Get Pre-Approved
If there is a problem getting pre-approval because of your credit rating, get copies of your credit reports and determine if anything on the report is inaccurate or over seven years old, which means it must be removed.
Choose The Neighbourhood
After arranging financing, the infamous "location" issue is the next thing a buyer should consider after beginning the home-buying process. The fact that a home is a "good buy" or is "so beautiful" can never cure the ills of being in an undesirable area. Most buyers should consider neighbourhood factors like schools, distance from work, distance to shopping or hospitals, general appearance and relative affordability before running out to start "looking inside" various homes for sale. The worst thing a buyer can do is "Fall in Love" with a home in an unsuitable or unaffordable area.
Make A Wish List
Whether you are going to visit open houses on your own or using a real estate broker, make up a list of what you would most like in a new home and prioritize it so you can determine what is most important and which items you are comfortable sacrificing.
Keep Score Of The Houses You Tour
After inspecting a home, record its positive and negative aspects and write down your overall impressions. Eliminate those homes which do not measure up to your satisfaction. Review your "nice-to-have" list to see how many additional positive points each property may possess. These scorecards will be very helpful in narrowing the field for your final selection.
Have An Inspection Done
Have an engineer or independent home inspector inspect the home, including the roof, basement, grounds, heating, pipes, and so on. Make your offer conditional on an inspection.
Make Weekly Or Bi-Weekly Payments
Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. First, if paying
weekly, you can expect to pay off your mortgage about four years sooner. Second,
if your employer pays you bi-weekly, you can simplify your budgeting by making
the payment date line-up with your pay day.
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