Buying a home is long and trying process – especially if you’re a first time buyer. With so much to do, it can be difficult preparing for the big moment. Albert Yen is an award-winning realtor that has specialized in Burnaby, Coquitlam, Vancouver East, Downtown and Richmond areas for 15 years. He offers free market updates which can be found on his website here.
Read on to learn more about Albert’s top 5 tips that new home owners should look to before they buy.
Top 5 Tips for Potential New Home Owners: Are you looking to buy a home?
1. Get pre-qualified for a mortgage loan. Sellers prefer potential buyers that are capable of securing the financing needed to actually make the purchase. Who would you rather do a deal with? Someone that tells you “Hey, I’ve got the money to do this” or someone that tells you “Hey, I might have the money to do this – I have to wait a week or so to find out”? I am going to go with the former.
2. Build good rapport with the seller. Don’t try to point out all the things wrong with the home in order to push the selling price down – that’s bad buyer etiquette, and sellers don’t want to deal with that. Do you like doing business with people you like? Yes – of course!
3. Have a professional inspect your potential new home. Don’t let your emotions drive the purchase decision; have an expert tell you what the fair price is after carefully inspecting the home. This helps you avoid overpaying for a home based on how much you love the interior décor.
4. Research the market. Find out how other homes in the area are selling and how the market has been performing so you can use these facts to help negotiate the best deal. If the house on the next lot was recently sold for $X, that could be a good benchmark price for you to start with. How about the new recreational park they are building in the area? That could potentially add to the resale value of your investment. Keep an eye on key factors that can play a part in the sale price.
5. Account for ALL costs of buying a new home. Did you know you may have to pay for a home inspection fee, mortgage loan insurance, legal fees, land transfer tax, appraisal fees, financing application fees, moving costs and property insurance before the deal is sealed? Factor this in when you are planning out your budget so there are no surprise “miscellaneous” costs. Avoid the unnecessary financial stress!
Contest: Albert Yen would like to give away a $100 gift card to CB2 Vancouver to inspire home owners to decorate their homes. You can entry by two methods:
1. Retweet the following:
2. Leave a comment on this post. Tell us your favourite room to decorate.
Contest ends May 21, 2012.