Buying A Property

Things to Remember
Some important things to remember when buying your home.

1. Find professionals you can trust, are comfortable with, and who share your values. If a real estate agent, lender, or lawyer doesn’t promptly return your calls, move on.

2. Familiarize yourself with the city / area you are considering and then find an experienced, dependable real estate agent that knows the territory. Ask for referrals from relatives, colleagues, and other professionals such as bankers and attorneys that are familiar with real estate transactions.

3. Get pre-qualified for the maximum mortgage that lenders will allow. Then shop for a home based on a lesser amount. This enables you to negotiate on price, and not stretch the monthly budget.

4. Examine the entire loan package. Don’t be pre-occupied with interest rates and overpay in fees. Consider the reputation of the lender and how quickly it processes loans.

5. Determine the minimum and maximum time you’re going to live in the home. Consider a variable rate for short term homes and a fixed rate if you are in it for the long term.

6. Don’t commit fraud. It may seem obvious, however, there are professionals that encourage white lies or do not make a full disclosure on your financial statements. It will come back to haunt you.

7. Have some savings. It is better to pay a little extra a month on a mortgage and know you can cover moving expenses, buy furniture, or pay for necessary repairs.

8. See beyond the cosmetics of your potential home. Structural problems will be costly to fix. Attend the
home inspection to help identify the difference.

9. Separate your wants from your needs and seek what you need, and most of what you want.

10. Don’t fall in love, unless it is after the closing date. It is important to have an emotional connection to a place you hope to call home, but if the deal falls apart, don’t let it break your heart.