6 important steps to buying a house or condo in Winnipeg

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6 steps to buying a home in Winnipeg

Buying a house or condo for the first time can be quite stressful and challenging. First time home buyers are surrounded by a large number of questions. If you are buying a home for the first time, perhaps you are busy thinking whether to hire a real estate agent or do the house hunting on your own. Budget and mortgage are other factors that may trouble you. You may be unaware of what extra expenses you may need to bear while purchasing a home. This article offers some tips to first time home buyers, to simplify their

Find a REALTOR®

A REALTOR® is far more aware of the real estate market of your locale than you. A skilled real estate agent can prove to be a great help during your house hunting. You can find REALTORS® through friends or online. When you meet realtors, enquire about the experience of each and success rate. Make sure to hire one with whom you feel comfortable. Explain your realtor about the aspects which hold priority for you, like schools, neighbourhoods and community groups.

6 important steps to buying a house or condo in WinnipegApply for pre-approved mortgage.

This would help you to set the maximum amount for mortgage and the rates of interest. This would in turn set your budget, prior to your starting it the house hunting. A mortgage application also allows the seller to know that you are really serious about the purchase of a home.

Prepare a budget that includes all extra expenses.

There are a number of extra costs involved in the purchase of a home, such as utility hookups, new appliances and moving. The moving costs always vary, with the average being $1,000. Utility costs for phone and electricity would range from $150 to $250. The survey costs, title insurance and appraisal fees should also be added to your budget.

Prepare for bearing the closing costs.

A Real estate agent Burswood, advices buyers to keep aside almost 4% of the home price as the closing costs. One of the major closing costs is the land transfer taxes.

Buying a house that you can really afford.

You cannot enjoy your life, if the entire money you earn goes for the payment of your home. The minimum amount of down payment is usually 5%. Paying more as the down payment leads to a reduction in your costs. If the down payment is lesser, there is almost no equity left in your home. If the down payment is lower than 20%, you may need mortgage loan insurance. This may result in extra costs and higher rates of interest.

Inspect the home well.

It is wise to examine the house well, before considering it for purchase. Seek the help of a skilled home inspector, who would help you to detect any major damages. This would also safeguard you from paying additional costs on repair in future.

Conclusion:

These are the major steps a home buyer should take to make buying a house a success. A buyer should make an offer of purchasing a house with the advice of a professional real estate agent, preferably an Accredited Buyer Representative. Also, it is very important for a buyer, especially a first time one, to keep emotions in check while negotiating with a home seller. Sellers may try to make the buyer buy in impulse, which can prove to be a wrong decision.

Author’s Bio: Alisa Martin is a proficient guest blogger penning down articles on real estate. Her articles are highly informative and useful for the readers.

 

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43 Comments on "6 important steps to buying a house or condo in Winnipeg"

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[…] Buying a house is very exciting and you’ve probably dreamed of this moment for some time now, but you don’t have to feel like you need to rush it. Moving into the perfect house is more important than moving in next week. […]

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[…] many buyers are not aware of the fact that there are additional costs (called Closing Costs) when buying a home or condo.  I had always ‘assumed’ (I know…you’re not supposed to do that),  that […]

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[…] 6 important steps to buying a house or condo […]

Polly Cooper
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Oh, make sure to really get the place inspected. I didn’t and feel into a death trap. The place was a mold pit and I was sick all the time and it cost thousands of dollars to have it fixed and cleaned, but if I had it better inspected I would have known before buying and wouldn’t have had the… Read more »
MarcioWilges
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Being in the moving and removals business, I can't even begin to tell you how many times we see first time homeowners who bite off more than they can chew when it comes to upgrading their homes. It's never an easy decision to buy something more expensive – people can get greedy. So think it's really important to do your… Read more »
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