Here is Part Two of “12 Easy Steps to Ensure You Don’t Pay Too Much for Your Home”
5. Talk with friends who have recently bought a homeExperience is the best teacher. Try to find someone who has recently gone through the home buying process in order to gather additional information.
6. Use a mortgage brokerA mortgage broker will often be able to negotiate a lower mortgage rate and better terms, which can end up saving you thousands of dollars in interest payments.
7. Qualify for a mortgage, before putting in an offer to buyWhile this may sound like putting the cart before the horse, it really isn’t. Regardless of the type of home you intend to buy, there are only a limited number of those homes for sale in Toronto. Therefore, if “that perfect” home suddenly hits the market there is no time to pause; you must decide to proceed or someone else will.
The pre-approved mortgage ensures that any offer you put in need not be conditional upon you obtaining financing. This alone will often give you the edge you need over other potential buyers.
8. Don’t buy the prettiest home you see
Let’s face it, we all want to live in our perfect ‘dream home. However, that beautiful ready-to-move-in home comes at a higher price tag. While a nice paint job or gorgeous furnishings in the house will make it look stunning, too often, as the buyer, it will be you that is paying for that look. Naturally then, your home will look quite different once you move in.