What to do 6, 4, and 2 months before you buy a home
If a new home is on the horizon for your family, it’s good to start preparing at least a half year out. If you start right now, you’d be perfectly positioned for a fall purchase.
6 Months Out
Six months before you buy a home is the perfect time to get your finances in order. Here’s a checklist of things to do to secure the best financing possible:
- Check your credit score.
- Pay down major debts, like vehicles, credit cards, or lines of credit, to the best of your ability.
- Avoid making big financial changes like large purchases, changing careers (unless, of course, it’s for a promotion or raise), or investing in a new business.
- Analyze your monthly spend for three months; identify subscriptions or expenses you can easily cut, and be realistic about how much you can afford while maintaining your preferred lifestyle.
4 Months Out
This is when you’re going to want to learn as much as possible about the Winnipeg home market to discover what’s realistic and important to you in a new home. Here’s what to do:
Browse listings on Realtor.ca that you could see yourself buying, in the locations you prefer. Start with your best case scenario; size, location, and features such as garage, basement, or ensuite bath. See what those homes typically cost, and adjust your filters accordingly to get within your budget.
Decide on your ‘big 3’; the three main things you do not want to compromise on. This can be anything from storage space to backyard pool, but keep in mind that some features can be added over time while others will never change. For example, you can always install quartz countertops, but you can’t move your home to a quieter street.
Next, make a list of ‘nice to haves’; things that you really would love in your home but are willing to compromise on for a price.
2 Months Out
It’s time to get serious and build your team! Gather the pros you’ll need to guide you through this process.
Your Realtor works for you to find you the perfect home and guide you through the process. We’re happy to be your first call, and ensure you’ve got qualified experts by your side at every phase of the process.
Your Mortgage Broker will pour over your finances to get you pre-approved for a mortgage at the best possible rate. It’s important to do this early so you know exactly what you can afford as you’re looking for homes.
Your Lawyer will finalize the sale, ensure you’re getting what you pay for, and protect you from any loopholes or fine print.
You’re ready to get started! If you have any questions at all about the process, please reach out to Bryan at 204-817-1849 any time at all. We’re happy to provide advice and guidance even if you’re not ready to hit the ground running yet.
