10 essential checks when buying a first home

Buying a first home can become a source of stress and a financial abyss for the buyer who does not do the proper checks.? Here is a checklist that will allow you to become a homeowner while sleeping on both your ears.

·also to read: buyers must now "sell themselves"!

·also to read: what are the hidden costs of buying a property?

1. Have you obtained hypothecal pre-approval?

Before you even start looking at houses, it's important to see how much you can afford. By obtaining a mortgage pre-approval from a financial institution, you will have an idea of the maximum amount that the bank is willing to pay you. In addition, you will gain credibility when you submit an offer to purchase. Be careful, however, not to buy to the maximum of your capacity. A pre-approval is a limit beyond which the bank considers that there is too much risk that you will not be able to repay the mortgage.

2. What are your needs?

Determine the number of rooms you want, as well as the number of bathrooms, the size of the lot, whether or not a garage is available, etc. With these criteria in your pocket, you will save time in your research.

3. Would you like to buy with a real estate broker or do it yourself?

I strongly recommend that you do business with a real estate broker. On the one hand, its services are free of charge to the buyer, since it is the seller who pays him. On the other hand, the broker has unique knowledge and tools. It can help you find your home, then assess its value and establish a negotiation strategy. In addition, it accompanies you throughout the purchasing process.

4. Did you get the seller's statement?

The seller's declaration is a document that reveals several information about the condition and history of the house. In short, it is important to have him in hand before the visit, as he will not only be able to inform you about the condition of the building, but will also help you to establish a negotiating strategy.

5. What are the planned expenses?

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— ChaiBonsai ✨ Tue Jul 20 16:23:44 +0000 2021

Take the time to budget for the various taxes (transfer duties, municipal and school taxes), maintenance costs, services such as snow removal, etc.

6. Have you planned an inspection?

This step is not mandatory, but it is essential! An inspection by a qualified inspector will identify some potential problems with the building. This way, you will be able to buy (or decide not to buy) with full knowledge of the facts.

7. Is there any work to be done?

Following the inspection, prepare a list of renovations and issues that will need to be addressed in the coming years. Attach importance to work over $500. If you have already made an offer to the seller, you can still negotiate, depending on the inspection.

8. Are the time frames for taking possession suitable for you?

If you are leaving another dwelling, make sure that the date and time of taking possession of your new home is consistent no later than when you hand the keys over to your former owner. If you want to undertake renovations before moving in, there is nothing to prevent you from taking possession of your home sooner. For example, you could paint the walls without being cluttered by the mess of moving.?

9. Have you planned your home insurance?

Your home insurance must be in effect on the day you take possession of your new home. Get ahead of time to shop and make at least three quotes with different insurers. You may be surprised to see how prices can vary from one insurer to another.

10. Did you find a notary available to conclude the transaction before the end of your lease?

The notarized deed of sale formalizes the acquisition of your new home. It is therefore important to find a notary who can have you sign the papers before the date of taking possession.