Preparing for a new life in your next home is an exciting time. The process of buying and selling homes has changed so much over the years, it can be hard to keep up with everything that’s involved. We want to make sure you have all the information and resources available at your fingertips before you start building equity in your next property!
The following article will provide 15 useful tips on getting started with the process of preparing for a real estate launch. Read on to learn more about making sure you are ready for this big step in life!
1. Get your credit score together
It’s important to know what kind of budget you are working with when looking at homes, so get your free credit report online before looking at any properties. Keep in mind that lenders are going to want to take a look at the credit history too, so make sure it is ready for inspection!
2. Use a real estate agent or buyer’s agent
No matter which one you choose, make sure to find a realtor who has your best interests at heart. They can help answer all those questions about market trends and what’s going on in the area that you might not know anything about! Find someone who is committed to giving you the best service possible for your budget.
3. Find a house with plenty of room for growth
Where are all your family members going to sleep in the next few years? Are you planning on having more children or is someone moving out soon? What about pets? Be sure that the home is prepared for whatever coming changes are on the horizon for your family.
4. Get an inspection done ASAP
When choosing a home to buy, make sure you view it in person before putting any offers on the table. If there are some problems with the house that need to be fixed right away or things you don’t like about it at all, this is your chance to get them fixed before you put in an offer!
5. Make sure the neighborhood is right
You’re probably already aware of your hours for work and any plans for school, so where do you want to live? Do you need to be close to transportation or shopping? Find out all of the ins and outs of what it takes to live in the neighborhood and be prepared to ask lots of questions.
6. Make a list!
It always helps when you’re looking for homes to keep a little checklist in mind that includes things like: number of bedrooms and bathrooms, garage space, type of air conditioning needed, etc. This will ensure that your hard work is not all done after you’ve found your perfect place.
7. Get pre-approved ASAP
You don’t want to end up putting in an offer too low and having it rejected due to lack of funds! Find out what the bank will loan you before starting this process so that there are no surprises down the road. This also gives you a rough idea of how much homes will cost based on your budget, so keep those credit scores handy!
8. Make sure the home is right for resale
While this should be a goal for any potential homeowner, it becomes even more important when thinking about getting into the real estate business as a career path. If you plan on selling your house as soon as after purchasing, try to find a neighborhood that is popular with homes being sold quickly so you can get top dollar for your property!
9. Choose the right mortgage loan
There are many different types of mortgages to choose from, but it’s important to know which one suits you best before going into a presentation. The most common choices include: Variable rates – usually have an introductory rate that stays relatively low for a few years before increasing Mortgage Insurance – will be required if your down payment is less than 20% of the purchase price Fixed rates – this type of loan provides long-term security by staying the same as long as you make your payments on time Term – set period where monthly payments are due Regular amortization – the principal and interest over equal monthly payments versus large lump sum
10. Get everything in writing
Different lenders will offer different services, but before you sign anything ask questions! Make sure that all your questions are answered and understand the repayment terms of the loan before signing on the dotted line .
11. Consider a co-signer for a mortgage loan if necessary
If you have no credit history yourself, consider asking a friend or family member who has good credit to help get a mortgage. You can even add them as an owner after closing – just speak with your real estate agent about how it works best for your situation. Even if their name isn’t on the deed, keep in mind that they will be responsible for any missed payments from you so choose someone who is confident they can meet the terms of their commitment.
12. Ensure your credit is in good standing
You’ll want to ensure that you have a healthy balance in your savings account if you’re planning on taking out a mortgage loan, but there are other ways to create an attractive profile . Buying with cash or living in a smaller house will allow potential buyers to see that you are financially stable, which could increase the chance of them accepting an offer from you.
13. Find sources for down payment assistance
Having at least 5% down payment available before purchasing also makes buyers more attractive and allows them to negotiate better prices! Even if it means finding another way to come up with that extra money, remember that it’s a significant investment – one that will be worth it in the long run!
14. Show up early for inspections and appointments
You should never feel rushed when going to see a house, but always be early! You don’t want to miss something important because you were running late or weren’t there yet, so leave yourself enough time to really look at everything before making your final decision. Make sure all appliances are working properly and that carpets have been steam-cleaned or replaced if necessary too. Most importantly, check that there is nothing wrong with the foundation of the house before signing on the dotted line. If you notice any issues, ask the seller to fix them and negotiate offer accordingly. If you don’t ask, they probably won’t – so always be assertive and prepared.
15. Ask for advice from your real estate professional!
Your realtor will know everything about what to look out for and how to prepare themselves for the process before and after buying a house, so it’s important to trust their advice and expertise rather than thinking that you can do everything alone or by following tips from your friends. Remember that every person working in the industry has been through this experience multiple times, as well as having gone through additional training on top of all that prior knowledge!
No matter how much they tell you that buying a house is not an easy process, it’s far from impossible. Remembering the above tips will help to make the experience go by smoothly and allow you to understand everything before making your big move! If you feel like something crucial was left out of this article, please let us know in the comments.
Author Info: Hi I’m Jessica Chatham with Century 21 Academy. We’re partnered with over 6,000 real estate professionals across Canada who are looking for new avenues to expand their business and increase brand recognition online. Our innovative strategies encompass paid social media advertising on both Facebook and Instagram that can truly grow your targeted fan base at your local market across Canada. Whether it’s finding