Buying a home can be a stressful and overwhelming experience. While you will likely have a real estate agent by your side to help provide you with the advice and guidance you need to find the home that is right for you, it is important for you to go into the process with a clear understanding of what needs to be done. After all, purchasing a home should be a happy and exciting experience. By following this simple buyers checklist, you can ensure your home purchase is a positive experience rather than a negative one.
Check Out Your Credit Rating
If you have a low credit rating, you may not be able to qualify for a mortgage loan. Or, if you do qualify, your score may be so poor that you will be forced to pay a much higher interest rate. Therefore, your first step should be to investigate your credit rating in order to determine if now is the right time for you to buy a home. If your score is low, work toward improving your credit rating before you pursue your dream of home ownership any further. Please visit www.equifax.ca to find out your credit score.
Investigate Mortgage Options
Before you even start looking at homes, it is a good idea to explore your mortgage options and to clarify how much you can afford to pay for a home. If possible, you might want to consider getting pre-approved for a loan. Not only will this help you to narrow down your search as you look for the perfect home, but it will also give you more negotiating power. If a seller sees that you are pre-approved, he knows you are a serious buyer who is ready to purchase a home.
Decide What You Want in Your Home
Now that you know how much you can afford, it is time to decide what you want to be included in your home – an important step no matter whether looking for Denver luxury condos or just a modest cabin in the woods. Some things to consider include location, number of bedrooms and bathrooms, living space, lot size and amenities. The more you are able to pinpoint what you are looking for, the better you will be able to sort through all of the available homes for sale.
Find an Agent
While it is technically possible to purchase a home without the help of a real estate agent, an agent will help to simplify the process. Not only will an agent be able to narrow down your choices, which will help save time, but she will also help negotiate the best deal on your behalf. Of course, hiring an agent will help ensure all of the paperwork is completed properly as well.
Take Pictures and Notes
More than likely, you will see several homes before you decide on the one that is right for you. To help keep track of all of the homes that you visit, be sure to take plenty of pictures and to jot down a few notes. In addition to writing down information about the home, remember to record your general impressions as well. These photos and notes will help you determine which homes are worth a second look as you try to choose the one that is right for you.
Finally, before making a purchase, be sure to have the home inspected and to learn about any applicable home warranties. While you may be tempted to skip over the inspection process, this is an essential step to ensuring you have a clear understanding of what you are buying. Furthermore, if there are problems with the home, the inspection will give you the opportunity to back out of the deal or to renegotiate a new price.