Congrats! You’re setting out to accomplish one of life’s great milestones. Maybe you’re buying your first home, moving up to your dream house, or your ready to resize into a more manageable space. Wherever you are on your journey there are five important things to keep in mind to help you make the most of your time in-market, and to get the best value.
1. Outline your goals early
Before you start to look for a realtor, you need to know what you’re looking for in a home. Take inventory of your current situation (are you moving to be closer to a new job, buying to have more space for a growing family, or investing to start climbing the property ladder?).
Once you take stalk of where you are, think about where you want to go. Is your new home going to be a short or long term purchase? What are your family plans?
Once you’ve considered these factors, then you can think about the must-haves and the nice-to-haves (and the must-not-haves) in your ideal home. With a clear list of goals and criteria, you’ve already made your home search that much easier, for you and your agent.
2. Find the right realtor
This almost goes without saying, but we’re still going to say it because it’s that important. Some people do think they can trade real estate through self-representation, but why risk it? As a buyer, you don’t pay the agent’s commission, so there’s really no downside to partnering with a licensed realtor. In fact, you’ll be doing yourself a disservice if you don’t
The right agent will help you avoid common mistakes (even if you’ve bought or sold before, remember the market and the industry are always changing), connect you to their network of professionals to help along the way (like lawyers and contractors), and they’ll manage every aspect of the process so you don’t have to.
Licensed agents also have access to listings and real estate opportunities that you don’t. Off-market, pre-market, and exclusive properties are only available to realtors. So to give yourself the best chance of finding the perfect home, sooner, you’ll want to work with an agent. You’ll also benefit from their industry knowledge and specialized market experience.
You’ll want to ask your agent about their past sales and their area of expertise to make sure they have the product knowledge about the home you want. Someone who only sells downtown condos might not be a great fit for you if you’re looking for a single-family home in the suburbs.
It’s important to interview multiple agents to find the one that not only matches the expertise you need, but also your personality because you’ll be spending a lot of time together.
3. Have a plan, but be flexible
You’ll want to stick to your list of criteria while looking for your new place, so that your search is purposeful and focused. Holding firm on your non-negotiables (like proximity to kids schools or price-point) is important so you don’t end up buying the wrong house, or risking financial strain.
But you’ll also want to keep an open mind. A home that might not seem to match your wish-list at first could be a hidden gem that just needs a little love and a few upgrades. Or you might find that a neighbourhood you weren’t initially interested in checks a lot of boxes.
This is where the expertise of a seasoned agent is truly valuable. They’ll help you see past beautiful staging to understand the actual pros and cons of each home you see. And they’ll make your search as efficient as possible by helping you navigate the market, with up-to-date insights, and introducing you to a range of options.
Keeping these three important tips in mind when searching for your next home can be the difference between a long drawn out search and a seamless purchase that meets your expectations quickly.
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