Does the idea of paying into your future equity make more sense to you than paying off someone else's mortgage? If so, you are probably ready to seriously begin thinking about buying your own home. The following will offer you some tips before you plan ahead and get started. When Buying A Condo, Hire A Strata Specialist
The first step for serious homebuyers is to befriend a qualified REALTOR to discuss your options, the home buying process and to help you plan ahead. If you are buying a condominium or townhouse, always look for an agent who specializes in strata properties to guide you through the complexities of such a purchase. When you are ready to start actively looking for a home, be smart from the start and hire a professional Buyer Agent. A Buyer Agent (BA) works under a legal contract with the buyer and is legally obligated to represent the interests of the buyers at all times throughout the transaction or contract term. Buyer Agents earn their commission only when their client (the buyer) completes on a property. Shop For Mortgage Rates And Terms
Buyers should always do their homework. A big part of buying a home is securing a mortgage. Before you buy start to familiarize yourself with what is out there. A difference of even half a percentage point can mean a huge savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600. If you need to talk to a mortgage lender, ask around or visit my affiliates page for some wonderful professionals. Get Pre-Approved
The third step for serious buyers should be to get pre-approved. Personally, I advise my clients to take this step before they begin their serach. A Pre-Approval is a certificate guarenteeing your interest rate and terms. Once you know how much you can realistically afford, you will be in a winning poistion when you find the right home, especially when there are other interested buyers. Going through the steps of getting pre-qualified also indicates to the seller that you are serious and really can afford to buy the property. Don't forget to add your strata fees into your monthly budget! Define What You Need
The next step is to create a realistic idea of the property you would like to buy. What condominium or housing features are most important to you? What does your family really need to make the move worthwhile? Do you want a complex with amenties or wthout? Is transit important or do you drive to work? Make two lists: one of the items you can't live without and one of the features you would enjoy. As part of my service package, I provide my clients with a House Hunting Checklist. We use this to refine the wishes from the necessities as we house hunt. A tool like this is very useful and is easy enough to create on your own to track your house hunting. Visit Properties
Once you have completed the steps above, you will be ready to begin visiting open houses and tour condominium or houses. Work in tandum with your Buyer Agent to preview homes that might fit your needs, and use your checklist to keep on track. Buyers are often surprised to learn how fast their wish list can change as they search. Be flexible and make sure you are communicating your evolving preferences to your agent. Keep Resale Value In Mind
Waterfront views, luxurious amenities, and 24hr concierge serivces can add considerable value to condominium resale. Updated kitchens and bathrooms, additions and curb appeal can increase the value of many residential houses. When you work with a professional Buyer Agent, they will help you plan beyond your purchase and help you look for features that hurt or will help the future resale value. Rate The Houses On Your Tour
After touring each home, write down what you liked and didn't like about each home or unit. From your notes, compare monthly strata fees, the condition or availablity of the amenities and any other items that are important to you. Work with your agent to develop a rating system that will help narrow down the list of potential units. For example, pick the condo you like best on day one and compare all other units to it. When you find a better one, use the new favorite as the standard. Make An Offer
Once you fing your dream home or one close to it, it is time to get serious about the financial and contractual side of the purchase. This is where open communication with your agent is vital. A professional Buyer Agent will be step ahead of you and provide you with a break down of what happens next and explain the various ways an offer can go in your situation. Never be afriad or too shy to ask questions in this phase. Remember, once you sign a contract, it is legally binding--so if something is on your mind, now is the time to ask! Arrange For A Home Inspection.
After your offer is accepted, one of your subject conditions should be a property inspection. Never be talked into dropping this condition; it is for your sole protection. In multiple offer situations, it may tempting to sweeten the deal without an inspection but always play safe, and hire a professional to tell you what problems you are buying into. Don't be discouraged once you read the report; it is common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. Review the report with your agent who can then renegotiate on your behalf. If you negotiate repairs as part of the purchase, ask for a "walk through" before finalizing the paperwork. A Few Words On Strata Documents
Buying a condominum can be complex. As part of your subject conditions, your Buyer Agent will request copies of the following documents: AGM and meeting minutes, building envelope or engineering reports, current financial statements, notices to the owenrs, parking leases or assignments, and among other items, an information certificate. For the average consumer this stack of paperwork can be extremely intimidating to understand. Work with a Strata Specialist to help you make sense of these documents and decide if this is a property you are comfortable investing your savings in. The Closing Phase
Before the closing date, the buyer will need to ensure all the necessary monies are available to them through their mortgage broker. Never leave such details to the last minute, call and confirm everything is on schedule and wll close smoothly. Your Buyer Agent will be in contact with you with reminders and any remaining paperwork to sign. At this stage, your agent will also recommend you contact a real estate lawyer if you haven't already done so to book an appointment. Your lawyer or notary will process the conveyance of the property transferring the title, discharging any satified charges and mortgages, and handle the statement of adjustments. Plan to have your homeowners insurance ovelap the completion and possesssion date and insure not only your home but all of your presonal belongings. Read the fine print, many homeowners just assume everything is covered. Depending on the coverage and provider, you may take a loss on some items. Do your homework and be sure you have adequate coverage. Prepare For Life In Your New Home
Before rolling out the welcome mat, consider some moving basics: arrange for an alarm company, activate the electricity, water, gas and phone service, and notify your local post office of your new address. The best time for renovations is often before you move in, so give the proper amount of notice to the strata council and conceirge if you are having work done in a condominoum suite. Your agent can help you coordinate with the sellers if you need access or quotes before closing. The Cost of Buying Strata | 
