5 tips for buying a home this summer

Are you in the market for a new house? Buying a home this summer means entering the housing market during one of the busier times of the year. Is there anything you can do to ensure you have a successful experience? Here are 5 tips to help you navigate the summer market with ease and find your dream home.

#1 Get that pre-approval!

If you have ever worked with our team before, or come across our other content, you’ll know we place a strong emphasis on mortgage pre-approvals! This is because getting pre-approved is one of the most important steps you can take towards purchasing a home this summer, and any time of the year. Buyers with a pre-approval are armed with information that can be critical to their success in the market. As you might know, a pre-approval means a lender has taken a look at your current financial situation. Based on that, they will provide you with an estimate of the amount of mortgage financing you might qualify for. This doesn’t mean you have locked in your mortgage just yet, since situations can change and you still need to complete the approval process later! However, it tells you how lenders view your circumstances, and how they are likely to treat your application. If you are happy with your pre-approval result, do your best to maintain your current employment, income, and debt levels. If you are hoping to get a higher mortgage than your pre-approval amount, you can use this time to brush up your credit levels, pay off debt, or do any other task that will improve your financial situation.

#2 Do some market research

You might see the word “research” and feel a bit panicky, but there’s no need to fear! You don’t need to become any kind of real estate or mortgage expert overnight. That’s the beauty of using mortgage professionals. However, that doesn’t mean you can’t do a bit of prep work yourself. It’s always handy to have some background knowledge on the housing market, and the specific market where you are looking to buy. You can look into things like average house prices, services and amenities, demographics of the area, and anything else that interests you. How does the balance between supply and demand look? Are most properties detached houses, townhomes, or condos? Your broker can answer any questions you have, and they will have information you will not have access to. You don’t need to know everything, but a little preparation doesn’t hurt!

#3 Know your budget before you start house hunting

This is an important point for those buying a home this summer. One of the biggest factors that will impact your future purchase is your budget. A home buying budget must consider down payments, interest rates, mortgage payments, closing costs, utilities, and a number of other expenses. With so many factors, it can be tricky to nail down a firm budget. We recommend letting your real estate agent and broker help you determine an appropriate budget for you. It’s important to have this number before you start looking at homes so you don’t waste time and effort looking at properties that don’t match. This will only delay your progress and create more obstacles on your path to homeownership. You also don’t want to fall in love with a home you can’t afford, which is a risk you take when viewing homes beyond your budget. Make it easy on yourself and stick with properties that are right for you.

#4 Look beyond curb appeal

We often talk about the importance of looking past the lack of curb appeal when viewing homes in the winter. After all, properties tend to be at their messiest and least attractive during those cold and dreary months. In the summer, it’s also important to look beyond curb appeal, but for the opposite reason. Most homes look beautiful on the outside during the summer, thanks to their lush grass and colourful gardens. It’s easy to be attracted to a home’s exterior, but be sure to give the inside a good inspection! This isn’t to say home owners are trying to hide anything with their yards, but it’s just a reminder that a home’s exterior may not reflect its interior. For example, make sure the home’s layout, size, location, and price are all aligned with your needs. If you are serious about purchasing the home, get a home inspection done to ensure it is safe and stable. While you can enjoy the property’s appearance, make sure it will serve you well!

#5 Involve the professionals

Finally, we arrive at the biggest tip for buying a home this summer, which is to always use a real estate agent and mortgage broker. Some buyers think they can cut costs by representing themselves in the market, but this almost always backfires. Individuals without real estate experience may not have access to the best lenders and products, and they might overbid on a property and spend hundreds of thousands of dollars more than necessary. Trying to navigate the market alone, and without any prior knowledge, is a bit like shooting in the dark. It’s essential that you bring in a broker and real estate agent you trust to help you find the right budget, property, lender, and product. This makes the buying process easier on you, the seller, and your lender.

Buying a home this summer means you will certainly be busy! This is already the time of year when our schedules tend to be the most packed, and adding on a new home buying experience will add a lot of weight to your calendar. However, with the right guidance, this doesn’t have to be an overwhelming experience. Bringing a broker into the process means getting the help you need to have a successful home buying journey.

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.