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Main Elements of the Home Buying Experience
Finances
Every
home purchase requires financial planning and
consideration, whether you have to borrow a large
amount of money or not. It is most practical to sort
your finances out before the home buying process so
that you know exactly what you can afford.
Some
buyers waste time on houses that are not a match
because they do not yet know what they can afford.
There
are two factors to consider when looking at whether
you can afford a property.
What will a financial institution loan you?
What
can you afford on a monthly basis?
These
numbers often are significantly different. If you
are fortunate enough to be approved for a larger
amount you must decide if you want as much debt as the
financial institutions will give you. This often
means sitting down with a budget.
Your Ideal Property
Every
buyer has an idea of what they want in a home. Not
all family members necessarily have the same views and
opinions about what they need and want in a home. It
is always best to have an open and honest discussion
about this before you start the search.
The
buying process is often a fluid one and some of your
views about what you really want can change as you
gain knowledge and confidence.
Home Search
This
is what you have been waiting for, the highly
anticipated home showings to find your dream home.
These days a lot of consumers put a lot of time and
effort into research before they get to this point and
are very excited when they reach it. Domus Select
would be happy to help you in your quest for
information and knowledge. Simply call or email
any question and we would be happy to get you the
specific information that you are looking for.
The
home search is a great time to get to really know your
Realtor, and also for your Realtor to really get to
know you. Since you have selected a Realtor that you
are comfortable with, the information that you provide
them will really allow your Realtor to offer you
tailored information and personal advice.
The
process can vary, but normally your Realtor will be
sending you properties based on the criteria you have
identified. When a property is selected for a viewing
the Realtor will book a showing. The norm is to ask
for a set time with at least 24 hours notice, although
this is not a fixed rule. Your Realtor will take
you to the home so that you can view
the property. Most Vendors leave during a showing.
As
there is a lot to take in, requests for second visits
to properties of interest are normal.
There
is no fixed rule as to how many houses it will take
until you are successful. A very good Realtor greatly
assists in this process as they are not
trying to sell you every property that you visit.
Instead they are learning about what you really want and need in a home to
further refine the search criteria in order to find
your dream home.
The Offer
Congratulations, you have found a great home. There
is a wide difference in what happens now, but at Domus
Select it is a time to provide information. You want
to know what has happened in the area so that a proper
price can be determined. You would like to know the
history of the property. The more relevant
information and insight that you receive, the better
decisions you can make. You will also want to
know the next steps and when they will happen.
Sounds obvious, but this does not always happen. A
Domus Select Realtor will shine in this area.
Most
offers are conditional and the most common conditions
are home inspection, financing and if required a
clause about looking into the status of a
condominium. There are of course other conditions,
but these are the most common. Your conditions are
there to protect you from unknowns that you have not
yet been able to address. Each condition has a
specific action, the results either moving the deal
forward or causing it to fall apart if the transaction
becomes unfeasible. Most conditions range from a few
days to two weeks.
Although an offer needs to be fully read and
understood, other key points to think about include
the amount you can immediately provide as a deposit,
the closing date and what appliances and other
chattels you will ask to included in the house.
Closing
Once
an agreement has been accepted and the conditions have
been fulfilled, the real estate transaction is
considered firm. Congratulations, you found your
property!
The
Closing phase is really where there is a flow of paper
and legal work so that all parties involved have
everything that they need to finish the deal.
Financial Institutions are communicating with you for
information and instructing your lawyers how to
proceed, you are meeting lawyers etc. A good Realtor
will also be very involved in helping you tie up loose
ends.
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