Everyone knows that buying a home is likely the biggest expense you’ll ever have to face. How do you know who to trust when you’re choosing someone to represent you in this transaction, and how do you know your real estate agent has your best interests at heart? We think you’ll see from the proven track record of RE/MAX of Duncan agents, from our community involvement, and from our pursuit of continued professional development that we really love the Duncan / Mill Bay real estate industry and excel in sharing our knowledge and experience.
What can you expect when you’re buying your home? There are several mistakes first-time buyers make. Avoiding these pitfalls will save you from the stress, frustration, and disappointment that sometimes plagues buyers.
Your Mortgage Matters
The first thing a new buyer should do before looking at listings is get pre-approved for a mortgage. Not only does this help you decide on a budget, but when it eventually comes to making an offer, pre-approval can help give your RE/MAX agent an added edge, on your behalf, in the negotiation process: sellers want the security of a deal that won’t fall through because of financing.
It’s not just the price of your home that’s negotiable; your mortgage terms are flexible too. Make sure to get quotes from numerous institutions, as the differences in interest rates can be astounding. Your RE/MAX of Duncan agent will be able to provide you with connections to the best mortgage professionals around, if you choose to go that route.
Always get a home inspection! We’ve all seen the TV shows: couple buys dream home, dream home was not inspected prior to purchase, couple ends up having a nightmarish situation on their hands. Of course, these are extreme cases, but the relative low cost of a home inspection could save you thousands of dollars and a lot of grief in the future.
There’s a Reason for REALTOR®s
There are many reasons real estate agents exist, but it all comes down to advocacy and professionalism. Your agent works for you and is bound by a very strict code of ethics, so she/he has your best interests at heart. RE/MAX agents are equipped to arm their clients with practiced negotiation skills, counsel on what to look for in a home, advice on conditions, and so much more.
Do Your Homework
Above all else, as a buyer it’s extremely important to research the costs associated with owning a home. Will you be paying property taxes? What about strata fees? What will your closing costs be and how much will you have to budget for the transfer tax and legal fees? Consulting with your RE/MAX agent early on in the buying process will help you determine how much you’ll need to save up, over and above your down payment.