Trista Anderson Windsor, ON N8T1E7 Phone: 519-944-5955 Mobile: 519-567-9996 Fax: 519-944-3387 Email Trista

Ready For your 1st Home?



 

How Do I Prepare To Buy A Home?

The more prepared you are as you start looking for a new home, the easier and more enjoyable the process will be.

The first thing to consider is your needs vs. your wants. Looking for a new home can seem overwhelming at first. There are so many things to think about, and so many choices. A small investment of time and effort right at the start will pay enormous dividends. When we work with you, we always take the time to sit down and help you organize your thoughts before you start actively looking. Making a plan will simplify the process, save you time, and help lead you to the right home!

Here are some important questions to ask yourself even before we meet:

  • Where do I want to live? (community/general area)
  • Are schools a factor?
  • Do I want an older home or a new one? What style of home do I prefer? (detached, town home, condominium, multi-family, bungalow, other)
  • How much renovation and remodelling am I willing to do?
  • Is being close to public transportation important?
  • Do I have special physical requirements, such as wheel chair access?
  • Do I have pets to consider?
  • What sort of lot would I like? (small yard, large yard, fenced, garage, patio/deck, other buildings)
  • How many bedrooms do I need? How many would I like to have?
  • How many bathrooms do I need? How many would I like to have?
  • How big a house do I want? How many rooms? How many square feet?
  • What features are important? (air conditioning, carpeting, ceramic tile floors, hardwood floors, eat-in kitchen, separate dining room, formal living room, family room, den, library, finished basement, separate laundry room, fireplace, workshop, other)

Ideally, find out about your mortgage options before you start looking. There’s nothing more frustrating that falling in love with a home, only to find out you can’t afford it. Pre-qualifying for a mortgage is the best way to discover how much you can afford. Your banker or financial planner will look at your income, expenses and debt to determine how much a lender will lend you. Combine that amount with the money you have for a down payment, and that’s your budget.

Of course, I can introduce you to several trusted mortgage brokers who can help you look at the big picture. Want to get an idea of how much you can afford? Try the Mortgage Calculator on the left-hand sidebar for a quick estimate.

Why Buy Your Own Home?

With everything going on in the economy today, the first question many people ask me is whether real estate is still a good investment. They want to know if they should buy now or wait until prices drop even further. After so many years of dealing with the Windsor real estate market, people are understandably concerned with the recent numbers which indicate a drop in property sales and prices!

Our team designed this comprehensive Guide to Buying so you can be prepared – prepared to think about buying a home, prepared to afford your home, prepared to buy it and move into it. Our goal is for you to have an edge over the many buyers out there who are making decisions based on incomplete information, lack of experience and even desperation. Our whole business is based on making sure you are thrilled with both the process of finding a home and the end result: owning a piece of Windsor you really love.

So, I always tell my clients that there are many good reasons for buying a home, even in today’s economic climate – and it ultimately depends on what’s best for you. Of course, before getting into looking for a home, we’ll sit down and discuss your situation and craft a plan to get you to your ultimate goal. Most buyers do have some main objectives in common. Of course, if you are thinking of buying, it’s crucial to examine your own personal and financial circumstances to determine whether now is the right time for you. Here are the key points to consider:  

  • What sort of monthly payments (mortgage, taxes, utilities etc.) can I afford?
  • How big is my downpayment?
  • Do I have funds set aside for closing costs?
  • Is my job stable?
  • Are my needs (job change, starting a family, etc.) likely to change in the next 12-24 months?
  • Do I have time and energy for this process? (looking for homes, notice given to landlord, baby on the way etc.)
  • Do I have a home that I want to sell first?
  • What sort of monthly payments (mortgage, taxes, utilities etc.) can I afford?
  • How big is my downpayment?
  • Do I have funds set aside for closing costs?
  • Is my job stable?
  • Are my needs (job change, starting a family, etc.) likely to change in the next 12-24 months?
  • Do I have time and energy for this process? (looking for homes, notice given to landlord, baby on the way etc.)
  • Do I have a home that I want to sell first?

Of course, the question comes up all the time: why should you use a real estate agent at all? With the surge in FSBO (for sale by owner) websites and the explosion of websites geared to helping buyers find properties and research neighbourhoods, some people think about doing the job themselves. The fact remains that though you might find your ideal home on the Internet, it is still essential to have an advocate who will help you every step of the way, from screening properties, to negotiating the best possible deal for you, to handling the dozens of transactional details.

What are the potential dangers of not having a trusted professional guide you through the process?

  • You can waste weeks, even months, searching for the right home while missing out on great opportunities because the public MLS (Realtor.ca) is not immediately updated nor does it contain vital property information
  • The Seller’s agent is looking out for his or her client, not for you – they will not negotiate fiercely on your behalf, so you could easily overpay for the house
  • Conversely, no counsel on current market value means you might lose your dream home by only a few thousand dollars in multiple offer situations
  • Serious problems with the home, including structural damage, may not be visible to the untrained eye and once the deal closes, you are stuck with the property
  • Complex clauses in the offer to purchase (drafted by the Seller’s advocate, not yours) may put you at a disadvantage in terms of payment arrangements and conditions
  • Your deposit money can be tied up for months in the event that the deal falls through; in extreme cases of fraudulent sellers, that money can literally disappear
  • Once the deal is done, you’re on your own in terms of the closing and any issues or problems that might arise.

Why Use A Realtor?

Buying a home is a big step, both financially and emotionally. No one we’ve worked with has said they wished they did it on their own. After many years of experience and having helped happy new home owners solidify their dreams of home-ownership, we still love the smiles and excitement that first time buyers have!

 The great news is, Buyer Representatives are compensated through the Seller, so using a REALTOR® does not require you to pay any out of pocket fees. My team works on contingency, putting all our time and effort into helping you reach your real estate goals. We don’t get paid until you are happily nested in your new home!

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