable, and make commitments that will complicate things if your property search takes a few months longer than expected. If you rent, make your lease month-to-month so you can move whenever possible.
Conclusion
There are numerous factors to consider, including your financial resources, lifestyle, family needs, investment objectives, and risk tolerance. If the deal is unsuitable, be bold and walk away. There will be more properties. Remember that this is a financial negotiation, and you must adhere to your terms. To make an informed decision, conduct research and consult with a professional.
