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Considerations in Buying Real Estate

Prepare for your Search!
There is lots to consider in the process to purchasing your own home. If you are a first time buyer, or if its been a long time since you purchased before you may consider some of the following considerations as a place to start.

Get our FREE eBook, The Home Buyer's Guide. This is fifty pages of interesting and helpful facts about buying real estate that provides a solid understanding in navigating initial concerns when purchasing property.

Initial Concerns when you want to Buy Property

  • Concern 1 — Is Home Ownership Right for You?
  • Concern 2 — Are You Financially Ready?
  • Concern 3 — How Much will it Really Cost?
  • Concern 4 — Who protects your Concerns?
  • Concern 5 — What Should You Buy?
  • Concern 6 — What Professionals are needed?
  • Concern 7 — How Can You Find the Right Home?
  • Concern 8 — Getting Ready to Buy?
  • Concern 9 — Taking the Final Steps

How will you Search?

Once you figure out what you can afford to pay for a house and are pre-qualified for a mortgage, you are ready to start your search. There are obviously a variety of sources you can use to find the home that is right for you:

  • Word of mouth. Other people who know that you are looking for a house, might tell you about homes available in their area.
     
  • Newspapers and real estate magazines. Daily newspapers and estate magazines often advertise a variety of homes for sale.
     
  • "For Sale" signs. Drive around looking for “For Sale” signs.
     
  • The Internet. Real estate websites like this one often advertise a variety of homes for sale with pictures of a wide range of properties. Seaching can be done to narrow your search by location, price, number of bedrooms and other features.
     

  • The Problem with All of This If you are looking for a home, you have a myriad of needs beyond the basics and you are destined to spend far too much time and effort looking at homes that are not right for your needs or not in the right location.
     
  • Enlist an ABRŪ for Expert Help. For buyers, an Accredited Buyer Representative that is contracted to put your interests first is the knowledgeable key to finding the right home and neighbourhood in the shortest possible time. This is also the seasoned professional who will be able to negotiate the best possible deal for you when you find that home!
  • Useful Tips for Your Search

    • Keep records. It is so easy to become overwhelemed with all the different homes you may see in a day, that all the details begin to run together. It's a good idea to make notes of distinctive home features, and the home's utility costs, property taxes and major repairs, as these will affect your future expenses.
       
    • Know your Wish List. There are so many unique options in homes for sale that you may not find an exact match to the home on your wish list, so it's important to consider and know in advance, what aspects of your wish list are "must have" dealbreakers and which may be compromised when you find that great home.
       
    • Check out any existing financing. It may be possible to take over a favourable existing mortgage from the vendor or even obtain a vendor take back mortgage in order to lower costs or help close the deal.
       
    • Be Realistic. There is always room to negotiate a deal down from a listed price and I will get you the best possible deal at negotiation table. I have often amazed my clients by getting an even better deal that they would have settled for, but when you want the property, you need to consider the seller's shoes and be realistic too. If a home is well marketed it will be priced realistically at market value so there is little or no possibility of a bargain basement, way under list, steal unless there is a real negotiable deficiency.

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