Buying a home is more than an important milestone, it’s likely to be the most significant purchase of your lifetime. Not only are your life savings on the line, but so are hundreds of thousands of mortgage dollars you’re responsible for paying back. And owning real estate can give you the leverage you need to make other financial investments and opportunities as well, as long as you’ve made the right purchase.
So how do you get your foot in the door of Brampton’s hot real estate market without overpaying for a home or getting stuck with a lemon? Following these tips is a start!
Work With Real Estate Professionals
At some point, before the purchase is complete, you will need a real estate lawyer in Brampton to ensure that you’re protected during the biggest purchase of your life. An Agreement of Purchase and Sale is a long, complex document that can leave you exposed to massive financial losses. And only a lawyer can check that the title is clear of liens, debts or other obligations and ensure the seller clears them before the sale. These are just two of the reasons you need a local real estate lawyer looking out for your rights and interests in a Brampton land transefer. You have to act fast in Brampton’s seller’s market, so you need to have a lawyer in place from the start.
A real estate agent can help you find a home in your price range in locations you might not have considered that are within acceptable distances from work, family and friends. They can also advise you if it’s worth it to get into a bidding war for a particular house or if a home is grossly overvalued. They can even give you exclusive access to listings that come into their brokerages before they’re listed.
And the good news? As a buyer, you don’t pay for their services. Their commission is paid to them by the seller’s agent. Just be sure to interview a few potential agents to find one you’re comfortable with that can provide you with references.
No matter which professionals you choose to work with, they should be able to walk you through all the programs available for first-time home buyers, such as the First-Time Home Buyer Incentive and the Home Buyers Plan, and let you know how they work and which ones are best for you.
Get Pre-Approved for a Mortgage
Aside from the house you move into and the work it may or may not need, a mortgage is the most critical component of buying a home. You can’t spend enough time saving up for a down payment or shopping around for the right mortgage – unless interest rates increase in the meantime. So knowing when the Bank of Canada plans to raise them is vital.
Do your homework and learn all you can about mortgages to recognize the ones with hidden fees, bait-and-switch rates, and terms that don’t align with your financial goals, e.g., a closed mortgage.
A pre-approved mortgage gives you and your agent a price range to work with and gives sellers peace of mind that your offer is unlikely to fall through at the last minute – a necessity in a competitive seller’s market.