April 6, 2022

5 tips to stay unbiased when buying a property

Whether you’re buying your first home or not, real estate transactions are often triggered by love at first sight. That’s normal, since this place is going to be where you live your life, and it will bear witness to many precious moments. In this article, we will offer you five tips that will help you stay as unbiased as possible during a real estate transaction so that you can have the best possible experience… and fully enjoy it!

1. Understand your Financial Situation

Before you even hire a real estate broker and start looking on Centris.ca, think about how much you can afford to borrow, that is, the size of the mortgage loan you can get to help finance the purchase of your home or condo.

During this phase, your mortgage broker will address the following topics:

By obtaining a mortgage pre-approval, you will be able to evaluate the size of your down payment and predict some additional fees. This will make it easier to focus your search according to what you can afford and speed up the process of buying your future home.

2. Evaluate the Positive and the Negative Aspects of the Property

While the aesthetics of a home may be the first thing you notice, it should not be the only thing that influences your choice. By asking several questions during showings, you’ll be able to compile a pros and cons list for each property you visit.

To make an educated choice without being emotionally overwhelmed, consider reviewing your criteria list after each visit, which should include:

  • The city or neighbourhood
  • The type of residence
  • The most important features
  • The expected short and long-term costs

3. Consider the Surroundings

Besides the look and the features of the property, the surroundings can be quite important. Indeed, it’s not uncommon for future buyers to overlook surrounding smells or noises, for instance. While some neighbourhoods are quiet and peaceful, others are quite lively! By visiting the area at different times of the day and paying attention to the surrounding noises, you will be able to see if it suits your lifestyle. 

4. Consider a Real Estate Broker’s Opinion

There you go, you think you’ve found the perfect home! Before jumping to conclusions, take a moment to objectively review the situation with your real estate broker.

As a real estate professional, they will guide you through the essential aspects of the transaction, such as:

  • The condition of the property
  • The asking price
  • The conditions related to the offer to purchase
  • The assets included and excluded from the real estate transaction
  • The takeover date

5. Respecting all the steps of the real estate transaction

Buying a house or a condo involves many important steps, such as:

  • Obtaining a mortgage loan
  • Finding a real estate broker
  • Examining the seller’s declaration
  • Reading the minutes (if it is a condominium)
  • Pre-purchase Inspections
  • Moving in

So, although you may be eager to say Home Sweet Home, you always win by being unbiased and patient. Don’t forget to call on a real estate broker to help guide you through the various stages of a real estate transaction to make it a safe and pleasant experience.

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