If you are in a market to buy a new home, the best way to avoid getting in over your head, or being discouraged by the process, is to have a plan before you begin your search.
Buying new house in Winnipeg can be overwhelming and complicated if you don’t know what to expect. To make sure that things go as smoothly as possible, do these seven things.
#1. Know what you want
Going from home to home can be exhausting and take a lot of time out of your schedule. Before you start randomly looking around, hone in on the ‘musts’ and the ‘must-nots’ so that you can narrow the market and not look at homes that you know won’t suit your criteria, or that will end up with you settling and being disappointed if you jump the gun.
Making a list of what you want and what you don’t will help you find the perfect house without being mentally drained in the process.
#2. Do your research
Before you hop in the car and start driving around town looking at homes, research each area you plan to visit to know what neighborhoods you find most appealing.
Research things like average home price, school districts, and crime statistics so that you don’t end up falling in love with a house in a not-so-great location. The one true slogan in real estate is “location, location, location.”
#3. Know what you can afford
It doesn’t make sense to look at homes that you can’t afford. Not only will it be disappointing to find out what you can’t have, but you will also end up wasting a whole lot of time.
Make sure that you can get financing, and get pre-approved (this is required to even look at some homes) so that when you find your dream home, you can jump in quickly and make an offer that is reasonable and one you know you can afford.
#4. Set a timeline when you will be ready
If you have some financial issues to clear up or have to get your house ready to put on the market, then you will want to make a timeline regarding when you will be prepared to put in an offer to buy a house.
If you start looking too soon, even if you find something you like, you might have to pass it up. Know how long the process will take, so you don’t end up losing the house on which your heart is set.
#5. Think about the future; it is an investment!
When looking at homes, consider the fact that it might not be your forever home, and there might come a time when you have to sell it. If you are buying new construction, then this point is even more critical.
If the neighborhood is not yet established, you have to consider the potential that you might lose equity if the value of the area goes down due to high inventory. It is a home, but don’t forget that it is also one of your most significant financial investments too. So, treat it with the long-term strategy and scrutiny it deserves.
#6. Use a realtor
If you think that you can find a home on your own, make an offer to purchase it, and have everything go smoothly without the aid of a realtor, you are probably wrong. Realtors know the legalities of buying a home and all that is involved.
They are also an excellent go-between to absorb the emotions that can come with buying or selling a home. Since the seller usually pays realtors, there is no incentive not to use one for your new home purchase.
#7. Don’t have pie in the sky dreams
If you go into the home buying process with unrealistic expectations about what you want and what you can afford, you will be discouraged right out the gate. There are going to be things that you will have to sacrifice to buy a home in which you can live.
You probably aren’t going to get everything about which you have always dreamed. But, if you prioritize options, and write down what you have to have, it will make finding the perfect house much easier.
Buying a new home is an exciting event, but if you don’t plan, set realistic expectations, and have your financials in order, then finding your dream home purchase can quickly turn into a nightmare. If you take these seven steps to home buying, you will find what you want at a price that won’t get you into financial trouble.