Buying your first is both an exciting and stressful decision. It symbolizes the beginning of a new chapter in your life, and starts you on the path to the future you’ve always dreamed of. It also requires a lot of hard work, and hard financial decisions.
However, with the right preparation and some useful advice from established homebuilders like Valecraft, you’ll be able to navigate the process and find the perfect, safe, and reliable home for you and your loved ones.
If you’re looking for homes for sale in Ottawa or Orleans here is some helpful advice you may want to consider before you begin your search:
First, Find Your Financial Boundaries
If you’re like most of us, when you think of buying a house, you imagine all the fun you’ll have searching for a home with the perfect patio, kitchen, or master bedroom. Before you get to that stage though, there are a few things you’re going to want to do to make sure you’ll avoid future disappointment.
To begin, you’ll want to find what your financial limits are going to be. This will allow you to narrow your search to homes that will be realistic choices for you.
Start by checking your current credit score and fixing any mistakes you may have. Be sure to check your credit score report for any errors. If you find errors, report them immediately. The goal here is: the higher the credit score, the better the loan.
Next, you’ll want to get pre-approved (or even fully approved) for a mortgage. You’ll need to speak to a few lenders who will ask you to provide your financial statements (paycheck stubs, bank statements, credit report, etc.) which they will use to determine how much they are willing to lend you towards the purchase of your home. Choose a lender who will offer you the monthly payment you feel comfortable with and the interest rate you feel best about.
Now Comes the Hunt
By this time, you’ve probably spent hours daydreaming about what you’d like your house to look like, where you’d like it to be, and what amenities you’d like it to have. You also have a realistic idea of what you can afford. Now comes the “fun” part.
Searching for the perfect home actually requires more work than you may suspect. You’ll need to interview and decide on an agent that you feel comfortable with. Before speaking with potential agents, make sure you’ve done your part by making a list of things you need to have (size, number of bedrooms/bathrooms, etc.), then any peripheral necessities (schools, commutes to work or shopping, type of neighborhood, etc.). Last, make a wish list (patio, decorations, pool, etc.)
This will give the agent an idea of what types of homes would be best for you to tour and keeps you and the agent on the same page at all times.
Then, the Close
The hunt for the perfect house will be exhausting, unless you’re lucky. When you finally find the home you like, you’ll need to make an offer. Your agent can help you determine the amount. Be prepared for a counter from the seller, and to negotiate. Also, be aware there may be others interested in the same home; you may not get your first choice on the first try.
After agreeing on a price, the home will be inspected and appraised, while you finalize details on the type of loan you’ve chosen.
After those things, you’ll close (sign final paperwork) the deal and move in!