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Buying a home is different from buying a cellphone or a car. You aren’t buying a small item just for yourself, or something that you will replace or upgrade in a few years. You will most likely stay in your forever home, where you and your family will live your best memories. When you are in the market for a home, you should be aware that you are making a long-term commitment and investment. This is why it is important to know exactly what you are looking for, identify your housing needs, and do your research before you choose the house you are going to live in. You need to consider whether you have a family, are planning to have one, have pets, or are taking care of an elderly family member. Read on for tips to help you out when you are looking for a new home.
1. Identify Your Needs
In order for you to pinpoint your needs, you should first have an idea of the type of home that suits your personality. Ask yourself if you want a new home or an existing home, and whether you are willing to do any fixing yourself or will need to set a budget for a contractor. You should also have an idea of the house’s architectural style, number of rooms, and square footage. This information will come in handy, not just for you but for the real estate agent helping you as well. You should also differentiate between your wants and needs, recognizing the difference will prevent you from going over budget. It is recommended to create a list with all the important requirements like the location, size, and plot. This kind of information will help you narrow down your options.
2. Find an Agent
A realtor’s job is to make your dreams come true because they should have all the information about the residence options that fit your needs. A real estate agent understands the market and knows how a neighborhood holds its value, so they should be able to set the price on a house the moment they walk through the door. If you live in Canada or are planning to move there, and are looking for a house for sale in Edmonton, an agent can help you to explore the neighborhood. They will also help you find what you are looking for whether it is a townhouse, condo, duplex, or single-family home. The best way to find a good real estate agent is through a personal recommendation, so ask your family and friends, and check out websites that let you ask several realtors for information. An agent will also take care of all the hard parts like negotiation.
3. Create a Budget
Generally speaking, you can afford to buy a house that costs two to three times your gross income. However, you should create a budget so you can have an idea about the amount of money you are comfortable spending every month on a house. It isn’t a good idea to wait until you find a house and make an offer to get your finances in order. You should put together your financial records before you meet with a lender to get a prequalification letter regarding how much money you are qualified to borrow. You should know that presenting an offer with your finances in order will make your bid more attractive to sellers.
4. Create a List
This list will help you to learn everything about a house before buying it. If you are wondering what you should put on your list, here are some suggestions:
- Look out for molds in the bathroom corners
- Check if the size of the storage space is sufficient
- Check the basement and attic for molding wood
- Ask the neighbors about the area
You may not be able to notice all of these details on your own, which is why you should take pictures of every house you see. This will make it easier for you to compare the houses later as well.
You’ll be better equipped to make confident decisions now that you have this information under your belt. Buying a new home isn’t an everyday occurrence; it is a process that requires planning and careful consideration. You have to be patient and view as many houses as possible in different neighborhoods. It is important that you identify your needs, hire an agent, get your finances in order, and create a checklist that you carry while looking at houses. Finding a home takes time and effort, but it will all be worth it in the end.