Real estate can be an exciting venture in life, whether you are looking for a private residence or you are in search of investment or recreational property. Whatever you are after, it is likely you have more than a few questions about it. Below are some tips and guidelines to consider when you begin to shop for real estate.
First things first…
Get a mortgage preapproval. This will mean ensuring your credit score is in good order, and that you have some money stashed away for a down payment. Not only does a preapproval give you peace-of-mind and surety of your real estate price range, it also looks good to sellers when you make an offer and there are competing bids.
Be willing to compromise
Unless you are in a position to purchase a million dollar listing, and money is not an object, you must be willing to compromise somewhere. Within any given price range you will find a variety of real estate that you like, love and loath. Unfortunately, it is likely that no one place will have everything in on your wish list. Common amenities people look for in homes are a garage, multiple bathrooms, finished basements, fenced yards, chef’s kitchens and a prime location… the list all depends on the person, and what they find on their list all depends on their budget.
In real estate something usually has to give. You should decide, prior to actual house-hunting, what you can and cannot live without. Prioritize your list. Remember that once you buy, you cannot change your address (unless you move again) but you can finish your basement. Because of this, many people consider location to be their number one priority. However, if you find only one home in the exact neighbourhood you like but it has virtually nothing else on your wish list, you may just find you are willing to sacrifice the location in favor of the fully-loaded home, on the other side of town.
Trust your gut.
Homes can sell fast, especially ones in great locations or ones with great features (like upgraded kitchens, spa bathrooms or even pools). If you find a home you love and you can afford it, make an offer! You never know how many other offers are already on the table, and taking even just a day to think it over can mean you lose the house to another buyer. If after you make the offer you find another, better piece of real estate – or you decide it’s just not for you, you can remove your offer. It’s better to decide to remove an offer than miss out on the chance to bid altogether.
Shopping for real estate is a big step, especially if it’s your first home or your first storefront. You definitely want to have all your financial ducks in a row before heading out hunting, and you must be willing to make concessions at some point. If you can manage all this then you are more than ready to dive into real estate and become a property owner!