Purchasing a house is not really complicated, especially for the first home buyer. To save much time, frustration and worry, we recommend you to express reliable expressions.
An experienced real estate agent, who puts your interests faithfully before yourself, can help you through an increasingly complex process of purchasing your first house.
You can go through the traditional traditional way of countless surfing Obsolete In order to find an attractive and affordable house that suits your needs, we scrutinized the local newspaper, penetrated the infinite open house, listen to many pitches from all attendees, and in the evening and weekend sign legal signs Seeking and driving a neighborhood. Or ...
Please do not spare time and effort to the agency.
Time is our most precious commodity. So please let him invest in to save you. First, if there is a good reason, I advise you to line up all your ducks in a row. Before starting the search process.
In the first consultation, I will ask a lot of questions about your needs and needs, such as your favorite place, style, house size. How many bedrooms? Bathroom? Do you need a garage or are luxuries? What kind of function do you want to see? Of course, if there are all suggestions, there is a tendency to say yes. Therefore, it is recommended to distinguish the list by "needs" separately. Or & do you want? If all you want is what you want, your first home may not be available after all. Yes, it is realistic.
How much do you like?
He made some basic financial questions, Target price range Includes the amount of your prepayment. Is it yours or the borrowed money? Is Mom and Dad helping? How about your debt that your total income and minimum payment have not been paid? Have you ever been bankrupted? Any credit difficulties? He advises what to expect for closing costs, including large land relocation taxes. From this basic information, you can calculate the total amount and total debt repayment rate. Our dream house Does not change to nightmare .
He may also suggest you purchase at the maximum affordable price. You may think he is trying to maximize his duties. This may be correct, but it is not desirable to compromise so many people to save money at all. The more you compromise, the faster you need to upgrade to you. A big house. This, of course, will move faster than later, with all normal expenses such as real estate fees, legal fees, land transfer taxes, expenditure, and the cost of the moveers. So, now it may be prudent to invest in a big house and stay for a long time. Of course, please do not buy too much for your budget. Do not go crazy here.
Royalty, commitment and buyer agent.
At some point, the agent commitment In exchange for this commitment to work exclusively with him, he will also promise you according to the terms of the contract. In exchange for assuming the harassment of another agent, he agrees to bear the responsibility of full confidence to maximize your interests. Unlike the early days when most agents legitimately worked for sellers directly or as subagents, most buyers are now expressing personal. In fact, it is the default standard in many areas. However, for all purposes and purposes, this is the way we have done so far, but now the law actually reflects reality.
Because the agent wants to work more for you and knows that it will be his payday, so doing this promise (making the condition that you have successfully chosen your agent) Go down. It feels great that the agent knows that the agent has serious and faithful customers. Before getting lost to another agent, you will not feel the temptation to push you for purchase.
Approval before mortgage.
Your next step is to seek a preliminary approval of written mortgage from your bank or your agent's recommended mortgage broker (sometimes you can arrange favorable conditions from your bank). Confirmation of prepayment, credit check etc are included.
Please do not accept a letter from a lender or mortgage broker just to confirm that you will lend funds for the mortgage to confirm all of the above. When it comes to negotiating a fair trade with the seller successfully, it will not be a great help to the agency. If the agent can guarantee the seller and its agent that the condition of financing included in the offer is merely formal, prove that it is approved beforehand and send the actual certificate to the negotiating table You can prove by showing on You are in a strong bargaining position. Your agency can remind the seller about it Only their property It must be approved by the lender Realistic Evaluation. If the housing can not evaluate the lender's satisfaction, it is a value that does not excessively exceed the negotiated selling price, and as long as the buyer can not raise prepayment, the mortgage may possibly decline .
While you are finishing the financial structure,
Your agency uses the industry's first computer software to search a large number of lists, perform sifting and foot work, and list the house that is as close as possible to the parameters determined at the initial consultation Create a. In some cases you can even preview these properties personally if you are looking for the specific features of the first house that can not be identified from the data in the list. For example, you may not want a house where pets and smokers stay for allergies. Or, you can have the agent check the bus route very close to the bus stop. He may also want to check whether there is a high tension hydraulic tower behind the house, a van of huge cubes living next door, or if there is a structural problem at home not.
Begin the show.
Well, I told you that your mortgage finance was organized, that the agency has a house for you and it is available next Saturday. Before hitting the road, he may mail his final choice for you your Personal preliminary review on your computer. You usually see the address for the interior and exterior multiple photos of each house, perhaps a virtual tour, if you really want to check out the neighboring places before you personally see the interior.
Your agency usually gets the final list in order, geographically, minimizing driving time among the houses, and saving your time again. He asks for reservation through the list broker and gets confirmation and lockbox code as necessary. Meet and move away at his office or another convenient place. Fun begins! Incidentally, it is probably a good idea to leave that seed together with your grandma at least until you narrow down the list. Secondly, with the second viewing, you can get their approval to the children. I found that after the first couple's family observation, they are losing interest, especially if your children are very young, informing them of their feelings in an uneasy way.
