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Canadian House Hunting Stories: Nine Helpful Tips
House hunting is a crazy ride - full of highs and lows, ups and downs, thrills and tears. But from the stories of Canadians across the country who have been through it themselves, the ride is well worth the end result. To celebrate the house hunt, we’re publishing the stories of real Canadians in the weekly column “Canadian House Hunting Stories.” Here is Dale Sherstobitoff, who shares her nine most valuable house hunting tips.
1. Location counts: You've probably heard the old real estate joke about "location, location, location," but the point still bears repeating. Location is crucial. How far are you really willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, seniors services, and other public amenities? Will your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it's in an undesirable location, particularly if you anticipate reselling the home within a few years.
2. Make a list: Do you (and your spouse, if you're married) really know what you need and want in your home? You'll save yourself many hours of shopping (and potentially arguing) if you make a list ahead of time. Zero in on the features you must have, would like to have, would prefer not to have, and definitely don't want. Your goal is to find the right home for your family without falling in love with one that doesn't suit your needs. Tip: start compiling your wish list by thinking about what you like and dislike about your current home.
3. Do your homework: Not long ago, consumers had very little access to information about recent home sales prices, market trends, homes on the market, neighbourhood statistics and the home buying process. Today, all this information and more is available on the Web. Go surfing. Get educated. Become empowered.
4. Get pre-approved for a mortgage: Make sure you can easily make your payments, even in hard times. Your top-dollar home price is a function of your household income, your creditworthiness, interest rates, the type of loan you select, and how much ready cash you have for the down payment and closing costs, among other factors. Rather than guessing or estimating how much you can afford to spend, ask a lender or mortgage specialist to give you a full assessment and a letter stating how much you're qualified to borrow. The true amount may be much more or much less than you think.
5. Use a checklist: Touring multiple homes is a confusing experience for most people. Rather than relying on memory, make notes about the homes you visit. Turn your priorities into a personalized home-shopping checklist and use it track the features of each home.
6. Wear comfortable clothing and sturdy shoes: House hunting can be tiring, especially if you're relocating to a distant community and want to see a dozen homes in one day. There's no sense in torturing your feet unnecessarily.
7. Be prepared to make an offer: House hunting can also be frustrating, especially if you know in your heart you're not really emotionally or financially ready to buy a home. If you're not ready, don't put yourself through the exercise. If you are ready, go through a blank purchase contract ahead of time so you'll know what decisions you'll face when you make an offer. When making an offer make sure you add that you want a home inspection by an inspector of your choice.
8. Relax: Granted, buying a home is a major life-altering event. But it's not worth making yourself insanely crazy or super-duper stressed. Save time at the end of your house-hunting expedition to unwind, calm your thoughts and emotions, and keep the whole experience in perspective.
9. Do not let a Realtor pressure you!
Follow Dale’s advice and make your own house hunting checklist with the BMO Mobile Marketplace app!