Wednesday, April 20, 2011

How Do You Find The Right Home

Once you decide on the kind of home you want, how much you can afford to pay, and get your mortgage pre-approved, you are ready to start looking for a home.

Where to Start
There are a variety of sources available to help you find the home that is right for you:

Word of Mouth
By telling everyone you know that you are looking for a house, you might hear about homes that are just becoming available.

Newspapers and Real Estate Magazines
Check the new homes section in newspapers or look for real estate magazines available at newsstands, convenience stores and other places.

The Internet
Check out real estate websites, such as www.mls.ca, for information and pictures of a wide range of houses.

“For Sale” Signs
Drive around a neighbourhood that you like and look for “For Sale” signs.

Visit New Development Site
If you are looking for a newly-built home, this will allow you to see the different models available and to get information from builders.

Work With a Real Estate Agent
Have a professional join the search. For most buyers, a real estate agent is key to finding the right home.

Useful Tips For House Hunting

Keep Records
It’s a good idea to visit many different homes before choosing one. Don’t forget to consider the home’s utility costs, property taxes and major repairs, as these will affect your monthly housing expenses. Ask to see copies of bills. Be ready to compromise. You might not find a home that has everything you want.

Check out the Existing Financing on the Property
It may be possible to take over an existing mortgage from the person selling the home, or even get a vendor take-back mortgage in which the person selling the home lends you money to help make the sale.

Think twice
Even if a home seems perfect, go back and take a closer critical look at it. Visit on different days and times, chat with prospective neighbours and look beyond just how a house looks.

Home Hunting Comparison Worksheet
To make sure you have all the information you need, use CMHC’s "Home Hunting Comparison Worksheet". It will help you ask the right questions and choose the right home for your needs.

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