Tips for Buying a Home

A home is one of the most expensive purchase a person will make. The house purchase may last a few years or a life time. So planning it correctly the first time is important. Here are some important tip and questions to make that purchase less stressful.

1. Location

Location, location and location is very important. What are the amenities, shops and activities located around your area? Is it close or far to work? Are your family and friends able to visit you?

2. Type of Housing

What do you want to live in? A condominium, apartment, townhome or house? Do you want the view of an apartment or the comfort of a home? Is a condominium large enough for your needs or a townhome for your expanding family? Selecting the right type of home for your needs is important.

3. Financing

How are you going to pay for the home? Do you have enough money for a down payment? Will you borrow money from your family, friends and relatives? A loan from your bank?

4. Mortgage

Getting a pre-approved mortgage will determine how much you can afford. Locking in the mortgage rate now reduces economic stress. If the mortgage rate goes up, you can use your lower locked-in rate. If the mortgage rate goes down, you can negotiate another mortgage. Locking-in a pre-approved mortgage is a benefit to you.

How much mortgage are you loaning from the bank? Can you make all the monthly payments? Are you still able to pay all the bills? That dream home may not come true if you are not able to afford it. Getting family to co-sign a loan may increase your amount of mortgage, but they are also responsible for any debts you have.

5. Check List

Make a check list of things that you want done. It is easier to make a comparison and keep track of all the things you have seen. Different people has different perspectives, please consult us as your realtor for advice.
Some check list examples:
- House/apartment: # bedrooms, patio/balcony, exposure, etc.
- Inspection check list: Things to look for when viewing a home; condition, cleanliness, traffic noise, outside environment, etc.
- Upgrades required: What things you have to replace/renovate to make the home in good living condition; new carpet, new stove, etc.

6. Neighbours

You can't choose your neighbours, but you can speak with them and see how they are like. So, have a look around. You will be living near them for a long time. Ask people if they like living there. What they like and dislike. They will be happy and helpful to see a new neighbour.

7. Home Inspection

A home inspection will bring peace-of-mind to your purchase knowing that you have made the right decision. A small cost now will save you thousands later. A qualified Home Inspector does home inspections for a living, they are experienced and will see things you have not thought about.

8. Realtor

We will guide you through the buying process. We are able to search for properties that match your criteria and setup a viewing appointment for you. Do the necessary paperwork. Give your local Sutton Group Realtor a call to get things started. Having the help of us as your realtor reduces the stress of buying a home.

9. Home Documents and Records

Does your seller have any documentations and records about the home. Do you know what is happening with the property. Will there be large fees and upgrades that you have to do?
Here are some documents and records that you may request:
- Maintenance/renovations receipts.
- Major appliance receipts and service records: Are they new and still under warranty?
- Utility bills for the last 12 months: This will determine how much you are expecting to pay and what your costs will be.

10. Moving-In Time

Once you have purchased a home, how long before you can move in? Do you have to live at your current residence for a few months before moving in? How do you plan to move to your new location?