There’s no shortage of real estate advice lurking on the web. A quick online search will pull up an endless stream of hits offering tips for buyers, who are often overwhelmed and confused about making what will likely be the most important purchase of their lives. Most of this advice comes from realtors, some of whom are able to pull together key tips and information from a long career of successfully helping buyers find the right property for them.
But wouldn’t it be nice to hear from someone who’s been in your shoes – a buyer who was recently just as excited and confused as you are? This post aims to do just that: give you direct and honest advice from someone who isn’t trying to sell you anything, but simply pass on wisdom that might just make your purchase easier to navigate and more rewarding in the end.
#1 – Choose the right realtor, but do your own homework too
The most important person for you, in your real estate transaction, is your realtor. They are motivated to help you find the right property that suits your needs, as their long-term success depends on happy clients who are eager to return to them for future purchases (and pass their name along to friends and family who are making purchases). Find someone who you know has been in the game for a long time and has a deep understanding of real estate transactions and how the market is shaping up on the short- and long-term. It also needs to be someone who is easy to talk to.
From there, you need to communicate clearly and honesty with your realtor of choice. This begins with doing your own due diligence – making sure that you have a deep understanding of your own financial situation and your goals for the purchase. That involves going online to use mortgage calculation tools to understand exactly how your monthly payments will be impacted if you increase your price point. If you come to your realtor with only a vague understanding of price, desired location, and so on, you really aren’t setting anyone up for success.
#2 – Get a feel for your prospective neighbourhood
With prices being where they are right now, buyers may be more willing to expand their search area. This can be a good thing, potentially opening up new opportunities in an area that you hadn’t previously considered, but will end up loving.
On the other hand, you may find out that a pocket of the city where more affordable properties are available just doesn’t have the right “feel” for you and your family. Whatever the case may be, you won’t know unless you get out there and see properties. So have an open mind. You can always narrow things down later in the game.
#3 – Be ready to pull the trigger
If you have a deep understanding of your financial situation, have spent your own time coming to a clear understanding of what you would be getting or giving up in terms of your purchase “wish list” on a specific property, and find a property that feels right, be ready to move fast on it.
Some people spend many months, or even years, searching for the perfect property. There are many reasons for this, but the longer you wait, the more frustrating it becomes. If you find a property at a solid price point that meets most of your key criteria, go for it! Put in a competitive bid that fits your own financial needs, but also reflects what you feel is fair market value for the property. It really needs to stay as simple as that, so you can avoid feelings of regret down the road.
#4 – Be confident in your decision, and don’t second-guess
As soon as I made my purchase, I asked my realtor to cancel my email alerts on prospective properties. I know a lot of people who continue to scour the market in the days, weeks, and months following their purchase, putting themselves through the painful process of identifying other properties they think might have been better suited to them. The bottom line is that, at this point, you have made your purchase, and you need to enjoy it.
By following the tips above, I think you will avoid feelings of buyer’s remorse at this point in the process, and will be left with a property that you and your family can be proud of!
If you have any questions, or want to discuss more tips, email firstname.lastname@example.org or text 905.222.1212