Typically, to avoid getting too confused, we can not see as much as half a dozen homes for each tour. Too many, they all begin to blur together. As you go through the list, we recommend choosing favorites and comparing each new prospect to that one. Whether written or digital recorder, it helps. Some diligent buyers actually bring digital cameras. However, some sellers infringe this too much and may oppose privacy.
AUNT ETHYL AND HARRY.
As your agent is probably experienced, it will be a valuable resource while watching. They've been looking at countless real estate for many years, but obviously they have an extra sense and may overlook, hear and listen. In addition to pointing out positive features and benefits at home, potential shortcomings and Patent (clearly visible) defect . And they add objectivity to the process. This will be far more precious than you say. Where an agent is objective, relatives often owe their personal prejudices, but in my experience it is usually negative. Avoiding negative expressions is easier than encouraging with aggressive and constructive comments.
There is a natural tendency to see furniture and interior rather than actual details of the structure, such as floor, window, cabinet, furnace, plumbing and various other functions. Your agent will guide you to see more, as it will help you make better educated decisions. Hopefully we hope that the seller does not exist during browsing so that you and your agent can freely talk without risk of offending homeowners.
If your agent is doing preliminary review jobs well and your needs are not very clear, you may find your new home actually on your first outing. In the latter case, another reservation is required and the search is continued. In some cases, search parameters (such as price zones) may change (increase) as displayed in the inventory list, but the process will continue until you find a new house. In some cases, we actually invested for buyers customers who have very specific needs for years. Fortunately, I finally succeeded in helping them achieve their home owned dreams.
Please make your feelings your leader.
All the houses you are looking at have many features on the list of what you want / need, so your decision will mostly depend on how you feel about the house. Are you comfortable? As a good question, keep in mind that if you are staying in your old comfort zone, the possibility of purchasing a period of your home is low. Do not forget that the biggest risk in life does not risk!
Can you imagine living there and raising your family? Does your existing furniture fit? In order to make it your home, how much effort is needed to personalize it? Does it excite you? Given that opportunity, it is a good idea to actually sit and savor the mood at home. Please spend time in the garden, open your eyes, ears and nose and feel free to investigate the surroundings. Are there noisy trains and trucks nearby? Are you in the flight path of the local airport? Maybe you may like all local actions. Before submitting the offer at the end, take a quick walk and check the park, school and recreation. Please sit in the car to see the traffic pattern. If you are looking for a home, please check what is grown on the next farm. Is there a dent of gravel in the neighborhood? Let's consider the traffic volume of the dump truck.
Decision time
Long things take time to make decisions, but I always thought that it was difficult.
We tend to do complex things from time to time. I advise you to just follow your instinct. Do not think too much. If you feel the house is right, it has most of the basic ingredients you are looking for.
Just go to it!
In the midst of my career, the buyers changed their hearts overnight. Postponing the purchase of the first house I will contact you after a while and start searching again. Also, sometimes prices and mortgage rates rose, so it was not possible to save a sufficient prepayment for compensation. So, they either buy a small house or raise monthly payments.
I once asked the middle-aged couple to go into my office and go to see the house. Before going out, I had a $ 100,000 who kept safely in the bank for years, learning what they owe. They never bought a house !! At that time, we were able to purchase a detached house of less than $ 75,000 in the outskirts of the suburbs, so there was no affordable problem. When asked why I did not buy what the price went down years ago, they replied that they never found the right home. Well, obviously, as I expected, they did not even buy the house I showed to them. They expressed a sincere desire to own their own house, Rental games Obviously their fear allowed them to dominate their lives. Probably they may be afraid to lose their job. Anyway, how did they pay the rent if they had it? Same scenario, different situation.
Make a decision - Make an offer.
It is time to determine the terms of the offer. Since your own agent is a client protecting your interests, here are the advantages of professional guidance. He can display printouts to you Equivalent sales list Provide you a valuable view of setting your first offer price, Discuss the strategy .
Of course, the market value and the final selling price may not be the same. Depending on other conditions of the offer, like the number of conditions, possession date, other provisions, everything will affect the price the seller agrees. Often, as usual, the fewer the conditions, the more attractive the seller is. Sometimes prices may be accepted, but the requested completion date will not work for them.
If you trust your agent (We should do so at the moment), he sees it as capable. Standard contracts are usually created by the local real estate association, so you do not need to read the entire standard contract. Even though it is inherently general, it does not like specific parties, but of course welcomes reading the entire contract. But what really matters is what was entered in the blanks and texts of the contract. Various clauses are written in ordinary language, but your agent can provide a summary, I know what you signed . You also have the right to have a lawyer review it before it runs.
The inspection condition of the house is prudent.
Your agent has an inspector he likes, a man he trusts, he has a person who refers to you. For this service fee, Peace of mind . A qualified inspector can discover mechanical, electrical, or structural potential latent defects (potentially invisible). However, including conditions on this point is not intended to escape from mild concern. After all, as the structure gets older, more maintenance and repair is required. So do not think that a 30 - year - old house is in the same state as the house built last year. The purpose of the test is Protect you from a big surprise It is generally used to inform the physical condition of the property. That is to inform you what you purchased.
