EXPERT ADVICE REAL ESTATE
1. Get pre-approved for your mortgage Getting pre-approved for your mortgage gives you greater buying power than the ‘Looky Loos’ who leave it to the last minute.
you want to make a quick offer on a hot property). Test their knowledge of the local market-place. Most importantly meet with a number of agents for an interview and go with someone you feel will work with your best interests in mind and who you feel comfortable with. 4. What’s on your wish list? Before you start seriously shopping for your first home, you should determine what your needs and wants are. Create a list of features you are willing to compromise on, and ones that you need to have. Remember you rarely get everything you want so be realistic. 5. Don’t forget about closing costs Closing costs vary, and, as with Realtors, call a few lawyers who will gladly let you know about their service costs and expected closing costs. 6. Go with your gut instinct If there’s doubt, if it feels not quite right, then, it isn’t. Never be bullied or bamboozled into buying something you’re not happy with or indeed working with someone you’re not happy with. 7. Don’t cheat on your new home, stop looking You know how it is! Getting dressed up every Friday night to hit downtown and then suddenly one magic night you find the one – your Mr. or Mrs. Right and suddenly local craft beer, a splash of Eau de Cologne and egg rolls at 2a.m. don’t seem quite as appealing anymore. Well, buying real estate is exactly the same thing. Once you find ‘home’, don’t cheat and stop looking.
Melanie Press, Realtor® Re/Max Charlottetown Realty
Go and speak to you bank or friendly mortgage specialist, they are there to help.
It will be one of the biggest purchases in your life and you'll want to get it right. Follow our tips to buying your first home and feel confident and excited about your new home. Seven tips to get you started on buying your first home.
2. Know how much you can afford and save as much as you can for a down payment. Lenders have formulas to determine how much you can afford to borrow. But they don’t know you personally and don’t always have your best interest in mind. Crunch the numbers yourself. You should be aiming for at least a 5% down-payment with extra money to spare for closing costs and make sure that you feel confident that you can afford the payments. Owning a home shouldn’t mean sacrifice. Just because the approves you for a $300,000 mortgage doesn’t mean you can actually afford it. 3. Find a Realtor A great Realtor is like a great hairdresser – once you’ve found them you never want to let them go! Don’t automatically go with the listing agent – And if you do and they disclose information about the owners, the owner’s motivation, that they can get you a better deal if you use them or disclose financial information (just to name a few things), walk away. This is against the Realtor Code of Ethics and they are motivated to look after no one else but themselves. Interview them, ask about their services; availability, response times (crucial in a busy market – a Realtor MIA is no good when
CHARLOTTETOWN
REMAX Charlottetown Realty 268 Grafton St, Charlottetown 902.892.2000 www.remax-charlottetownpei.com
WINTER 2017 www.pei-living.ca
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