First and foremost,
you should use a Realtor to help you
with this important life decision. We are not saying that because we are Realtors,
we are saying it because buying a home is an emotional and financial process
that can become very confusing along the way. You and your hard earned savings
are protected when a Professional is there to guide the way.
Remember that most houses you contemplate buying will be listed with a Realtor
and that Realtor works for his seller to get the most dollar for that house -
you should be equally represented when entering into these, sometimes tricky,
negotiations. And most importantly, for buyers, using a Realtor is free!!!
Commissions are paid by the seller in a real estate transaction so you the buyer
gain our valuable expertise on someone else's dime! You should also stick
to one Realtor, unless of course you are not satisfied with the service
that Realtor provides you. Your loyalty will be rewarded by the trust built between
you and the knowledge your Realtor will gain about your specific needs as you
move through this process.
Before you begin
looking at specific homes, drive around the city and look at specific neighbourhoods
to find the one that best suits you. Get out of your car and walk
the walk! Get a feel for the neighbourhood. Check out the local coffee shop, have
lunch in the pub, take the kids to the playground and see what amenities your
new neighbourhood has to offer before it is too late to decide that it is missing
something essential to you!
Remain Calm!
Things can get heated during the purchase process - another reason it is essential
to have an unbiased professional on your side! The emotions between the sellers
and the buyers can run high and the best thing to do is remain calm and remember
that if you do not end up with the house you have an offer on, it is simply not
meant to be and another one will come along soon! Your Realtor works for you and
will always continue to try to negotiate a deal if it is still your choice but
he/she can also gently point out to you when sellers have unrealistic expectations
that could leave you owning more mortgage than home!
Don’t be fooled by
Foreclosures - they are not the bargain they are made out to be! In most
cases, the homes have not been looked after and there is much to do in the way
of catch-up maintenance. Look at it this way if the owner was unable to make the
mortgage payments, you can expect that they also had trouble financing anything
the home needed. Perhaps they bought before they were ready for the responsibilities
of home ownership or perhaps their circumstances changed but often it it simply
comes down to, why would they continue to maintain a home they knew they are going
to loose? Be prepared to do some overdue maintenance on most foreclosures!
Don’t buy on a whim!
Buying a home is a major life decision. Be sure to check out all
the listings your Realtor provides for you. That doesn't mean you actually have
to see every house, many can be eliminated by reviewing the listing carefully
but the best way to avoid that sinking feeling of buyers remorse is to see a reasonable
number of homes before you pick the right one. Go back to the home(s) you liked
best, and compare them again without the clutter of the ones you rejected in your
mind - it is best to get a second look at any property you are considering. Remember
though, that in the event you come into direct contact with the sellers or their
Realtor DO NOT let them know how impressed you are with their home, they likely
will not move much in price in the negotiations if they know you have your heart
set on their home. Your Realtor will apply "poker face" for you!
Overpriced?
Many homes on the market are overpriced. There is a variety of reasons for this
to occur but remember that the list price is simply an invitation for a buyer
to make an offer. If you like a home, don’t be afraid to make an offer based on
the current market even if the market conditions are not represented by the list
price. This is often refereed to as "low-balling" and sometimes the seller can
take offence. But remember, again, that when it comes to head-to-head, it is the
two Realtors working through the negotiations and not the parties directly involved
- in other words, we take the heat for you! Your Realtor has access to all the
data pertaining to comparable sold homes in the area and can analyse the house
you have in mind against that market data to determine what a fair offer should
be. Furthermore, the sellers Realtor is obligated to present all offers made to
his sellers and cannot unilaterally decide that an offer is not good enough -
your Realtor will ensure that he/she does not do this.
If you have any questions
about these Important Purchasing Tips please
contact us.
RECalgary Home