Some home buyers have been sitting on the fence waiting to see what will happen to the Mississauga real estate market ever since the Federal government implemented tighter lending rules. It’s been about a year now and what we have seen are buyers who took the plunge were rewarded with year over year growth in their property values. For those who waited now have to pay more as opposed to paying less like they were hoping for. That said it’s still a good time to buy real estate in Mississauga as interest rates remain historically low and there are plenty of options to choose from including condos, town’s, semi’s and detached houses.
Consult a real estate agent for advice regarding home ownership.
Buying a new home especially for a first time home buyer can be challenging. A realtor or real estate agent can make the process easier as that is what they are trained to do. The buyer should certainly seek a professional with experience helping buyers find real estate in the area and neighborhood’s they are looking to live in.
Get pre-approved for a mortgage.
Being pre-approved for a mortgage means the buyer is more serious and really able to make a serious financial commitment. Many deals fall apart when the client was not pre-approved, but still made an offer and later finds out they really couldn’t get a mortgage in the first place. Believe me, save yourself, your realtor and the seller and their agent from wasting their time, energy and money by making sure you are financially ready first.
Think about LOCATION!
There’s an old saying that goes…Location, location, location. Where your home is located will affect many aspect of your life including your commute to work and the school your children will attend. Think about if you want a city lifestyle or a country one. If you are probably going to sell this property sometime in the future, how desirable is the location to others?
What type of home do you want?
Think about the type of home you can afford and try to buy the best possible for your situation. Condo vs. town homes or semi vs. detached? Do you desire a breath taking view or maybe a big backyard? Can you buy a fixer-upper and do renovations or do you want a home that is ready to live in just the way you want it. Make a list of must haves and order them by importance. Your real estate agent will help you find a desirable house meeting most if not all of your requirements assuming you’ve been realistic.
Go on showings.
The internet is the biggest revolution to the real estate market. It’s so easy for anyone to simply go online and start to window shop for that perfect next home to buy. But, remember people spend lots of money on having professional pictures to make their homes look better than what they are. Always go see the houses for yourself. Your realtor will assist you to see the one’s you want to see as well can also show you ones you may not have thought of. If you go to an open house or to a pre-construction condo sales room, remember to always say you have official representation as its important the selling party knows you have a realtor.
Have an open mind.
Often really good real estate is passed up on because the home owners may not have chosen the right décor and colour of paint. It’s a fact that some people have a hard time seeing passed the superficial and understanding the house has “good bones”. Try to see the space and the potential every house has. Once you move in you can change anything you want and make it yours.
If you like a condo or a house enough to want to put in an offer, there might be someone else who thinks the same. There is no guarantee your offer is accepted based on price, terms or issues that may come up during a inspection or status certificate review. Have a backup plan as an alternative so you are not 100% emotionally dependent on plan A.
Your agent can help you know about how your targeted house compares to previously sold homes and other homes which are currently for sale. Having a CMA or a Comparative Market Analysis done by your real estate agent will help you understand the relative value of the properties, thus preparing you for making an offer to buy and also setting up how negotiations can play out.
It can help to do some research.
Take some time to research at city hall about permits that may or may not exist especially if there were big renovations done to any of the critical systems or structure of the house. If you are planning to do changes to grading or making any significant alterations after purchasing the home, maybe check with the city before you buy to see if what you are trying to is permissible.
Building inspection uncovered a list of problems…don’t panic.
The job of the inspector is to find everything they can that is wrong with the property. Usually there are lots of minor issues that are things you would probably overlook. Even more major things are found that require a fix, find out from an expert an estimate and either negotiate a price reduction or have the seller fix it. Your real estate agent will help you with any potential amendments to the agreement that needs to be put into place to protect your interests. But remember this…there is no problem too big or small that money can fix.
By Todd Lee
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