If your New Year’s resolution is to move out of Mama’s basement, now may be the perfect time! You would be surprised how many people I talk to that think they can’t afford to take the leap. After looking closer at their finances and deposit possibilities it all starts to look like a walk in the park. Let me help you! So, what if you are in a lease? Don’t freak out. Give yourself time and get the ball rolling now.
If you are in a lease for the next 6 months and wish to make a smooth transition to your new home, you should begin the process now to ensure you have time to select just the right house!
During the First Month, spend time talking to friends and family, asking for referrals to Mortgage Brokers and Realtors. Get several names and do some research to see which people are right for you. You don’t have to use the Realtor your parents used. You need someone that YOU feel comfortable with. Gather the documentation needed for your mortgage application and schedule a time to meet with your mortgage broker (to go over the details and turn in your documents). Once you have been pre-approved, the fun begins.
During the Second Month, meet with your selected professional (duh, Me.) and begin the organized searching phase. Expect your Realtor to set you up with a detailed search coming straight from our MLS system, this will provide you with the best, most current property data possible. I recommend we see quite a few homes in our first outing. It’s important to see 3-5 homes altogether during the first outing. This long session provides an accurate view of home values in the shortest time, and it helps me understand what you are looking for in a home. This also calibrates buyer expectations.
During the Third Month, we should be ready to make offers at this time. There are many multiple offers out there, especially on the rock bottom priced properties we have been seeing. You might be surprised to see how tough it can be to secure one of those desired deals. Once an offer is accepted, your inspection subject and finance subject can take 7-10 days to complete. Make sure you speak to a reliable Coquitlam pest control company to make sure there are no hidden issues in the unit. Sometimes, home inspectors are not experienced enough to spot any pest issues. You should also speak to a home insurance broker to understand what your monthly expenses will look like beyond your standard mortgage payments. Make sure everything is affordable to you before you remove the inspection and finance subject.
During the Fourth Month, some buyers are still searching and need this extra month to find the right property, especially if their needs are very specific (yes, SPECIFIC.) or their search area is very small. If you are having difficulty finding a property, this is the perfect time to modify your search criteria. Expand your geographic area, decrease your expectations, increase your price range or do all three, just slightly. If you have been looking for two months and haven’t found a few homes to get excited about, you are probably looking for a needle in a haystack. This is a very tough conversation to have with buyers- Let’s be realistic, we all have a budget and we need to live responsibly. It’s okay if your first home isn’t your dream home. Your home-life and happiness is what makes a house a home. Nothing gets me more excited than finding a home that ticks all of your boxes. But you can’t have 400 boxes.
During the Fifth Month, you will be preparing for closing. Your mortgage broker may request follow up documents at this time. It’s important to respond quickly and provide all documents they request, underwriters review everything more closely now than in the past. Your lawyers and Realtor will also be hard at work during this time. You can go nuts with Pinterest boards and start collecting colour swatches.
During the Sixth Month, you will be packing and arranging for your move!
There is plenty of wiggle room in this timeline and you can certainly search for a home, purchase, close and move in less than 6 months (I’ve listed, sold, and bought for the same clients in a 4 week span over Christmas!). I often see buyers who waited too long to begin the process and wish they had given themselves more time. It can be stressful to buy a home, especially your first home, the last thing you need is to feel pressured.
Congratulations! You are part of the 8% of people that actually achieved your New Year’s resolution and it only took you 6 months-
Hit me up for more details on getting the process started. Happy New Year!