How to Buy A House – Getting Started

A friend of mine in another city recently asked me, “How do I get started buying a home?”. I thought it would be great to share the answer to her biggest questions to help you get started!

What does a Real Estate Agent do? Do I have to pay them? How do I determine my budget? What are the next steps?

In most real estate transactions, there is a listing agent (the seller’s realtor) and a buying agent (your realtor)
• The Buying Agent (Your Realtor):
• Helps you navigate the process (It can be complicated!)
• Helps you figure out what properties and areas fit your budget and wants/needs
• Helps you negotiate the deal, manage the risk and do all the paperwork to actually buy the property
• Can connect you with other professionals in the industry to help: mortgage brokers, lawyers, architects, contractors, accountants, etc.

The best part is that you don’t pay the buying agent! The seller pays both agents!
You should looks for an agent who:
1. You like! You will be spending time looking at property with them and they will be helping you through some potentially difficult times.
2. Is experienced in the area and with the types of properties you are looking for.
3. Is patient and understands that buying is a process.

How do I determine my budget?
The next step is to talk to your financial institution or a mortgage broker. You can also use some online mortgage calculators to help you understand the implications of rates and amortization. I recommend talking to a mortgage broker before you talk to your financial institution because:
1. They will use one credit check across multiple lenders
2. They will be able to find you the best rate, amount, and terms because they work with multiple lenders
3. They will pick up the phone. The buying process can move quickly at times and it’s nice to have someone that you can talk to.
4. They will give you options instead of saying no.

If you have a financial institution that you like talk to both and see where you can get the best mortgage.

I recommend starting the conversation with a mortgage broker. If you need to connect with one please let me now!
Just note that a pre-approval is not an approved mortgage. It is more of a budget guideline. You will need an agreement of purchase and sale on a property for an approved mortgage.

What are the next steps?
Finding a home to love is a game of hurry up and wait. It’s getting prepared so that when you find something you love you are able to act quickly. The next steps are:
1. A quick chat. Book a FREE No Obligation consultation so I can help you start to navigate the process…
2. I will start to send you property listings, so you start to understand what is available in the neighbourhoods you love.
3. Talk to a mortgage broker to understand your budget. I can connect you with a good one.
4. Let’s go and see some properties! Finding a home you love is a process and it starts with seeing properties to understand your needs and wants.

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Supriya Dalal

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