Smart tips for buy­ers and sell­ers

The Hamilton Spectator - - REAL ESTATE -

Buy­ing or sell­ing a home is a com­pli­cated process. There are tough de­ci­sions to be made from the minute you de­cide to sell or pur­chase, be­gin­ning with choos­ing a realtor. Ac­cord­ing to the Real es­tate Coun­cil of On­tario (RECO), there are over 60,000 real es­tate agents in the prov­ince, and a broad range of ap­proaches to the process.

If you want to find the per­fect agent, take the time to sit down with a few real es­tate sales rep­re­sen­ta­tives to learn more about them and their goals for you as a buyer or seller. Find­ing a great agent is the first step in a suc­cess­ful real es­tate trans­ac­tion. Here are a few other smart home buy­ing tips from RECO:

1. Don't get emo­tion­ally in­volved –

Fall­ing in love with a prop­erty makes it hard to walk away from a bad deal. Stick to your bud­get and don't skip a home in­spec­tion to win a bid­ding war. It's tempt­ing to skim things over and sign, es­pe­cially when you're ex­cited about find­ing the per­fect home. Miss­ing an im­por­tant de­tail - i.e. the length of a list­ing agree­ment or a holdover clause - can cause huge has­sles later.

2. Al­ways read con­tracts and forms thor­oughly – 3. Get pre-ap­proved –

While a pre-ap­proval isn't a guar­an­tee that a lend­ing in­sti­tu­tion will ap­prove your mort­gage, tak­ing this ini­tial step will not only give you a bet­ter idea of how much you can af­ford, but it could give you a leg up in a mul­ti­ple of­fer sit­u­a­tion.

4. Don't make ver­bal agree­ments –

Al­ways put things in writ­ing to avoid dis­ap­point­ment or con­fu­sion later.

5. Lo­ca­tion, lo­ca­tion, lo­ca­tion –

Find­ing the per­fect house is amaz­ing, but if that house is lo­cated on a busy street ad­ja­cent to an in­dus­trial area, re­sale value will re­flect that. Also con­sider neigh­bour­hood ameni­ties, high­way ac­cess and safety.

6. Don't un­der­es­ti­mate clos­ings costs –

This shouldn't be a guess­ing game, Sit down and crunch the num­bers so you know ex­actly what to ex­pect. Land trans­fer taxes, le­gal fees, ti­tle in­sur­ance, mov­ing costs, util­ity set up charges and oth­ers add up quickly.

For more great ad­vice on buy­ing or sell­ing a home, visit the RECO web­site at www.reco.on.ca. (RMM)

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