Home hunting can be both an exciting and stressful venture. With the real estate market conditions in central and southern Ontario, it’s easy to understand the stress that comes with home hunting in the current market. Whether you’re a first-time buyer or are entering back into the market after some time away, consider these tips to make your experience as stress-free and smooth as possible.
KNOW YOUR BUDGET AND STICK WITH IT!
The capital letters are there for a reason – this one is extremely important! It can be very easy to get carried away looking at houses and end up in a financial position that could put you into trouble. Before going out to look, take a good amount of time to find a realistic budget and stick to looking at homes that fit with it.
Look into Pre-Approval for A Mortgage
Perhaps the first step, it can be difficult looking at homes without knowing what sort of financing is available to you. Getting pre-approved for a mortgage can help you determine a budget and guide you in what is on and off limits on the market.
In a competitive market, pre-approval can also enable you to move quicker as well, since you’re financing will already be lined up and essentially ready to go.
Check the Utilities Situation
This is especially in older homes. Some older homes still use electrical and utilities solutions that are no longer up to code and could create a headache to insure. For example, knob-and-tube wiring systems are typically required to be upgraded by insurance companies within 30 days of closing in order to be insured. This is an expensive job that is labor intensive and can create a significant amount of stress if it is not caught in advance.
Make sure that utilities are up to code, and if they aren’t, be sure that your budget has room to account for the expenses involved in bringing them up to code. Be aware that typically these jobs must also be completed in a timely fashion for insurance purposes.
Check the State of The Foundation
Another component of a home that can be extremely costly, difficult and timely to repair is the foundation. Cracks and settlement issues can indicate poor drainage or weak soil conditions. Such conditions can impact the structural integrity of the entire house, and simply cannot be ignored. Pay close attention during your showings.
Take Time to Think About What You Are Looking For
Perhaps this is the step that requires the most time. A home is one of, if not the biggest purchase you will ever make in your life. Knowing how to correlate your life goals with your needs and desires for a home is vital to making sure that your hunt is rewarding for years to come. This is also a vital step for determining your budget, and whether it is realistic or not.
Alliston Self Storage Is Here to Make the Process Stress-Free
As stressful as home buying can be, it can bring peace of mind knowing that you have a safe and accessible place to store your valued belongings while moving between homes. Alliston self-storage caters to both residential and commercial needs, and maintains a wide range of units capable of holding a few important items to an entire homes-worth of furniture and items. Being locally owned and operated, we are here for central Ontario with friendly service and a secure storage environment.
Talk to us today, or check out our size guide to learn more.