Discussions

Wow okay! Don't even know where to start.... My family is growing and so my husband and I are thinking about a house as our next step! We have saved for a downpayment, nothing to crazy, but enough to get us a starter home.... But we don't even know where to start! I am scared, well maybe more cautious than scared lol, but to me buying a home is a big investment and I want to do it right! So, my question to you all, how do you go about buying a home? Visit different banks and credit unions first? Or... Real estate agents first? I would like to get approved for a loan before looking at homes, but I'm not sure how this all works. So can someone please walk me though this daunting journey lol! Thanks in advance!

Do you have a good relationship with your banker? Have you been to any open houses just to find out what's out there before you get linked up with a realtor? If not, check in the Friday and Saturday editions of the Brandon Sun, as they always advertise the open houses on there. I really like the guy at Centum Mortgage corp-the ad is here on ebrandon, just can't remember his name. He will walk you through the steps, and perhaps recommend some realtors who are good with first-timers. I'm happy to recommend Murray McLeod from Royal LePage-he is very knowledgeable about construction and is super-low key. His # is 725-8803.

I would talk to my bank if I had a good relationship with them, but also talk to a Mortgage broker. Many times they can find you a better deal than the bank can. This city has a lot of realtors, the key is to find one that you are comfortable with. You should interview them the same as you would anyone that you would employ, because that is what you are doing. Their job is to work for your best interests. Make sure you are comfortable with both realtor and whomever you are dealing with for a Mortgage. If you would like some suggestions for either one, just pm me. And no, I don't work in either business, just have a fair bit of experience with both.

I just bought my first house. Take possession July first. Don't go talk to a real estate agents first. A real estate agent just wants to sell you a house. Once the house is sold they usually don't help you much after I found anyways. Go talk to your bank or centum. Get pre approved. So you know what you can spend. Just because ou saved 5% for a down payment doesn't mean it will cover all your other fees. So start with getting pre approved and then you know where you stand and what to look at. You don't wanna start looking at a price range then realize you can't afford nothing in it and look and worse houses and be let down after.

Chris at Centum will get you on the right path !! I bought my house 2 years ago, and going to him was the best design ever. He helped me so much, its best to visit him first. As he can tell you price of house/age of house/ term your looking at ...... if your looking for a great realtor , im gonna tell ya go to Tyson Tame at Royal LePage (he is amazing !!)

Check out your bank first see how much you are approved for. Nothing hurts more than looking at " the perfect home" and finding out its more than $30,00 over budget ( random number but that's usually about how much wiggle room your likely to get for bargaining) second is know what you "need" and what you " want", there is a HUGE difference. After that consider how much you want to put into the house, is it cosmetic or are there more problems. And consider what you can do yourself. Trust me my starter home was in the 120,000 range I got lucky, most houses are closer to the 180,000 plus margin and need a lot of work.

You should also prepare yourself for other fees you will possibly have to pay. I bought a house last year and the land transfer tax was around $1000 and we got possession in May so in June we had to pay the full property tax for the year which was $2500. I went with a credit union and it was a private sale so we had to pay lawyer fees as well

You've got lots of great information above. Once you find your perfect house, you may want to have a home inspection done just to make sure there are no "surprises" in the way of structural, electrical, plumbing, previous water damage, etc. so that is an additional cost to figure into your budget. I think your mortgage broker or realtor should be able to direct you to a qualified home inspector. Good luck finding your new home

My only point to ad is don''t believe the amount the bank or broker initially approves you for, sit down and figure out your maximum liveable payment per month and go from there.  
 
When I got pre-approved I knew I didn''t want a mortgage higher than 75k and told the broker that, then lo and behold I get pre approved for 300k, I have to admit the draw was there to go over my initial budget thinking that I must be able to afford it if the bank says so lol.  
 
Luckily I landed my perfect little house, $52k all in, ahh the market 15 years ago was so much nicer than now  
 
Best of luck to you  
 
Edited by hutchster, 2016-06-02 18:22:50

Sent you a private message.

Just because a bank or lending institution can and will preapprove you for a set $$ amount, its not always conducive to your personal reality. Look instead at what your monthly payments will be ( including interest and taxes ) then base your buying amount on that. It's not the same thing, but when we went looking for a new truck, the bank said we qualify for $60,000 vehicle.. Not at all what we were looking for, and certainly didnt want to incur $900/mth payments .. lots of things to consider besides the big $$ amount .  
Don't be afraid to talk with a realtor either ,, not all of them are 'just out to make a buck' .. there are many very good people in the industry who truly are out there for YOU. Diane Logan @ Century21 Westman is one of those kinds of people. Good luck in your venture

One of the biggest investments of your life. Do your research and home work. A lot of the previous advice here will help you amensley.  
I would like to comment about a house inspector. I work in the service industry and I was called to a new home on magnolia. The basement was always cold the upstairs was always hot. There was s suspended ceiling in the base ment with heat vents in it. Soon looking in this space what did I find. Lol have to laugh about it now lol. The flexible heat ducts were just laying loose. Not even connected to the vents. Most of the heat was trapped in this ceiling space.  
The home inspector missed it. Go with him and take a ladder you may need it. Make sure everything works. A/c. Fans fireplace etc  
Good luck

Don't fall in love with all the shiny and pretty's and eye catching crap...it's not going to last ..look at what lays underneath. Look at the boring stuff like windows, doors, roofing, eaves troughs.Ask for the last 6 months or more of hydro bills and water. Is the house old the wiring that the house may be iffy? Is there enough plug ins?Is there space on the electric panel to add to? Anyone can paint and change floor or redecorate to ones taste.Its the hidden stuff that will get you in the end. Is the house on a busy noisy street? Graffiti? Is it a descent neighborhood? Bus routes? Schools? Take a walk around the block and look closely at the neighbors yards. Be snoopy.Are they well maintained?Do tenants or owners of these properties especially next to the one your interested in care? Talk to people. Knock on their doors. Ask questions.What's it going to hurt to explain you want to buy the property in the area. Your not only buying a house your buying a neighborhood.