Buying a home can be an overwhelming process. It doesn’t involve just you and a real estate agent sifting through the Ottawa housing market. It requires a brigade of people on your side that you can trust and lean on for expert advice about buying a home. Finding that perfect home requires a super team that is comprised of your family, your real estate agent, mortgage broker, and maybe even a financial planner. These are the experts who will guide you in the right direction and get you to that finish line of finding that perfect place you can call home.
First and foremost, schedule a consultation with a mortgage broker from The Mortgage Advisors. Your mortgage agent will help determine your budget and what you can and cannot afford. With a mortgage application and pre-approval, your chances of finding that perfect home become possible as your mortgage broker will work hard to ensure the lowest mortgage rate will be waiting for you.
Check out our mortgage calculators to discover how much you qualify to borrow, figure out your amortization schedule, determine a monthly budget, and much more!
Real Estate Agent
Now that you know what your price range is, you can look for a real estate agent. As you provide details about your price range and desires, they will sift through the market and find places that match your prerequisites. Keep in mind that they have access to properties that often aren’t listed publicly. It’s also important to bring your family along and see how they feel with each potential home, but remember your opinion matters most. And always take into consideration your future needs and desired amenities, such as proximity to transit.
When you have narrowed down your selection and found a home that you like, before signing anything, you should have a home inspector evaluate the home. This will assess areas that might not be obvious or visible to you – such as the plumbing, wiring, and structural integrity – so that you can ensure everything is structurally sound and safe when you and your family move in. This will also ensure that you can avoid any unforeseen repairs and renovations down the road. You can choose to include a home inspection condition in any offer to purchase you make, so you can easily back away if any nightmares are uncovered in the process.
To make sure that you are getting good value for money, a home appraiser will assess the current market against the home that you’ve selected in comparison to recent sale prices of similar properties in the local area. This will determine if the value is truly worth it.
Finally, when the home has passed through each previous stage and assessment, you will need to hire a reputable lawyer. They will handle all the legal aspects of the purchase and ensure that your transaction closes smoothly.
Being a first-time home buyer is a stressful but ultimately rewarding process. Mortgage Brokers work closely with all of the experts involved in each stage of the game and can recommend some excellent professionals if you aren’t sure where to start. With your home-buying “super team” on your side, you’re in good hands!