13 Jan Top 10: Resale Home Buying Tips
Posted at 20:14h in Buying
A Resale Home refers to any home that has been previously lived in. It could be an original Victorian home or a home less than a year old that still has Tarion Warranty Coverage.
- First and foremost, take a moment and work through a needs analysis of both home and area. Look to both your short and long term needs for both home and surrounding community. We have a great form to help you here… visit our website or ask your sales representative.
- Get pre-qualified financially and then look beyond monthly mortgage payments for your lifestyle needs, future and present. Spend time on your budget and set yourself a price range to start your home buying review that works for you. Budget for closing costs from land transfer and legal fees to adjustments for pre-paid taxes, title insurance and more (good rule: around 2% of the purchase price).
- Meet with a Realtor before you start touring homes. We can do so much in a home review meeting… show you comparable sales, active properties, area trends and features… better still, we can listen to fully understand your needs.
- Evaluate home and neighbourhood from pending developments to amenities and features that are important to you such as schools, shopping, recreational, traffic patterns and more.
- Picture the house you enter empty. This is how it will be delivered to you, so take a moment and picture everything out of the house and envision how your furnishings and decor will fit into the property.
- Use the RE/MAX RISE Pre-Offer Property Preview form before you make an offer. This ensures you walk around the property and observe potential visual defects, deal with any chattels, fixtures and provide for that extra attention to detail that a major purchase demands.
- Evaluate comparable sales prior to making an offer to make an informed choice about the offer price. Home sellers do this and so should home buyers… we are here to help.
- If you are renting, do not set your closing date for the day you have to move… why add the extra pressure? Set this a few days before so you can move in at your leisure. Also keep in mind that closing day requires transfer of funds prior to title, this does not occur at an exact time of day. Discuss this with your lawyer and coordinate your move accordingly.
- We will draft a conditional offer that incorporates key conditions to protect you such as home inspection to insurance on through to suitable financing. Always do a home inspection, it is a great way to get to know your property before you make the final purchase commitment, and be present for the home inspection – it is being done for you! Ensure as well, insurance and financing are all 100% complete, no one needs a last minute surprise on moving day.
- Before closing, have utility arrangements in place and pre-consult lawyers, lender and insurance to be sure everything is ready for closing date. We will be in touch prior to closing to complete a pre-closing