There’s a lot on your mind when thinking about the perfect place to make your next home. The Barry Team includes the expertise of Niagara Region’s most experienced buying agents, and we’re here to help you navigate the complexities of real estate so you have a simplified, straightforward, and successful experience. Read these 6 first-time buyer tips to learn how to find and secure the home of your dreams in any market.
1. Reach out to the right realtor.
The person selling the home you want is represented by a selling agent who is there to help them make the best sale. You need a professional on your side to look out for your best interests, too.
A good buying agent will know all about the neighbourhood you’re interested in, help you understand the market, and work patiently until you close—and beyond that to make sure you’re comfortable in your new home.
You don’t even have to worry about paying for it, because the buyer agent’s commission is paid by the seller! So, why not work with someone dedicated to guiding you through the process?
Meet with one of the Barry Team’s seasoned agents here.
2. Figure out financing.
Before you start looking at all the dream home properties available in your ideal neighbourhood, find out how much money you have to work with. You won’t know exactly what you can afford until you get a mortgage pre-approval letter from a lender.
Your agent can recommend trusted mortgage professionals to find you the best rates on a loan with terms that fit your situation. This is better than asking an unfamiliar specialist at a financial institution, because like the seller agent, they’re working for the interest of their own client—the institution!
When you receive a pre-approval, you’ll have a competitive advantage. Sellers like offers that are solid, and the pre-approval shows that you’re serious. Once you have an accurate understanding of your mortgage options, you can comfortably begin your home search.
Here are some more great reads for first time buyers in Niagara:
- What is it Really Like to Live in Niagara?
- 5 Steps to Choosing a Niagara Real Estate Agent
- What’s the Difference Between Fixed Rate and Variable Rate Mortgages?
3. Build your budget and stick to it.
There is more to new-home expenses than monthly mortgage bills and the initial down payment. You also need to factor in payments including closing costs, moving costs, utilities, and insurance.
The agent you work with will help you determine the minimum amount you’ll need to get the home you’re looking for, and the absolute maximum in order for you to be comfortable in your new place.
Once you know your exact budget, searching for the right house will be so much easier. You’ll know where to look, where you can compromise, and when to walk away so that you don’t end up with buyer’s remorse.
As long as you have flexibility, patience, and an open mind, the right home will come along—and you’ll be ready to bid on it, confidently!
4. Write out your wish-list
This is an important step because it helps you get organized. Don’t just write down what you are looking for, but also what you aren’t. Being specific about absolute necessities, absolute deal-breakers, and “nice-to-haves” makes the house-hunting process streamlined and so much faster.
Don’t forget to consider your timeline. Your options can be significantly impacted if you have to move ASAP. If you have time to wait, you can afford to be more selective. It’s also important to remember that features like bedrooms or floor plans have the potential to change with renovations, aspects like location or square footage don’t!
Learn all about the Barry Team’s tailored approach to buying here.
5. Perfecting your property search.
When you work with a reliable agent, they’ll make sure they know as much about your must-have criteria as you do (if not more)! Knowing exactly what you’re looking for will narrow down the amount of properties you have to view, and save time.
If you work with an experienced agent, they’ll also help you see the potential in properties that might not catch your eye at first. This is a valuable skill to have in a competitive market because although a house may not look like your dream home at first glance, it may have the potential to be renovated into it!
Once you decide you want to place a bid on a home, your agent will help you craft a compelling, strategic offer. This is a big reason why it pays (literally) to have a buyer agent on your side!
Remember: keep an open mind, always consider your budget, and know when to walk away.
See Barry Team featured listings in the Niagara Region here.
6. Make moving easy.
After your offer is accepted (yay!), there’s still a fair bit of work to do. We suggest making a checklist to keep you on track of what you need to accomplish. This can include items such as:
- Complete a final walk-through of your new home with your agent
- Organize and sort all your belongings, getting rid of any clutter
- Change the locks of the new house
- Clean the new house before unpacking
- Complete all forms for change of address (IDs, schools, utilities, etc.)
Your agent can help you get organized and will facilitate the transition period so nothing falls through the cracks.
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