Secrets of Savvy Househunters
Experienced home buyers know that there’s more to look for than a good neighbourhood and a sturdy foundation. They shop with their hearts, their heads – and with the expert advice of a real estate professional. Before you get caught up in the excitement of searching for the perfect home, here are some savvy steps to follow.
1. Know how much you want to spend
Don’t get caught in that trap of finding a perfect home that you can’t afford. Do your homework and define your budget. Get a pre-approved mortgage or consulting with your lender of choice, and keep your eye on the market, since any changes could impact what you can afford.
2. Scope out the neighbourhoods
Before you start looking at individual homes, figure out which neighbourhoods you would prefer to live in. How close are schools? Stores? Access to highways and public transit? These all have an impact. Also, check common areas in a community like parks and playgrounds – they can say a lot about how the residents feel about their neighbourhood, so look for tell-tale signs of neglect or proud upkeep. Your agent can also let you know how well certain neighbourhoods are selling, which is a good indicator of where people want to live.
3. Make a list
Smart shoppers never head to the grocery store without a list and neither should you when you head out to an open house. Organize your thoughts on paper and come up with a master house wish list that you can refer to. Divide it up into must-haves, would-be-nice items and deal breakers. Carry this list with you so that you can compare homes on the basis of your personal wants and needs.
4. Take your time
Don’t try to squeeze more than four viewings into a single day – it can be more confusing than convenient. Take photos and make note of the pros and cons after viewing each property so you can take a look at the next home without struggling to remember details about the one before.
5. Be a legal eagle
Ask for a survey of the property and take a good look at it. Fences may not be on actual property lines and right-of-way issues may come into play in the future with the sale of the home next door. You may also want to consider title insurance. Don’t just rely on your judgement; hire a lawyer to inspect all of the paperwork related to a prospective purchase and to advise you.
6. Get a second opinion
If you’ve found a home that really appeals to you, show it to someone else like a good friend or relative. Let them do all the talking in case they see something you hadn’t noticed. Having someone who isn’t personally vested in the property can give you the objective opinion you need before you make your decision.
7. Think it through
I want you to be 100% confident with your decision! Be sure to step back, pull out your list and carefully gauge if this property meets all of your must-have criteria. Savvy househunters say that when you find the right property, you can feel it down to your bones. In a hot market you might not have the opportunity to think about your decision too long but keep in mind the only thing worse than buyer’s remorse is letting a dream home get away.