What You Need to Know When Buying Homes in Oakville

Experience is one of the best teachers, but how do you get the experience that goes with buying homes in Oakville when it’s your first time? It is possible with research and expert assistance.

First of all, think about what you are looking for in a home and do your homework. Take these factors into consideration:

• Style of House – Both Your Ideal & Others You Would Consider
• Size of House, Specifically the Number of Bedrooms & Bathrooms, the Location & Neighborhood
• Selling Prices

Crunch the Numbers

Next, get your finances in order. This is a big purchase, so you’ll likely need a loan. However, before you apply, look at your numbers. Start with your credit report. The lower the score, the higher the interest and the greater your chance of getting turned down.  You want to have a score of at least 700. However, if your report shows 750 or greater, you’ll get the lowest interest rates. When your score is less than stellar, take measures to repair it before you ask the bank for money.

Start saving money if you don’t already. You’ll need a down payment and closing costs. This means thousands of dollars you put into an account dedicated to your dream house.

Do the math to see how much house you can buy. This involves looking at your monthly income and expenses. Is the amount you’re currently spending on rent close to the number you need to pay a mortgage and taxes? You also need to think about repair and maintenance, which you’re responsible for when you’re a homeowner.  When the house payment is bigger than you would like to pay, look for ways to cut costs in your budget or consider buying a smaller house in a different neighborhood.

Work with an Expert

Enlist the aid of a reputable REALTOR® familiar with the Oakville market. A REALTOR® is a licensed real estate agent who holds membership in the National Association of REALTORS®. These professionals have a code of ethics to follow, which holds them to a higher standard.

Look for a REALTOR® with years of experience and a proven track record. A good place to start is on the “About Us” page of a website or the testimonials page. These are great places to get a feel for a person you would be comfortable working with.

As this professional is in the business of buying and selling homes, he or she is familiar with the entire process from open houses to closing a sale. Your REALTOR® can offer practical advice that simplifies the home-buying process.