If the inspection report affects important matters, depending on the terms of the terms included in the contract, ask the seller whether they are released from the contract, corrected the deficit or adjusted the purchase price downwards There is an option. If they agree, the revision at the same time Remove the conditions and specifically describe the work agreed by the seller or the adjusted purchase price.
What is going on in Vegas?
Under the buyer agent contract, the agency, Confidentiality and complete disclosure . In other words, what is talking with him remains with him. And he must disclose to you any related information that you can get about property, in particular any information you are giving to get it Information based decision .
If the seller or you are obsessed, the agreed final price may be affected. When the seller purchases unconditionally or when notifying that the rental contract is to be ended, there is a possibility that the moving date is approaching. However, no discussion on the motivation of the parties in negotiation should be done, except that one party volunteers this information to the other party.
In many cases, the first offer will go back to the buyer. At that point, if you find something satisfying the condition you can just accept the counter offer or you can oppose it again. It is recommended Listen to your agent's advice Here, as a reliable knowledge adviser for you, he should have a fair idea on whether another counter offer will succeed or not. If the seller is fair it is advisable to show the same respect. If you feel that the conditions are not realistic or not affordable, agency commission should consider continuing the search if another counter is useless. Who knows? You may have asked the seller to re-submit your offer after the mind changed their mind.
In some cases, you may have to compete with another buyer on the same property. Among these Competition situation It is really easy to get rid of that moment and escape. In some cases, prices may be higher than the listing price, and in some cases unrealistically high prices are sometimes sold. Some purchasers completely avoid these situations. This is not necessarily the best idea, as it is likely to get lost in buying your dream house. Under such circumstances, you are advised to decide the best price and stick to it. Please do not start. Resist the temptation to participate in enthusiasm for bidding ,Please move. There is another house you like.
You can make your competitive offer more attractive by increasing your deposit, giving the seller a date of hope settlement, or not asking for chatter not included in the listing. If you are confident about fund procurement and the contract amount is large, we may consider removing the loan condition from the loan terms. Or examine the expert's house Before You can also submit your offer and leave that condition.
After the production.
Basically I bought your first house, so I have to make the best effort within the permitted time with the help of your real estate agent. Follow the conditions It is to complete the application for the mortgage, arrange the examination of the house, and fulfill the other requirements of your consent form. Once these are completed, sign the performance notice or waiver and delete the terms and conditions.
Selling sign.
But your work is not over yet. Now, while packing, you arrange the mover, call the utility company, sign the insurance contract at home, register the children at the local school, contact the post office for address change , Banks and credit card companies, government agencies or departments, and various other responsibilities.
Done
I will meet with a lawyer about a week before the dismissal, sign the document and send money. Usually we will pay lawyers the draft of banks and checks. To this amount, your payment (Deposit submitted with application form will be part of prepayment), payment (government registration and various search fees, land transfer tax, title insurance fee, etc.) Mortgage and healing oil (If applicable)), your attorneys on your behalf, of course, his fee for processing your purchase.
His office can contact you after closing to confirm that you now own your own home and can retire from his office. Reports that include reconciliation letters, certificates, mortgages and other various documents follow. I do not know if your house has a key, so I recommend you change the key of a new house.
Are you happy?
Now you can advise your friends and family that you bought your first house! Congrats!
So, are you happy to hire an agent to help you find and buy your first home? By that alone, you may have missed the opportunity to see the new hotlist and tried to solve the real estate spent by others. We offer very valuable services and usually charge free of charge to buyers. Therefore, carefully select the agent.
one more.
Do not forget to thank you for your diligence on the agent. I appreciate more than introducing to you all of your friends, relatives, and associates. Our business is based on customers and their referrals who are mainly satisfied returning.
Oh, and one more.
Before starting the process, please check available government grants and rebates of your regional programs. In Canada and Ontario, please refer to the following information. Land relocation tax refund.
This grant will apply a 15% credit to the $ 5,000 amount and a tax credit of up to $ 750 to help supplement the costs associated with the initial purchase with costs related to legal fees We propose that, land transfer tax etc.
Home buyer plan
The federal budget proposed using the home buyer plan to raise the withdrawal limit of the initial home buyer from $ 20,000 to $ 25,000 (per individual). Under this program, initial purchasers are permitted to apply tax-exempt funds from their RRSP to prepay for their homes. The amount withdrawn under the HBP must be paid over 15 years from the second year of the withdrawal year.
Home reform tax deduction
The budget proposed a 15% credit to be charged against the portion of qualified housing renovation costs not exceeding $ 10,000, except for $ 1000. This translates to a maximum tax deduction of $ 1,350. This is due to the fact that after January 27, 2009, prior to February 1, 2010, the executed work or goods pending under the contract signed after January 27, 2009 were accepted Applicable to qualified housing renovation costs. Details of qualified housing, including houses, cottages, condominiums owned for personal use. Click here for details [http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant3-eng.asp].
Household average net worth in 2005 is as follows.
The rental price is $ 11,000. $ 375,000 for mortgaged homeowners. Home owners without mortgages are $ 764,000. Source: People Patterns Consulting, 2005
EmoticonEmoticon