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Steps to Consider When Shopping for New Homes

February 27, 2012 | Comments: 0 | Views: 139

Purchasing a new property is a huge emotional and financial undertaking. Before you begin your search for new homes, you must assess the following key factors: location, start up costs (including down payment and service fees) the type of home you want and your lifestyle requirements.

Consider where you want to live. Location is not only important for transportation and lifestyle reasons, but also for resale value.

The Canada Mortgage and Housing Corporation ask the following questions when choosing a location:

· Do you want to live in a city, a town or countryside? · How easy will it be to get to where you work? How much will commuting cost? · Where will your children go to school? How will they get there? · Do you need a safe walking area, or recreation facility, such as a park, nearby? · And how close would you like to be to family and friends?

You need to answer these questions prior to looking at new homes for sale. Once you have selected an area right for you, it is time to consult the experts.

Hire a realtor. Avoid private deals because you may find yourself unprotected or victim to undisclosed information. Realtors are a credible and reliable resource whose job it is to find the best home for you.

In addition to a realtor, approach other home-buying professionals: A mortgage broker, to find a lender with the best rates; a lawyer, to protect your legal interests; an insurance broker, to manage your home insurance; and a home inspector to inspect the new homes. Your realtor will be an asset at this stage because he or she can suggest contacts they have worked with before. These professionals are available to help you, but also charge fees for their services, so make sure to budget accordingly.

Ask your mortgage broker to put you in touch with a lender for a pre-approved mortgage. Though it does not guarantee your approval, it will help you to know how much you can afford before you start home shopping.

With a price range in mind, discuss your needs with your realtor. You want a home that is going to be practical now, as well as grow and adapt with your family's future needs. Decide how many square feet you want, what kind of backyard space you would like, if you need a large garage, how many bedrooms your family needs, etc. It's good practice to recognize all your needs first and adjust them later if you need to.

Once you have established your ideal home, start looking for new homes online, in real estate magazines, or in developing sites within your location. Yes, it's your realtor's job to look for you, but it's smart to keep your eyes open so you don't miss an opportunity.

After you or your realtor has found a potential property that fills your requirements and is within your budget, it's time to prepare an offer. They will contact the vendor and present your offer. Whether the vendor accepts, counter offers, or change the terms, you will need to reexamine your own terms and determine if you are financially equipped to change your offer. If a fair negotiation cannot be made, continue searching. If an agreement is reached, the next step is getting a mortgage.

Your lender will help you complete a mortgage application and educate you on all the different mortgages available. They will assist you with all the details, including interest rate types, the length of mortgage and a payment schedule. The type of mortgage will vary depending on the down payment.

When the deal is finalized and you and your lender have outlined a mortgage plan, the down payment will be made and the home will be registered in your name. Possession is yours! You can begin moving in.

Remember, buying new homes is a huge decision and requires considerable thought and planning. Hiring a team of professionals ensures your protection and success as a first time homeowner. But once you have possession, your job is not over. You still need to maintain your home and make mortgage payments on time. If you can manage your home efficiently, it is likely you will have a happy and comfortable place for you and your family to enjoy for many years.

Source: EzineArticles
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