You decide to buy a home. It is an exciting time. This will be one of the most expensive purchases you will likely make in your life. How do you make sure that everything goes well? What is your next step?
Today most people rely on specialists to help them in many aspects of their lives – Be it car repairs, house repairs and financial planning. Buying (or selling) a house is no different. I strongly suggest enlisting the services of professionals to help you throughout the process to insure a smooth closing.
The four most important professionals are your banker/mortgage broker, your real estate agent, a home inspector and lastly, your real estate lawyer.
Unless you are independently wealthy, it is crucial to find out early in the process how much you can afford to spend on a house. You should see your banker/mortgage broker to get pre-approved for a mortgage. There is no sense in looking for a house out of your price range.
Speak to your real estate agent to assist in finding your dream house. Experienced Real Estate agents will use their knowledge to help you avoid the pitfalls that the inexperienced home buyer could easily fall into. They can help you find houses in your price range.
Once you have found the house of your dreams, make sure that it is inspected by a qualified home inspector. He or she will make sure that your house is safe and advise you of any problems or potential problems before you take possession of your house.
Your real estate lawyer will review the agreement of purchase and sale and make sure that title to your property is clear and free of liens and a wide variety of problems. Your lawyer can help you at any stage of the process.
One of the most frequent questions I receive is “Why do I need a professional when I buy (or sell) my house? I can save myself a lot of money if I do everything myself.” Buying a house without professional help is not for everyone and certainly not without risk. You may save on some fees/costs but you could be taking over someone’s problems at your own expense. Statistically, most homeowners attempting to sell their own homes, net 3 – 5% less than if they had enlisted the help of these individuals.