Deciding to Buy a New Home or Property In Burlington, Waterdown, Ancaster, Dundas or Surrounding Area
Here is a guide for buying homes in Burlington & surrounding areas. Contact Clinton Howell, Burlington’s real estate agent to know more about the home buying process.
Deciding to Buy a Home or Property in Burlington, Waterdown, Ancaster
The decision to purchase property must be made carefully. It is most likely be the biggest financial decision you make. And that applies to you as a first time home buyer or an experienced buyer. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
Learn More About Buying Your Home. Contact Clinton today!
Preparation For Buying A Home
It is important for you to have a clear sense of why you are buying, to be able to choose the right property. It is also important to make some preparations prior to your property search.
Building Your File
Credit Rating Check
Choosing a Real Estate Agent
Narrow Your Search
Select a few properties that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term resale value of the properties you are considering.
Time to Buy
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.
Inspections and Appraisals
The Initial Agreement and Deposit
Keep written records of everything. It will be extremely useful to transcribe all verbal agreements including counter-offers convert them into written agreements to be signed by both parties. An agent can help you in drafting all the paperwork for your purchase and make sure that you have copies of all the documents.
Stick to the schedule. Now that you have chosen your offer, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract.
Selecting a Closing Agent
Appraisal and Lending
It is important that you keep in close communication with your lender as additional documentation may be requested to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate.
If you are obtaining a loan, your lender will require you to purchase a certain amount of insurance on the property. The value will depend on the lending institution and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around for insurance.
Closing The Deal
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.