Home Buying Home Work Assignments, it is Well Worth it!
For Potential Home Buyers there are a few essential "Home Buying Home Work Assignments" Peter and Linda Pfann suggest in advance of shopping for your future Pfanntastic Greater Victoria Home and have the best possible results.
In a recent article we reviewed some of the preparations Home Sellers should complete before they offer their property for sale to generate the best possible results, (you can read this article here).
As with home sellers, we have prepared a number of reports and guides that will help potential home buyers along with the entire process, (please contact us to receive free copies) In the event you are a first time home buyer, we did put together a series of articles about the entire home buying process and all the various steps involved that you can access right now at this location..
So here are the key "Home Buying Home Work Assignments" we would urge you to complete in preparation to buy a Pfanntastic Home in Greater Victoria.
First and likely one of the most important questions / assignment right out of the starting blocks..........
- Are You A Really a Home Buyer or a "Home Seller in Disguise"?
- Now, we are pretty sure not too many Realtors have ever asked you this question in this way. But it is really what we ask if and when agents ask you if you own a home currently, because in the majority of cases the answers to this one question will tell us a lot about the process, the timing, the urgency and so on.
- Here is the reason why it is so important for us as your agent to know the answer. In today's market place where values of many properties are at best holding, but in many cases are continuing to come down, it is very (financially) advantageous for you to sell quick (at today's prices) and to buy slow (at tomorrow's lower prices).
- If you decided to do the reverse, as in commit to buy at today 's prices (even if your purchase is subject to the sale of your current property) but sell your property say 60 day's from now, (at the lower future value) you can see very quickly that you end up with a financial disadvantage (buy high & sell low).
- So if you need to Sell in order to Buy......... do not worry about the rest of the questions, until you are Ready to Sell (or have have accepted an offer). and Review our post mentioned above about preparing to sell......
- That does not mean that we would not talk about the buying process and even review some of the available property options, but would urge you to prioritize your next steps in the financially most advantageous manner for you.
- Do You Really Know Where You Want to Live?
- We all know the 3 most important things about real estate (yes you do, it is that location thing 3 times), we often talk to people that want to live in a certain area, and then to find out that it was more about the feel, the look, the smell, the convenience, the commute etc. which can often time be replicated in a number of different locations.
- So for you as a future resident in any neighbourhood, it would be a very smart and effective idea, to visit all the areas that you are considering to move in to and spend actual time there. Get out of the car, and walk the streets, go shopping, visit the schools, see the doctors, the bank, the clinic, the rec centre and meet the people that live in your new neighbourhood. We actually suggest to do neighbourhood visits for a number times to each of the areas you are considering as part of your "new home work" pretend you live in the area and commute (during rush hour from and too & pretend the home to work or other frequent destination communte). Go play with the kids in the local park. You get the drift...... it is nearly impossible to fix a location once you are there, so it pay off big time spend a little time doing some fun research. (conversely, you will be calling us again to move, if you pick the wrong location).
- For People moving to Greater Victoria from out of town...... and this might be a bit of a shocker, we often suggest one of two things, either buy something cheap that you will move from in a shorter period and keep as a revenue property, or...... Rent for 6 months or as long as it takes you to get a real feel for the community and all its various options and lifestyles Pfanntastic Greater Victoria represents, to establish where it is that you really want to live.
- Do You Really Know How Much You Want to Spend and Can You Afford It, Comfortably?
- Okay, technically 2 questions, but and here is the point.... So many people do not have a good financial strategy and plan in place when it comes down to buying a home. We often hear, "the bank says, we are approved for $.......... (not what we would suggest as a good strategy). In addition many tend to forget some of the costs, (one time and recurring) and often end up stretching things just a bit to tight, which can put extra strain and stress into your life that could have been prevented.
- We all know that interest rates are super low today, which is great, but wait a second, how likely is that to stay that way......... what would a sudden rate hike do to you and your family.....
- Or in the case of say, buying a Condominium / suite or town-home, there are monthly fees to consider, and what if (and it is happening way to often) there is a special levy asking for extra money to fix a problem.
- Working closely with Peter and Linda Pfann and either your bank, trust company and or a savvy mortgage broker can make a huge difference in your ability to prevent huge financial issues at the time of purchase and or down the road.
- Do You Really Know What You Need in Your New Home (and what you would like)?
- Some people think that a want and a need are the same thing, so let's describe the difference in a practical way;
- A "NEED" in a future home is something about or part of the property that if it is not to your satisfaction you will NOT consider buying it.
- A "WANT"is something that would be great to be part of your future home, but you would consider buying it even it was not included or part of the property.
- There is an exercise we urge potential home buyers to complete "BEFORE" they go home shopping.
- Each Resident in the Home gets to write down all their Needs, and Wants. For the best results, do this exercise independently from each other (no peeking) so that everybody gets to express their preferences, and once all completed, compare notes and create a "compromise" list of NEEDS and WANTS, and discuss your list with your Agents (Peter and Linda Pfann off course), and it would be helpfull to be able to explain some of the reasons for your wants and needs, in order to fine tune our best possible services to you.
So there you have it, your 4 essential "Home Work Assignments", that you as a future home buyer should complete before you go home shopping, we will add one further suggestion, which might be an obvious one by now........
Make Sure You Work With A Real Estate Professional Team That Is Truly on YOUR Side.
Buying a home is not like shopping for groceries, were aside from the price there is mostly little difference between one store versus the next.....Your Real Estate Professionals should not only be your trusted supporters and advocates, they should be able to Save You Money, Keep You Clear From Pittfalls, Protect You From Fast Talking Sales Pitches, and guide you through the home buying process, minimize stress and inconvenience, while optimizing your preferred outcome, of being a Pfanntastic Home Owner in Greater Victoria.
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