Buying a house or rental property is a lot of work. The last thing you need is to get bogged in the search process. Here, we present you with six property search tips that can help you find your dream home.
Canada’s real estate market is expanding rapidly, as more people look to purchase homes and rental properties. Most of us have a specific budget in mind for our purchase, but don’t always find what we’re looking for. As it turns out, finding success may be as simple as refining your property search.
Below are six tips for maximizing your property search.
1. Get pre-approved for a mortgage and know your price range
If you don’t know exactly how much you can afford on a home, don’t expect the search process to go smoothly. To enter the market with purpose, you need to know the exact price range you qualify for. This will drastically improve your chances of finding the best fit sooner rather than later.
2. Work with a realtor
A realtor isn’t a silver bullet, but can help you maximize your property search. They can inform you on new housing developments and feed you new listings daily. Once you’ve found something you like, they can help you put down an offer quickly.
3. Sign up for alerts
In addition to working with a realtor, you should be scanning property databases everyday for new listings. These databases allow you to set up alerts for property that match your criteria. If you’re looking for a 3-bedroom home in the $400,000 range, you’ll automatically receive a notification each time a property like that hits the market.
4. Check for liabilities
Purchasing property is probably the biggest investment of your life. The last thing you need is to finalize a purchase only to find out you’re liable for something that would’ve been a deal-breaker had you known earlier. Performing a search with the local land registry or other local authorities can help you uncover vital information about the land. Does it lay on a floodplain? Is there a planned infrastructure project nearby? These questions are important to consider when buying.
5. Conduct a pre-purchase inspection
If you come across a piece of property you’d like to buy, it’s important to conduct your own pre-purchase inspection. This should be done even if the seller proposes that you look at the previous pre-purchase inspection report. You should never succumb to pressure to forgo a home inspection, as it could save you thousands of dollars later.
6. Evaluate multiple properties in multiple areas
One way to save money and maximize value is to carefully consider multiple areas in your property search. Each property is unique, and must be evaluated along with many other factors such as distance from work, amenities, affordability and others. Unless you’re dead-set on one area, keeping your options open can help you uncover an even better value.
These are just a few tips that can help you improve your property search. By combining these methods, you can find a great property faster while also saving time and money.
