There are a lot of challenges one has to face while buying a new property. Especially if you are a first-timer, things can be quite difficult for you. People make a lot of mistakes when dealing in this area but with the right set of instructions, you can make your house hunt quite an enjoyable ride. Buying a house is a big step towards adulthood and you need to be very careful about the whole procedure. It is likely that you would make a lot of blunders on the way but with the help of a trained professional, chances of messing it up are way less. Here is a complete guide for you to buy not just a house but your dream house in Canada.
1- Your Budget
First and foremost, you should have a very clear perspective about your affordability. Having your expectations higher than what your bank account can allow will leave you disappointed. Hence, be very realistic. It’s okay to dream but don’t dream of the unachievable. In this way, you can settle on a realistic price range and buy a house without having to compromise on your daily lifestyle.
2- Down Payment
Saving for a down payment can save you from a lot of trouble. Most people do not pay the full price of the house at once. It is common practice for buyers to make a down payment and borrow the remaining amount from different resources such as mortgages through a lender. The moment you decide on investing in buying your own house, start saving for a down payment as it can save you a lot of time in the future.
3- Mortgage Pre-Approval
Once you are ready to buy the house, it’s time to get your mortgage pre-approval. A pre-approval is actually an official statement stating that you are eligible to get a loan from the bank and have the bank’s commitment. This will help you to know your range and how much you can afford, you will know your interest rate and you will be able to negotiate with the sellers more confidently. With Royal Bank of Canada, you can get a mortgage pre-approval free of cost. The statement is applicable for up to 120 days even if the rates go up. In case the rates go down, you will be offered the lowest rates.
4- Real Estate Agent
Finding a real estate agent can save you from a lot of hassle. You will be exempted from looking at listings, finding suitable properties, getting the paperwork and everything in between. An agent will provide you with a lot of options to decide from. They will take care of the paperwork, your mortgage, and your down payment as well. All you need to do is tell them everything you want and everything that you don’t want in your dream house and they will take care of the rest.
5- Home Search
With everything dealt with, it’s your cue to move on to the most exciting part that is the house hunt. While looking for a house, have very realistic expectations and keep all the factors in your mind which would affect you later in life. You must keep into account the location of the house, that is, how far is it from your workplace, the nearby hospitals, shopping malls, and schools if you have children. The ideal house is not only dependent on the building but is also influenced by all these factors. To get an idea of current rates, just look up on Google ‘’house for sale in London Ontario’’. Your search will of course vary, depending on your location.
Keeping all these tips in mind, your dream house hunt can go very smoothly. You can find yourself a house of your dreams in no time if you connect with RE/MAX Center City. We are here to assist you and cater to all your needs related to London Ontario homes up for sale with your convenience being our priority!