How to Find Your Dream Home—in 8 Easy Steps.
How to Find Your Dream Home—in 8 Easy Steps.
Figure out what you want in a home.
You might be looking for something containing five bedrooms, three bathrooms and two cars. Decide how many rooms you need, how much outdoor space you need, and what other things you will need to feel like you're not just within four walls but home.
Utilitarian factors are important to take into account because, no matter how much you love the architecture of a house's exterior, if it does not have enough bedrooms it will be hard to enjoy spending time in it.
Then again, if your dream home doesn't include a dishwasher, maybe you could live without one and save some money. Make a list of the things that are must-haves and the things that you can compromise on. After all, you will spend years in that new house and pay for the mortgage and down payment. The buying process isn't something most people want to go through for fun.
Narrow down your options by location and budget.
Now, this is the time where plans meet reality. The perfect house may not be in the right location or within your budget.
The house-hunting process is limited by your budget first, so when you're looking at listings you can look at how much it could cost to own a beautiful home you see online by using some online calculators to figure out what types of homes fall within your price range. An idea of what your ideal home costs is a great way to recalibrate expectations.
The housing market is a strange thing, especially these days in Canada. Your wish list may not match up to what you will find in your search.
Doing some research in comparable houses lets you re-evaluate what your home buying process will look like.
Location is supremely important and not just because of property taxes; the surrounding area of a house can turn it into a no-go or the perfect home. For example, a property in a good school district, with decent square footage, but a slightly higher asking price than expected can very well be the right house compared to a similar property in a worse neighbourhood.
Hire a real estate agent to help you through the process.
Home buyers sometimes feel like real estate professionals don't add as much value as their commission is worth - then it's suddenly time to pay for closing costs and the homeowners association fees.
A real estate agent is a key part of how to find your dream home. In the search for a new home, they are experts always on the lookout for the best properties even before said houses go on the market.
House hunting is something most people do a few times in their entire lives, real estate agents find the best deals possible for every budget and specification possible.
The tales of people that save more money by going without an agent are rare enough that they get brought up but home buying is full of traps and unlit paths that many wish they had used an agent to guide them.
Tour potential homes and make a list of pros and cons.
An open house is almost like cheating, it gives a serious buyer such a good idea about what they can expect from life in the house that it can make or break whether the property flies off the market or not.
When going through an open house ask questions whenever you can, test all that the real estate agent will let you test and try to imagine it as your current home. Will you feel satisfied with your search if you end up there? Is this close enough to your dream house?
As you walk through the house, think of your future and that of your family. Think of how kids, hypothetical or real, will feel about their first home. Spend some time in each room to understand how your life can flourish within that space.
Get pre-approved for a mortgage loan.
Once you know what kind of home you can afford, it's time to get pre-approved for a mortgage loan. This is when your mortgage lender, usually a bank, will evaluate your actual purchasing power.
Having this pre-approval in hand is a great way to get ahead of other buyers. It shows sellers that you're serious and able to pay for the home.
This mortgage rate will be defined by things like your credit score and debt-to-income ratio. It's a whole other topic worth exploring with your real estate agent - they can also connect you with a mortgage broker specialized in finding the best possible mortgage deals.
Get a home inspection done.
Now, this step is about finding out if that dream home has serious issues that could cost more money to fix.
A home inspector is a professional who looks for any and all defects in a property with the intent of giving the buyer an accurate estimate of what it will cost to repair any issues.
These professionals are usually hired by or recommended to home buyers who intend on making an offer. You should get the inspection done before you make the offer, using the information gathered to get a better deal.
Make an offer on the house.
This is one of the most exhilarating and stressful moments in the house hunting journey.
Figuring out what the right offer is and when to send it is an exercise in nuance and something often best done in concert with your real estate agent.
Make an offer that's too low and the seller will discard it, make an offer that is far above the asking price and you might end up paying far more than you have to, not just as a down payment but for your mortgage as well.
There is usually an offer date put in place by the seller's agent to help them have enough time to make their decision, so be sure to submit on that date or before. Your agent may even suggest a bully offer that comes in early with fewer conditions attached to it, but that is a special scenario.
Finalize the sale and move in!
Once the offer is accepted, you need to work with the seller for just a little longer. Just long enough for the remaining fees and costs to be cleared so that the rights of the house are legally transferred over.
The day where everything is done, closing day, is when you can move your things in and start living in the home.
If you're wondering when it's time to pop the champagne, this is one of those times. The road to the end of the sale will be rocky and uncertain but new homes are bought every day throughout the country. There's no reason you shouldn't be next. Happy house hunting.
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