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Buying > Buying Tips

Buying Tips

  1. Find a reputable agent: Make sure your agent is familiar with the properties in the neighborhood you are interested in and is has enough experience to negotiate your offer. Real estate is a full time job; make sure your agent can be reached within a couple of hours.
  2. Find a good building inspector: Make sure that the inspector is a qualified building inspector not a contractor. Allow for 5 - 7 days following the accepted offer to have the inspection performed. A written report is a must. Expect that every house will need some immediate repairs - you can expect to budget for 3 - 5% of the purchase price.
  3. Get a preapproval from your bank or mortgage broker. This will enable you to negotiate better and move faster when you see a house you like.
  4. Determine your down payment. Keep money aside for closing costs. Remember rates may rise in 5 - 7 years.
  5. Determine your qualification. Prepare a budget for monthly expenses. Try to negotiate your interest rate and lock it in.
  6. Normally buyers have 2 conditions: financing and inspection.
  7. Be prepared: In a healthy market vendors want to reduce the time delay for these conditions so as not to tie down their home for too many days.