Purchasing a property can be a scary prospect, especially if you have never dabbled in the real estate market before. However, it can also be the best investment you make and also has the added bonus of improving the quality of your life. This article will help both real estate newbies and veterans improve their knowledge of the real estate market.
Even if you are buying your home only for yourself, you should have someone go with you to look at the house, preferably someone with home buying experience. An experienced home buyer might notice problems with a house that you might not have seen. You should also have them make inquiries to the Realtor on your behalf.
Using a calculator on the web helps you determine what is affordable for you to spend. Add in all your expenses and income, and let the calculator do the work. Carefully analyzing your personal finances will ensure you don’t buy more house than you can actually afford.
Collect data about your local housing market. But don’t just look at statistics. A terrific house in a great neighborhood can defy the averages.
Stay in communication with your Realtor. Properties are available all the time. Most of the time properties aren’t ideal for everyone. You may be able to find a remarkable property that someone else hasn’t purchased already.
Even though a home inspection may not be required by your bank, you should still opt to do one for your safety. Before purchasing a property, you need to hire an expert home inspector so that you have a greater understanding of any issues associated with the home. From cracks in the foundation and faulty wiring, to outdated pipes and mold in the basement, there is a long list of things that may be wrong in a home that you will miss without an inspection.
Buying a property is often the biggest purchase anyone will ever make in their lifetime. It can also involve making some very big decisions. The tips above will help you to confidently make important real estate decisions, and avoid the common mistakes people tend to make when purchasing properties.
Rob Longo, Sales Representative ABR, GREEN, RSPS Magic Realty Inc. 805 N. Christina Street Sarnia, Ontario www.roblongo.ca www.magicrealty.com