5 Things to do Before Buying A Home

Are you looking to purchase a home in today’s market? Whether it be you’re a first time home buyer, if you’re upsizing or even downsizing, or adding to your investment portfolio, you should be informed and educated. This is going to be one of the biggest financial decisions you make, so being prepared is a crucial first step in your real estate journey.

Take the time to educate yourself about what you are getting into before you commit to buying any property. The following tips are here to help you get started.

1. Have a Lender Pre-Approve you Before Shopping

By doing so, you’ll know your spending power and won’t look at places you simply cannot afford. Pre-approval means you should be able to get the loan as long as nothing changes about your financial situation or your credit score.

A pre-approval letter also helps when you want to compete with another buyer for a home you love. One of the first things most sellers are going to ask their agent when receiving an offer is how qualified the buyer is to purchase. Sellers want to feel comfortable knowing the buyer is not going to get turned down for the loan. To get pre-approved lenders will verify employment, income, and credit.

2. Know your Credit Score

Your credit score is one of the biggest factors in what your loan terms will be. Know your score before you ever try to get a loan and take the time to repair it if it is lower than 700. A good score which leads to a low-interest rate can save you tens of thousands of dollars over the life of the loan.

3. Know about Closing Costs and Other Fees

Insurance, repairs, association fees, property taxes – you should have the income and the budget to handle all of these things if they are relevant to your purchase. Your realtor will be able to inform you about most of these costs, as well as your real estate lawyer. You should also have some savings to cover emergencies with the home.

4. Work with a Skilled Realtor

Working with a real estate agent that understands market values in your area is critical if you want to avoid overpaying for your house. Ask your realtor for a financial analysis of the neighbourhood, the future projections in value and how the listing compares to others in the same area. In addition to the actual purchase price, there are other fees like appraisal and inspections that can cost you more when you don’t understand the value of the home.

Choose someone that is full time working in the business every day and has a recent history of successful and happy clients. The better the real estate agent knows the area, the better equipped they will be in understanding the differences in market value from one property to the next.

5. Know the Potential Growth of your Investment

Buying a fixer-upper in an area that is growing offers the possibility of an increase in the value of your home versus others that are completely finished. In contrast, buying the nicest house in the area may not have much of an upside.

Consult with your real estate agent and ask them their opinion on the prospects for profit if the general area continues to rise in value. Will the home lag the market or be a stalwart? If the return on investment is necessary, this is surely something you should find out.

By educating yourself on the real estate market, and preparing your financial situation, you’ll ensure the home-buying process is seamless and enjoyable. It really is possible.

Interested in learning more about buying, or need help in determining which area is best for you? Send me an e-mail at sandra@bryantrealty.ca

6254 Cedar Street, Halifax

6254 Cedar Street is located where everyone wants to be! With a well-maintained character and a modern sensibility, the interior is beautiful and the property spans over an impressive 5,700 square feet. You are positioned in an excellent neighbourhood across from Halifax Central Junior High and around the corner from the brand new French Immersion LeMarchant School. 

Design features included a welcoming new addition flooded with warm natural light from 6 stunning skylights. The first floor highlights a spacious living/dining room with a wood-burning fireplace, powder room and an updated eat-in kitchen with stainless steel appliances, original cabinetry and gleaming granite counter-tops. The kitchen is spacious and open to the sun-filled, south-facing family room overlooking your outside entertainment space, boasting a large deck, mature trees and landscaping surrounded by a fenced backyard. 

Upstairs you’ll find three charming bedrooms, each with hardwood flooring and character features, plus a full family bathroom. Downstairs offers a spacious laundry/utility room and the fourth bedroom with a walk-out  Ideally located – you can walk to Dalhousie, Cafe’s, The Waegwoltic Club, hospitals, and Downtown Halifax – what a fantastic opportunity to move into the South End of Halifax. 

https://bryantrealty.ca/listing/201921471/ Link for full listing details

1751 Henry Street, Halifax

“The Brown Stones” a timeless brick townhouse located in the Heart of Halifax. Nestled close to the new Le Merchant School, Dalhousie, Kings Collage, Armbrae Academy, downtown and hospitals. You will fall in love from the moment you walk in, with the high ceilings (10 feet), crown moulding, stunning built-ins, and trendy decor. 

The spacious living room opens up to the dining room and kitchen. Features include a new built-in propane fireplace with marble trim, custom built-in TV stand with storage, upgraded lighting, and stained birch hardwood flooring. You will impress all of your guests with your enhanced custom kitchen complete with MCK white cabinetry, top-of-the-line stainless steel appliances, granite countertops, updated island and a wealth of storage underneath. The flooring in the kitchen is porcelain tile, and the backsplash accentuates the stylish appeal of the space with marble. The dining room has new banquette seating along with the windows with storage underneath, creating a very inviting and elegant atmosphere for entertaining, game nights and day-to-day life activities.

This floor also has an updated 2 piece bath. The backyard is a combination of mature hedges and gardens which surround you and give you the privacy that you need. Recent updates to the backyard include a new paved driveway and patio area in 2019 and a freshly painted deck. The second level which also features 10-foot ceilings, hardwood floors, large windows, and neutral colours, boasts 3 great size bedrooms, master with walk-through bathroom entrance. The renovated bath offers a large walk-in shower, Antique Chest vanity with new sink and fixtures, and heated flooring. Currently used for short-term rentals bringing in an average of $3000 a month, the secondary suite in the basement, complete with separate entrance offers endless possibilities and features separate laundry, kitchen, rec-room and bathroom. This is a terrific property, and investment – this home will not last long!