5 Tips to Buying Your First Home In Lindsay, Kawartha Lakes .. to avoid Disappointment Later!
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Are you thinking of buying your first home in Lindsay, Ontario?
If so, let's have a look at 5 simple steps that you can do now, to avoid disappointment later. There is nothing worse than falling in love with something THAN finding out that you can’t buy it. Be sure to stick around for the final step that can be the most challenging!
First - you will want to make sure your finances are in order. You will need to make sure you not only have the down payment required for the purchase price of the house, but there are additional fees like closing costs, lawyers fees and mortgage insurance and title insurance to think about. Sounds daunting and like a lot of information?.. I can help. Just reach out. Some lenders have different crieteris than others and there may be options for you to consider.
You’ll hear the phrase pre-approval and pre-qualifed. You want to be pre-approved. That's the one where they run your social insurance number.
They often ask for verification of information . . so not just an average of how much money you make, but the actual line in your income tax return. Often they will average your last 2 years of returns.
My daughter bought a house recently and they also asked for:
- A copy of her notice of assessment (showing she doesn’t owe any money to the government.
- A job letter stating where she works, how long she's been working there and if she was full time or part time and how much money she makes.
- Her last pay stub.
- They want to know the debts she is currently carrying.. Visa’s, credit cards, that sort of thing. They are looking for your totial debt service ratio. So, how much money you have left over afer paying your bills.
Second - make a list of your needs and wants that you want in a home. If you are buying with a partner you will want to do this together.. You would be surprised at what may be important to you - may not be so important to your partner. Do you want a garage? How many bedrooms? What style of house… Is a two story ideal? Or are you trying to avoid stairs? Those kinds of things.
Choose your realtor. My recommendation is when you are buying a house in Lindsay - you will want a local realtor. A local realto knows the good, the bad, and the ugly about what area of town is good, what’s not so good - that sort of thing. It may not be important to you now with your first home, but eventually you may want to know more about school districts and growth areas. A local realtor will know these things.
Your realtor is going to ask you about your pre-approval amount and what your needs and wants are in your house purchase. They are going to also ask about your desired location.. Do you want to be right in town, or would you like to be outside of town on the outskirts? As a lot of the houses in Lindsay are old . . Are you willing to do work? Are you handy?
House hunting! For some it’s a lot, scheduling appointments or finding the time to go through houses with your realtor. . My daughter for example .. She's autistic and found the whole process emotionally draining. We only looked at one or two a day for this reason.
?For others this can be fun. You will want to ask yourself - if you think you could live here? Can you imagine your furniture here? Does your furniture fit? How is it decorated? Do you like the paint colours? Or will that be a must to do as soon as you take possession? Will the desired closing date work for you? What things come with the house? . . Your realtor can guide you through.
And lastly - negotiating your best offer when you find something you like!
Things that can be negotiated are: closing date - when the Seller gets all the money you promised them . . terms & conditions like financing? Does the house have to have an appraisal as part of your financing? What about a home inspection? In our area making sure you can get house insurance is also one of the conditions we talk about. Chattels and fixtures like the fridge, stove, washer and dryer… if you want them and … and lastly the price. For the most part a Seller doesn’t want to give their house away and a buyer doesn’t want to pay full price. Often a negotiation can be made fair for both the Buyer and the Seller. BUT not every time.
If you found this video helpful, stay tuned for my next video on Closing Costs What they are, when are they due and who do you pay them to?
As always, please get in touch if you have any questions about Buying, Selling or Living in Lindsay, ON - the Kawartha Lakes.
*I want to be the Realtor you think of when you think of Buying, Selling or Living in the Kawartha Lakes - Lindsay Ontario.. please share if you think I can help.*