Buying Real Estate is a big deal, and whether you’re doing it for the first time or the fifth time, buying a home can still present uncertain situations.
Before you embark on the journey, take a few moments to read my suggestions:
1. Find the right Realtor that will work well for you. Let’s face it – the real estate industry is saturated with Realtors: from friend’s referrals, to family members, to the agent who is active in your neighbourhood. Take some time to meet at least two Realtors to figure out who you would like to work with. Knowledge, experience and reputation is important – but also find a professional that you click with. Personality matters a lot, and you want someone you feel you can trust and who will lead you though this journey. Did you research and ask for referrals, look up their website, and confirm they are a registered representative?
2. Read and understand everything before you sign. No one likes to read the fine print – however, don’t feel rushed or pressured into signing anything. Read the forms yourself and ask questions – or have your Realtor go through all the forms and explain everything to you. Knowing what you are signing can prevent future problems or misunderstandings.
3. Know your tolerance for risk. In the market we face today, submitting offers for properties with no conditions is a common practice and sometimes the only way you will be successful in bidding for a property. However, know that there are risks with this. If you’re making an offer with no condition on inspection, are you comfortable with paying for repairs that may have been caught in an inspection? If you’re putting in an offer without a condition on securing financing, are you sure you will be able to obtain financing to close to deal? Are you willing to lose your deposit should you not be able to get financing?
4. Remember, the final decision is always yours. Your Realtor is there to guide you and give you their professional opinion – but in the end, it’s your decision. Don’t be pressured into doing anything you don’t want to do. Educate yourself and make informed decisions.
5. Enjoy the experience. There is a lot to know – but I think it can be a great experience: exploring options, imagining the possibilities and jumping in! Try to stay positive and have fun!