Buying or selling a home is a complicated process. There are tough decisions to be made from the minute you decide to sell or purchase, beginning with choosing a realtor. According to the Real estate Council of Ontario (RECO), there are over 60,000 real estate agents in the province, and a broad range of approaches to the process.
If you want to find the perfect agent, take the time to sit down with a few real estate sales representatives to learn more about them and their goals for you as a buyer or seller. Finding a great agent is the first step in a successful real estate transaction. Here are a few other smart home buying tips from RECO:
1. Don’t get emotionally involved. Falling in love with a property makes it hard to walk away from a bad deal. Stick to your budget and don’t skip a home inspection to win a bidding war.
2. Always read contracts and forms thoroughly. It’s tempting to skim things over and sign, especially when you’re excited about finding the perfect home. Missing an important detail – i.e. the length of a listing agreement or a holdover clause – can cause huge hassles later.
3. Get pre-approved. While a pre-approval isn’t a guarantee that a lending institution will approve your mortgage, taking this initial step will not only give you a better idea of how much you can afford, but it could give you a leg up in a multiple offer situation.
4. Don’t make verbal agreements. Always put things in writing to avoid disappointment or confusion later.
5. Location, location, location. Finding the perfect house is amazing, but if that house is located on a busy street adjacent to an industrial area, resale value will reflect that. Also consider neighbourhood amenities, highway access and safety.
6. Don’t underestimate closings costs. This shouldn’t be a guessing game, Sit down and crunch the numbers so you know exactly what to expect. Land transfer taxes, legal fees, title insurance, moving costs, utility set up charges and others add up quickly.
For more great advice on buying or selling a home, visit the RECO website at www.reco.on.ca.