I’m thinking about buying a home. What professionals should I consider working with? It’s always important to consult with a variety of third-party services and professionals when making a purchase as important as your home, here are a few you should utilize in your home buying process:
• Real estate representative: Real estate salespeople can offer a broad range of service options to buyers. These may include sharing their knowledge about housing in specific neighbourhoods, monitoring marketing trends, offering strategic advice, arranging showings, negotiating, and managing paperwork on your behalf.
As your Realtor, I will outsource various work to other professionals to get your home market ready, that includes the organizing of professionals such as; painters, cleaners, carpet cleaners, stagers, landscapers and contractors (renovations and other) on your behalf.
All real estate salespeople are insured through the insurance program administered by the Real Estate Council of Ontario (RECO), which includes consumer deposit insurance. The coverage is intended to protect your deposit when it is held by a brokerage.
• Mortgage broker/ lender: When buying a home, your finances are always your deciding factor on whether or not you would like to pursue a specific property in a particular area. Many people feel that there options lie solely with the bank they're with or their current lender, where that is definitely not the case. Contacting a mortgage broker is something I always recommend to my clients. A mortgage broker's job is to find you the best interest rate for the loan that you are receiving and to help you determine the most you can borrow from that particular lender without overwhelming yourself financially. They do this by shopping your mortgage, a term used to describe the process of making various lenders compete to lend you the money you need. In some cases it may make sense to use the bank directly, however, that is a financial decision that is entirely up to you, I just recommend exhausting all of your options to save you the most money possible with the most favourable terms of the loan.
• Real estate lawyer: Given that real estate agreements are legally binding contracts, I strongly recommend that you consult a lawyer who is insured to practice real estate law. Your lawyer can provide legal counsel, review the documents, investigate the title and take the necessary steps to complete the transaction successfully. Mortgage lender: If a mortgage is required, finding one with loan terms and a rate you’re comfortable with is vital. You can speak to an institutional mortgage adviser or you may want to work with a mortgage broker who can access a variety of lenders.
• Home inspector: A home inspection is one of the most common conditions that buyers include in offers. An experienced home inspector will examine property features, such as electrical, roofing, plumbing, foundation and septic systems. This can give you, as a buyer, valuable information before you finalize the home purchase or in this market, a chance to have an idea of the current condition of the building.
As a real estate professional, I have access to verified third-party professionals that I confidently refer to my clients to. I can attest to the quality of their work/ performance, and continue to use these professionals on a very frequent basis throughout the buying and selling processes of my clients to this day.