What Happens After You View a Property?

What Happens After You View a Property? Stepping Out of the Showing

Viewing a property is a thrilling step in the homebuying process. You’ve walked the halls, envisioned furniture placement, and perhaps even started picturing family dinners in the heart of the kitchen. But the showing is just the beginning. Now, it’s time to go deeper and decide if this property truly aligns with your needs and budget. [ 1 ]

Revisit the Viewing Experience

• Internal Reflection:

  After the initial excitement settles, take some quiet time to reflect on your impressions. Did the space feel comfortable and inviting? Were there any unexpected features, positive or negative? Jot down all your thoughts and observations.

• Discuss with Your Agent:

  Schedule a follow-up conversation with your real estate agent. Share your impressions and any questions that surfaced after the showing. Their expertise can be invaluable in interpreting what you saw and offering insights you might have missed.

• Compare to Your Wishlist:

  Revisit your initial wish list and how this property measures up. Does it tick all the essential boxes, or are there significant compromises? Prioritize your needs and be realistic about non-essentials.

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Financial Considerations

• Pre-Approval Review:

  If you haven’t already, secure pre-approval for a mortgage. Knowing your borrowing power allows you to make informed decisions about potential offers and ensures you’re not considering properties outside your budget.

• Closing Cost Estimate:

  Be aware that the purchase price isn’t the only financial consideration. Factor in closing costs, which can include lawyer fees, land transfer tax, and property taxes. Discuss these with your agent and lender to get a realistic picture of the total investment.

• Budget Buffer:

  Include a buffer in your budget for unexpected repairs or renovations that might be necessary after a home inspection.

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Research the Neighbourhood

• Community Vibe:

  Look beyond the property itself and explore the surrounding neighbourhood. Is it a good fit for your lifestyle? Are there amenities that cater to your needs, such as schools, parks, or grocery stores?

• Property Values:

  Research recent sales of comparable properties in the neighbourhood. This will give you a sense of the market value and help you determine if the asking price is reasonable.

• Growth Potential:

  Consider the area’s growth potential. Is it a stable and desirable neighbourhood with potential for future value appreciation?

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Digging Deeper: Inspections and Disclosures

• Home Inspection:

  A professional home inspection is important in uncovering any underlying issues with the property, from structural problems to electrical deficiencies. Factor in the cost of an inspection when considering your overall budget.

• Review Disclosures:

  Sellers are required by law to disclose any known issues with the property. Read these disclosures carefully and ask your agent to clarify anything that seems unclear.

• Negotiation Strategy:

  The inspection report and disclosures might give you leverage for negotiation. Discuss your strategy with your agent, who can help you craft a compelling offer that reflects the property’s condition.

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Making an Offer (or Moving On)

• Crafting a Compelling Offer:

  If you’re ready to move forward, your agent will guide you through crafting a competitive offer. This will consider the asking price, inspection findings, and current market conditions.

• Offer Negotiation:

  Be prepared for back-and-forth negotiation as the seller considers your offer. Your agent will represent your interests and advocate for the best possible outcome.

• Walking Away:

  It’s perfectly okay to walk away if the property doesn’t meet your needs or the negotiation reaches an impasse. There will be other opportunities, and your agent can help you continue your search.

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The Road Ahead

The steps after a property showing mark a pivotal point in your homebuying journey. By carefully considering these factors, you’ll be well-equipped to make informed decisions that lead you to the perfect place to call home.