Even if it isn't your first real estate purchase, the process itself is a daunting one with a wide range of emotions running rampant. Being educated and informed about the latest developments in the real estate market is probably the best way to be mentally prepared for the process. Places like Aberdeen, Bradner, Matsqui, Sumas and Abbotsford have multiple homes for their sale in respective vicinities and can create confusion for the first time buyer.
Buyers are often bombarded with a lot of questions in their minds whilst thinking about going through the process and thus it becomes imperative to become informed about the many frequently asked questions to make the home buying process a seamless one. Here are some of the frequently asked questions at different stages of the purchase.
Q. Should I get in touch with a bank and get an idea before going out looking for a home?
A. Yes! Getting a pre-approval from a bank beforehand can expedite your home owning process to a great extent. Not only will you have a sense of security about the amount you would get, but it also adds greatly to your reputation while going house hunting. It also helps you to understand all the related costs involved in purchasing a home.
Q. Is renting a better idea than buying a place?
A. Now, this question's answer can a subject to various circumstances. You may find a cheaper accommodation on rent in a certain place. On the other hand if you're not planning to stay in the same place for a long time then it makes sense to rent. But buying a home is a long term benefit that not only gives you social security, but also adds immensely to your equity.
Q. Is it possible to find rent-to-own kind of property?
A. The chances of finding such a property are very rare and often negligible in some areas. However, even in cases when such an option is available it won't stand unless the terms of the agreement would favour the seller more than it would benefit the buyer. There is increased risk for the buyer here and one should expect putting a higher amount of money down at a higher rate of interest as well .
Q. Is it necessary to sell old home before buying a new one?
A. There is no yes or no for this question. Like everything else it has its own pros and cons. You may buy a home before planning to sell the old one, this would be an assurance that you have a property lined up for purchase before you decide to sell the old one.
On the other hand if you plan to sell your old house first and then look for a home, the process can be exhausting. It might take forever to sell your old home before you could become able to buy a new one. The best way is to have both deals going simultaneously in case you don't have extra money for a new deal and if both of them mature at the same time it would be a seamless transition.
Q. Is it important to have a realtor in the mix while buying a house?
A. Yes, it is highly recommended to have a good realtor in the mix as they have the ability to understand your needs perfectly and align them to find the best options for you within your stipulated budget. They will take you through a wide range of options via different listings, such as mentioned on http://abbotsfordhomeforsale.ca/
The buying process is quite complicated and without a reputed realtor on your side it might become even more difficult as some sellers might take advantage of your lack of experience in the trade and quote unreasonable prices.