How to Get More House on a Budget
Tags: real estate, buying a house, first time buyer, new homeowner tips.
2 minute read.
With the long-awaited arrival of warm weather, it is no surprise that many homeowners and first-time buyers are chomping at the bit to make their next move in the real estate market. Spring and Summer are an exciting time for homebuyers and sellers alike but make no mistake, this market is vastly different from the explosive 2017 Spring market.
We don’t say this to discourage you, in fact, this market is much more in your favour whether you are a buyer or a seller because many new regulations are finally in place to assist and protect you.
New regulations like the mortgage stress test do not have to put a damper on your house hunting journey this season. Check out our top four tips for getting the most bang out of your budget as you search for the perfect home!
Get "Pre-Approved" Not "Pre-Qualified!"
Make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. The strength of your offer and closing dates might be the most important things to the seller.
The way to make the strongest offer today is to get "pre-approved." Pre-approval occurs after all of your personal information has been verified. This process takes anywhere from a few days to a few weeks depending on your situation.
Sell First, Then Buy
If you have a house to sell, ensure to sell it before selecting a house to buy! Contingency sales aren't nearly as strong as one that comes in with a ready, willing and able buyer. If you are asking a seller to accept your offer contingent upon the sale of your property, then you are now not in a strong position and, the seller is in the position of possibly accepting another offer not contingent on the sale of the property.
Do Not Rush into Anything
In a hot market, it is well advised to make a timely decision on your prospective home. However, in today’s market, there isn't as much pressure unless a home is well under-priced, and your Realtor will know that it is.
Get an Agent in Your Corner
A professional Realtor works with his/her clients, not only telling them tips like these but providing useful expertise towards helping meet the goal of owning a new home. Pick a Realtor you feel comfortable with and enlist the services of that professional as your buyer representative. We always recommend that you hire your own Realtor to get the most out of your home buying position.
If you’re searching for a Realtor you can trust to guide you through your home buying journey, give us a shout!
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8