Are you looking at homes for sale in St. Catharines? If you've found your dream home in the Niagara region, chances are, someone else has, too. You want to be a successful home buyer in this highly competitive real estate market - so what do you really need to make that happen?
1. You need an agent who is a skilled negotiator.
It just so happens; I know one of those! With the right REALTOR® on your side, you'll have someone who is ready to negotiate on your behalf. This can be the difference between a successful home buying experience and one that just doesn't work out the way you want - and I don't just mean in terms of whether or not you get the house you have your eye on. A skilled REALTOR® can:
- Request repairs that need to be made to the home, which can be an important negotiating factor! If your REALTOR® can't get the sellers to take care of those repairs before your projected move-in date, they can often bring down the price of the home to compensate.
- Stay objective. Sometimes, when you have requests to make of the seller, you make them from a place that is already emotionally invested in the property. A REALTOR® on the other hand, can offer an objective look at the issues raised and help present the request to the seller in a way that is more likely to get you what you want.
- Help you understand the process, and the seller. Did you know that you can ask the seller to pay closing costs? Some sellers are also more likely to negotiate than others, and working with an experienced REALTOR® can help you more easily determine which type of seller you're working with and how that can play into your requests.
2. Be prepared financially as soon as possible.
Ideally, you want to be prepared to pounce when you find the perfect home which fits your needs. If you're sitting around waiting to hear back from your mortgage advisor you're leaving space for someone else to slip in and get the house before you can! Consider these key elements:
Get the pre-approved for your mortgage. The pre-approval process may seem like more trouble than it's worth, especially if you haven't yet found the perfect house. Getting pre-approved for the loan you need, however, will ensure that you know how much you can spend on a house, and that will prevent you from walking through properties that are outside of your budget and falling in love, only to discover that you can't afford them.
Make sure you've already put together your budget. Know how much house you can afford. If it's not your first home purchase, you already know about costs like homeowner's insurance, taxes, and maintenance. If it's your first home purchase, on the other hand, you may want to work with an accountant to be sure you know what homeowner's expenses are really going to look like.
Put together your down payment before you start looking. Your down payment can have a huge impact on the house you can ultimately afford, including how much you will pay in interest, how long you'll make payments on the house, and even what your payments will look like each month. Not only that, your down payment could be the difference between getting the loan you need or failing to get approval. When you have a down payment saved up, as well as expenses like closing costs and moving expenses, not to mention the deposits you'll need to set up your utilities, cable and internet, and other necessities, you'll be more confident moving into your home purchase.
3. Have a good idea of what you want.
There's nothing wrong with walking through a few properties to check out what they have to offer, and it's certainly all right to be flexible about what you consider the "perfect" home. Before you start looking at homes, however, sit down with your family or significant other and answer a few key questions together. Make sure that you are on the same page about the type of home you plan to buy before you start looking so that one of you doesn't find the "perfect" house, only to discover that the other isn't on board.
Questions to ask each other include:
How big do you want your home to be? Consider the number of bedrooms, the approximate square footage you feel you need, and even the amount of space you want in the yard. Consider how much time you think you have available for yard maintenance.
Are there particular rooms that you want or need in the house? How many bedrooms and bathrooms do you really need or want as a family? Do you want a master bathroom, or are you all right sharing. What about a game room, spare bedroom, library, or even in-home theatre? Carefully think through the spaces in the home that are most important to you.
What are the elements of your dream home? Do you really want a home with an indoor fireplace? What about a pool? Take the time to list in categories the elements that are absolutely essential, the ones you might be able to add to a home or property yourself, and the ones that would be nice, but that you can live without.
Which neighbourhood do you want to live in? Is there, for example, a particular school system you want to be zoned for? Do you need to be close to work or school? A house can be otherwise perfect, but if it's in the wrong location, it might not fit your needs as well as you'd hoped.
What are the deal-breakers on a property? Choosing the right property isn't just about the elements that you really want. It's also about the elements that you really don't. Discuss deal-breakers with your REALTOR® ahead of time to help avoid those properties.
Are you looking for houses for sale in St. Catharines? I can help you find the perfect home for your family and help you through a successful negotiation and offer. Contact me today to discuss further!