What Buyers Need To Know Before Shopping For A Home

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Buying a home may offer distinct advantages over paying rent to a landlord. For one thing, at the end of your rental, you have nothing to show for the money you paid each month. When you own the home you live in, increases in market value and reduction of the mortgage through your monthly payments increase the equity you have in the home. There are a few things you need to know before you begin your search for the home of your dreams to make your quest a successful one.

Arrange for a consultation with a real estate lawyer

Real estate lawyers have a wealth of information in addition to legal advice and guidance to give as you set out in search of a home. Lawyers whose practices include representing buyers and sellers in real estate transactions can offer guidance about the process of making an offer on a home, obtaining financing and the other requirements of purchasing a home.

Your real estate lawyer is your best source for information about the closing costs to expect in connection with your purchase. An experienced lawyer could suggest ways for buyers to save money. For instance, first-time buyers might be eligible for a refund of all or part of the land transfer tax due on the purchase.

Choose a real estate agent

Real estate agents offer insight into local communities, including the homes available for sale, homes that might be coming onto the market and market values of properties within the local area. Because of their knowledge of the homes and neighbourhoods, local real estate agents can steer you away from making a mistake and toward the home of your dreams.

Get pre-approved for financing

Sellers want to know the buyer making an offer on their home will not unnecessarily delay the sale by being unable to obtain financing. By meeting with a lender and being preapproved for the maximum mortgage your income and finances will allow, you accomplish two things: You know what you can afford to buy, and sellers know you are a serious buyer.

Know your budget

The mortgage preapproval process will help you determine how much financing you can obtain, but you need to know your budget to decide how much of that financing you can safely afford use. For example, if you work in an industry in which the risk of salary cutbacks is high, you need to keep this fact in mind when looking at a home. You need to take the potential for a wage reduction or other factors that could affect your income into consideration when shopping for a home.

Know what you need before you look

Walking into an impeccably decorated home with five bedrooms set on a beautifully landscaped acre of land might be hard to resist, but it needs to be right for you. The home might be perfect for a large family, but if you and your spouse are a few years away from retirement, it could be too much house and property for you.

Know what you want in a home before going out with your agent to look at available properties. Make a list of what you need in a home, and don’t allow yourself to be convinced to buy something merely because of how it looks.

Real estate lawyers in Ontario

The real estate lawyers Diamond & Diamond have years of experience successfully handling all types of transactions associated with the purchase and sale of real estate throughout Ontario. They handle the details of your real estate transaction, so you can relax knowing you are in capable hands. Call us now at 1-888-INFO LAW, or contact us here to schedule a free consultation.