Once you’ve decided to buy a home, whether it’s your very first purchase, a downsize, or a need for more room, the excitement and fear can be overwhelming. A home is one of your greatest financial investments, and you want to make sure your investing your money in the best possible option, right?
This is why it’s so important that home buyers do their research on the people and advice they’ll need throughout the process. The purchasing process involves many different working parts, each which play an integral role in your new home purchase. In the list below, we’ve provided some of the most pivotal experts and agents required in the home buying process, what they do, and how to pick the right one.
The Real Estate Agent: The Real Estate Agent will walk you through, step by step, the process of house hunting, showings, home inspections, drafting and submitting an offer, subsequent inspections, and closing of your purchase. A good real estate agent knows what your looking for, is knowledgeable about the area, and has your best interest in mind. Finding a good agent can be difficult, as the growing market allows for an influx of new agents, but researching will help your decision. Ask friends for references, meet with a few agents, have them compile a plan of action for you. Real estate is a business of service, and you should look to receive professional and helpful service throughout the process.
The Mortgage Broker: The Mortgage Broker plays an integral step in the purchasing process, as they ensure that you receive the mortgage funding necessary to complete your purchase. If you’re still searching for the perfect home, a mortgage broker can collect your financial documents and provide you with a preapproval for a certain price range. This means, once you’ve decided to purchase a home, your less likely to require a financing clause, or to worry about acquiring adequate financing after the fact. If you’ve offered on a home without preapproval, a mortgage broker will be able to explain your financial situation, and provide you with options as to your mortgage financing, abilities, and options. A good mortgage broker will ensure that you’re not spending more than you’re capable, and that your financial situation remains comfortable. References, as in all cases, are the best way to find a mortgage broker.
The Home Inspector: The Home Inspector, upon request, will provide a thorough report on the state of the home you’re interested in purchasing. Within an offer, you have the option to include an inspection clause into your agreement. This means, if you find anything detrimentally wrong upon inspection of the home, you’re able to cancel or amend your offer. Finding a good home inspector is similar to finding a good real estate agent, as your best references will likely come from past clients. As well, you’ll now have your real estate agent to look to for advice and guidance in finding the best home inspector.
The Trade Experts: Trade Experts can involve a variety of field experts, such as those knowledgeable about well and septic systems, heating and cooling experts, or a general contractor. Looking for a second opinion on issues uncovered through your home inspection, or from information relayed by the seller, allows you to feel secure in your purchase. Although these experts can sometimes be costly, they’ll likely save you from investing in a home which requires more work or problems than meets the eye. There are tons of great websites, such as www.homestars.com, who allow past clients to leave feedback and commentary on their work with trade experts. These reviews and references are a great place to start your search, as they open a wide variety of verified options for you to choose your best fit.
The Real Estate Lawyer: The Real Estate Lawyer plays an important role in the home buying process, as their team ensures that your purchase is legal, safe, and without mistakes. Your lawyer will look over all documents, ensure title is free to be transferred, and work with the seller’s lawyer to ensure a smooth transition of ownership. If you currently have a lawyer, and they do not specialize in real estate law, ask them to refer you to a colleague. If not, ask friends and family to recommend the lawyers they’ve used in the past.
Have you sold/are in the process of selling your home, and now can use an advance on your equity before closing day, perhaps you need money for your new purchase deposit? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.