Tips for home buyers

Know what you can afford

Knowing your budget for buying and owning a home, helps avoid being disappointed after viewing a home you may love and then learn that you cannot afford. Worse that you buy and then find out you cannot financially maintain the home and have to resell it. Meet with a mortgage specialist from your financial institution, financial planner or mortgage broker. Provide them with a complete list of current debt obligations including any car payment, student loan or credit card payment, and your income to assist you with determining the home value you can afford.

Get pre-approval and a rate guarantee

Cameron can provide you with a list of lenders including both Banks, Trust Companies and Mortgage Brokers. You are encouraged to start with those you have a trusted relationship with, whether your banking institution, mortgage broker or financial advisors. In the eyes of the Seller, a buyer with a mortgage pre-approval will appear more capable of fulfilling the agreement to purchase a home. A rate guarantee protects you in the event that the mortgage interest rates increase before you have purchased your new home. Rate guarantees may be offered for a period of up to 6 months. Speak to your individual financial provider to learn when your rate guarantee expires.

Do not alter your credit score before the day set to take possession of your new home

Your Mortgage Lender may reject your loan at that time if you do something to alter your credit score after you have completed your mortgage loan application. Do not make any big ticket purchases on credit and/or with a credit card such as: a new car, furniture, expensive electronic equipment/computers or major appliances.

Know what you want and need

Cameron can help you determine what will satisfy these wants and needs, and how best to sort through the many home choices in order to achieve your goals. The following are some factors to consider:

Location
Type of home such as single family, semi-detached, condominium, town home
Style of home such as bungalow, 2 Storey, split level
Age of home whether newly constructed, or an old as century home
Number of Bedrooms
Number of Bathrooms
Parking, Garage
Exterior landscaping, yard, fencing, swimming pool
Proximity to your work and children's schools
Amenities such as recreation centres, libraries, churches, parks and pools, etc.
Neighbourhood crime rate
Local transportation

Make your offer conditional on a Home Inspection, Financing or the sale of your existing home

Home inspections are a wise investment. A properly inspected home helps to avoid unwanted surprises that could cost you thousands of dollars is the goal. A financing condition is important to ensure your pre-approval applies to the specific price and home you are purchasing. There are 2 components to the mortgage approval process: One, are you approved for the mortgage necessary to cover the price you have negotiated that is "pre-approved", and two, is the mortgage provider satisfied that the negotiated price reflects the home's fair market value. Should you have a home to sell, Cameron can help you assess the advantages of selling or buying first!

Obtain a Comparative Market Analysis (CMA) before making an Offer

Cameron Nolan's advice leads to you making an educated decision. Some of the offered information that supports the current market value of a property will include:

What is the Sales History of the home you are offering on, including Sales, Expiries?
What has sold on the same street as the home you are buying, in the last 2 years?
What has sold in the last 6 months in the neighbourhood of this home?
What is currently available for sale on the market in the neighbourhood of this home?

Use a Real Estate Sales Professional to Negotiate

Cameron, as an experienced Realtor^®, assists you to determine your best strategy and then implement your plan in a professional manner. Through suggestions and providing insight to the needs and wants of the seller, Cameron Nolan will increase the likelihood of securing a successful Agreement of Purchase and Sale for your dream home. Ensuring you understand the risks and rewards of any offer you make or accept is a first step to achieving the best deal for you.

Buying a home can sometimes be stressful and overwhelming at times. With careful planning, and the help of Cameron Nolan you can avoid costly mistakes and buy your new home with confidence.