Buying a home?
Your stress-less checklist
If you're one of the thousands of Canadians who will be looking to purchase a home this spring, congratulations on taking this exciting step. Use this checklist to help in your preparations and to keep your stress levels in check.
- Assemble your team. Choose professionals, including a real estate agent, mortgage professional and lawyer, with whom you work well. Call upon their expertise to help guide you through the process.
- Know your needs. Figure out what is important to you and your spouse or to your other co-owner if you are buying with someone else. Do you need to be close to work or schools? How many bedrooms do you need? Is parking essential or an added bonus? Make a prioritized list and refer to it in the search.
- Set a budget. Reviewing your financial situation and setting it down on paper shows you how much you can afford, which reduces uncertainty and builds confidence. It also prepares you for a visit to a mortgage lender.
- Get pre-approved. Especially if this is your first home, getting a pre-approved (also called pre-arranged) mortgage can reduce anxiety. You won't have to worry about rising interest rates, and you'll be more confident about how much you can afford.
- Do your research. Quick decisions are often unavoidable in real estate transactions. You'll be better equipped to deal with the stress this can create if you've done your research and know the market.
- Manage your expectations. There is no such thing as a perfect house or condo. It helps to remember that finding the right home for you isn't a matter of finding the perfect one, but of deciding which features are most important to you at the price you can afford.
- Talk to other owners. Friends who've already bought a home are a tremendous resource. They can share their first-hand knowledge, answer your questions and, even more importantly, provide much-needed support and encouragement — and that can really help you minimize stress levels, no matter what.