Buying a House – 101

The process of buying a house can be overwhelming, but just like anything in life, when you’ve done it suddenly it seems quite easier.

There is no secret to real-estate, it’s all about:

  • Location, Location, Location (and i’m sure you’ve heard that one before!)
  • Select a house that you can increase the value  (now depending on how risk adverse you are, you’ll select a house with little or alot of renovations). Based on what’s on my site, I’m certainly coming across as risk adversed…however, my heart rate when way up when we opened the walls. 
  • Make sure the house has good bones (by this i mean, the structure is in good conditions). You may need the assistance of professional architect/engineer at the beginning. However, the more properties you visit the more natural it will come to you. If you intend on buying a property always consult a professional home inspector before signing on the dotted line. CMCH (Canada Mortgage and Housing Corporation), has valuable information on potential challenges certain properties have based on the era they were built and more.  
  • Make sure you have a good mortgage broker. Too many buyers under estimate the role of a mortgage broker, getting a good rate on your mortgage is key.  For those that aren’t aware, a broker’s services are free to the customer. The broker’s salary/commission is paid by their brokerage firm/bank. A good parallel would be that a mortgage broker is like Groupon. Since they bring clients in volume to a bank, they are, more often than not, recipient of a preferential rates.
  • Last, but most important…make sure you know your MUST HAVE vs. NICE TO HAVE….often, first time buyers tend to have a long list of MUST HAVE, and eventually realizing they can’t afford everything on the list….losing on opportunities because their priorities weren’t as in order as they taught.

Those would be my top 5, on buying a home….if you have questions feel free to add your comments and I’ll do my best to respond.

 

2 Responses to Buying a House – 101

  1. Thomas Szczygiel says:

    Location – Check!
    Increase House Value – Check!
    Structure and Foundation in place – Check!
    Mortgage Broker – Count have asked for better Service and Interest Rate – Check!
    Must have vs. Nice to have – Need to get my priorities straight – THIS is an investment endeavour – Its all about the Must have with a twist that i need to concentrate on, literaly! Need to think about the potential future buyer and the customer market in that specific area! To be checked very soon!

  2. West says:

    Indeed Thomas…glad to hear this is helpful…yes Must Have vs. Nice to have is key…often we wait time when that part is not clear!!!

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