As a new home buyer in Markham, you undoubtedly have questions. The home-buying process is fraught with confusion, but with the right real estate professional at the helms, it should be a smooth process. Even still, most home buyers have some common questions. Here are the five most frequently asked questions by home buyers.
What can I afford?
Money is always the issue at hand when making the largest purchase of your life. Getting a pre-approval from your Markham lenders of choice will ensure that you know exactly how much of a mortgage you qualify for, along with your monthly payment amounts. You can then determine, based on your spending budget, how much you can truly afford. While many people feel that the bank gives you more than you can afford, this simply isn’t true, especially with some of the new buyer regulations in place. But, only you can determine what sort of spending habits you have and what payment will be comfortable.
Do I need a real estate professional when buying a home?
Many buyers believe that they don’t need a real estate professional to view Markham homes and then go on to a purchase, but you truly have nothing to lose. The seller is responsible for the buyer’s real estate fees, so your cost is basically nothing. Your agent will look for and find homes that fulfill your needs and stand up for you during the bargaining process. In this seller’s market, you truly need all the help you can get, especially when it comes to negotiating and bidding wars.
How will I know when I’ve found the right home?
That is truly a personal question and up to every individual to answer. Some say it’s a feeling they get when they enter the home – imagining themselves living there. Others look at the practicalities like having enough of the right types of spaces, location and neighbourhood amenities. Of course, price is also going to be a factor as well. Start your search on the low end of your budget and work your way up if you aren’t satisfied with any of the homes you see. By seeing a few homes, you’ll be able to compare what you can get at your price point and make a realistic decision.
Do I need an inspection?
This answer should also be marked emphatically with a yes. Getting an inspection is a very small cost that could save you thousands down the road. The inspector will check out the home for any flaws and other issues that may make this a no-deal situation. Don’t skip the inspection to save a few dollars. On the other hand, if you are in a bidding war situation and are afraid you may lose the home based on an inspection condition, have a good talk with your agent about the right way to proceed.
Should I put in a low-ball offer?
While the amount of your offer is truly up to you, putting in a low-ball offer on a home is not always a great idea. First of all, in a balanced market, a low-ball offer can offend the seller enough that they don’t even sign back or make them not want to budge on price at all. In this rabid seller’s market, a low-ball offer may possibly take you out of the running for the home. While great deals are fewer and harder to find, your best strategy is to work with your agent to pay fair market value for the home, based on comparable sales. Your agent will have that insider knowledge that you may need to determine if the seller will accept lower offers (based on their willingness to sell, how long the home has been on the market and other factors).
If you have any further questions, please don’t hesitate to contact me.
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