Buying a home is a decision that’s hard to make. But, it is a dream come true and an investment of a lifetime. No wonder we put in a lot of thought, effort, and research in deciding what we can call our dream home. And then, there is always the fear of a buyer’s remorse, which is something you cannot have when you have invested your life savings and taken out a mortgage that could go on for the next few decades. So, how do you decide on a dream home? Here are a few tips that could help you!
Look Beyond The Listed Properties
A reliable realtor will help you find homes beyond the ones in the market. Elite Home Real Estate has a consolidated list of all the properties available for sale in Canada. Going through these comprehensive listings will help you find an off-market deal too. These homes have less competition, and hence you stand a better chance of buying the home. You can also achieve the dream of homeownership through these chattel loans here!
Find A Reliable Realtor
Realtors are in the business of selling homes for a commission. So, it is only natural for them to be keen on selling you the home and closing the deal. But how could you be sure that the property is the best for you? The simple solution is to find a reliable realtor in your locality based on the reviews and feedback from fellow homeowners.
Make sure the realtor has experience in dealing with the kind of properties you are looking for. Yes, some realtors have a niche and cater to home needs of just one or two types. Instead, it would help if you tried to hire companies specializing in all kinds of properties and have a stronghold in the neighborhood.
Evaluate Your Finances
We all have a definition of how our dream home should look like. Sadly, the imagination is different from what we can afford financially. Make sure you have your finances in place before you go house hunting. You can start by seeing how much your down payment would be, the mortgage amount, the interest rate, and your monthly EMI. Understanding these key aspects will help you get a clear picture of your budget for the home.
Now start looking for homes that match your budget. You would have a better chance of finding your dream home if you have a pre-approved loan. Sellers will consider you to be a more serious buyer as you have your loan documents ready to be processed and a bank has signed off on your creditworthiness. So, make sure you get your pre-approval documents in place.
Research The Property
Before you sign the dotted line, research the property size, location, and pricing. Enquire in the neighborhood about the lifestyle, security, and facilities. Getting to know your prospective neighbors will help you understand if you like the community and would love to spend the next few years living beside them. Try to commute to your work from this location to see how long the commute takes, the traffic, road conditions, etc.
All these might not seem like a deal-breaker, but think about it – you might be taking the same road to work for the next few years or decades. Does this route save you time, and does the neighborhood look safe? Go for it only if the answer is a confident Yes!
Set a Deadline
This is important. It is easy to become indecisive while making a life-altering decision. The more options you see, the longer your house hunting could take. The fear of missing out on your dream home and settling for the second-best property would lead you on a never-ending chase. So, start your house hunting with a deadline in mind.
Mark the date in a place where you are most likely to see it and use it as the date by which you would find your dream home and be in the process of moving into it. But make sure the date is realistic and not putting you under unnecessary pressure.