Buying a Home

Buying a Home in Hamilton and the Surrounding Areas.

Buying a home is the largest financial undertaking that many people ever make. Helping our customers and giving them our time and knowledge to ensure they make the right decision is our top priority.

Do you know the recent listings and sales in the Neighborhood where you would like to buy a house? It helps to know what is happening and to have the latest data at your finger tips. My Realty Gals can provide you with a Neighborhood MLS Market Snapshot. This “snapshot" is completely free for our clients.

First Steps in Home Buying

Buying a home is an exciting time, full of possibilities and pressures. Starting with some initial preparation and planning will help make the entire process more efficient and less overwhelming.

To start the ball rolling, you should:

1. Check Your Credit Rating - Even if you are sure that your credit is excellent, it is wise to check on it at the onset. You’d be surprised how many mistakes are made due to faulty social insurance numbers, similar names or errors by retailers. If there is an error, write a letter to the appropriate credit bureau. They are required to assist you in sorting things out and it usually takes about 30 days.
2. Determine How Much House You Can Afford - To avoid wasting time and energy looking for a home and, even worse, finding the home you want and not being able to afford it, it is best to talk to a mortgage counselor before starting your search. They will tell you how much house you can afford; this will be the amount of mortgage you qualify for plus the amount of your down payment. They will also advise you of the different types of mortgage programs and interest rates that are available. Don’t forget to factor in closing costs.
3. Pre-Qualification - Any reputable mortgage representative will “pre-qualify" you. This is an informal estimate of your income, assets and present debt to estimate the approximate price range you should be looking in for your new home.
4. Make a Wish List - Make a list of your priorities for your home. How many bedrooms and bathrooms do you need? How important is being close to public transportation? What about schools, community facilities, parking? If like most people, you are working on a budget, separate your needs from your wants. If you happen to find a home offering some of the extras on your wish list, that’s a nice bonus, but remember that ultimately every home purchase is a compromise.
5. Find a Sales Representative - You are ready to buy your home! The first place to start is by finding a Realtor ® to help you. The right real estate professional can guide you through the entire process and help you to find your dream home. Remember you will be spending a lot of time talking to and working with your chosen Realtor®, so make sure it is someone you really think you can work with.

The following are some question's to ask the agent you are considering working with:

1. Do you represent the Buyer or the Seller?
2. Are there any fees and who pays them?
3. How much time will you be able to spend with me in my home search?
4. Are you a full-time Realtor®?
5. How often will you communicate with me and how can I contact you?
6. Do you have access to the MLS Listing Service in your area?
7. Are you able to show me homes listed in my price range, including those listed by other agencies?
8. Are you able to email me new listing when they come on the market?
9. Will you show me comparative pricing and sales for any neighborhood or area that I may consider purchasing a home in?
10. Can you help me with local attorneys and home inspectors?

Buying a Home from a "For Sale by Owner"

Many buyers feel they can get a better price from someone selling their own home. WRONG! The sellers are trying to save the commission that a real estate professional would charge. They are not looking to save you money. In fact, you might pay more if the home is overpriced, as you will have no one to guide you. There are other problems too:

You will be dealing with an untrained novice who has no knowledge of real estate law, the code of ethics or disclosure.
You will need an attorney to draw up your sales contract. This will be someone who will not have seen the property you are purchasing and may omit certain safeguards your Realtor® may suggest.
You will have to be your own negotiator. Remember that purchasing and selling a home is an emotional experience and this can cloud negotiations. You will also have to ensure that all the necessary details are taken care of before closing.


If you are looking for some help and guidance, for instance if this is your first time buying or selling a home, then contact Karen or Ingrid, My Realty Gals.com. at Castellano Real Estate Inc. Brokerage.