SIMPLE GUIDELINES TO A BETTER TRANSACTION IN BUYING A HOUSE

1. Be aware of your budget.

Buying a house or a building is an important investment in many people’s lives. Knowing your needs and your financial possibilities is an asset in this investment and will help you focus on your search.

2. Know if you can get a mortgage

Purchasing a property often involves getting a mortgage financing. Before you buy, you could inform yourself on your qualifications for a specific mortgage according to your possibilities. Asking an expert on what your maximum mortgage loan could be will help you pin-size the down payment amount, the monthly payments, and the maximum price you could afford.

3. A qualified real estate agent is an asset

A qualified real estate agent has technical, financial, architectural and knowledge that simplify the buying of a property. The agent’s role involves searching for a property, negotiating for you, and advising you on what needs to be done. There are many different real estate agents, you must therefore choose one that you will be comfortable with, that clearly understands your needs, that has experience and can give you good advice on your purchase.

4. Specify what type of property you need

After knowing your financial possibility, you must look, with your real estate agent, at other requirements for your new property. The location, the areas around it, the structures such as schools, parks, shopping and transportation facilities etc. can be important factors in your search. Other important issues to discuss with your agent include the architectural features of your new home such as the number of bedrooms, the size of the kitchen, the necessity of a garden and/or a backyard etc. Your real estate agent will possibly discuss with you of different properties which could come close to all of your needs so you could visit them.

5. The right offer is important

The purchase offer will be made on your behalf by your real estate agent after you find the property that suits you best. The negotiations skills, the experience and the knowledge of the rules of your agent will help you determine the offer that can be presented for you by your agent. A deposit will probably be asked of you after the building passes a satisfactory inspection.

6. The property should be inspected

A certified building inspector should deliver a written report after a physical inspection of the property you want to buy. It should include the type and amount of maintenance work to be done on the property.

7. Signing the contract

The sale must be notarized therefore you need a notary who will finalize the transaction with a draft of an act of sale. The budget you will have should include the notary’s fees, the transfer tax, municipal tax adjustments, if there are any, and your moving costs.