(NC) - For many of us, our home will be our most significant asset. Therefore, it makes sense to employ the services of top-notch professionals when setting out to buy. Referrals from friends, family, or other housing professionals are always a good place to start looking for these key players:
Real estate agents
The job of the real estate agent is to help you find the home you want, so make sure you tell them exactly what you're looking for and willing to pay. Armed with that knowledge, a licensed real estate professional will:
With many options available, choosing the right mortgage can be difficult. Speak with your personal banker who will help you create a borrowing strategy that's perfectly suited to your personal goals. Creating a borrowing strategy is all about improving your cash flow, lowering your overall borrowing costs, and managing interest rate risk.
The work of the lawyer usually begins when you submit your offer to purchase. Your lawyer will:
A professional home inspector is a valuable addition to your team. They will examine your home assessing its structure, plumbing, insulation, roofing, and so on. The home inspector will identify areas that need repair, and provide estimates of what it would cost to fix any problems.
Take care when choosing an inspector, as most anyone can claim to be one. Most provinces have associations that require inspectors to meet professional standards.
You'll want to protect your home and its contents, so you'll need property insurance when you purchase. You'll also want to ensure that your family's mortgage payment will be taken care of should something happen to you, so consider mortgage life insurance.
Your insurance broker can help you decide on the type of coverage you need, and will find the best available rates. It also pays to shop around, so if you already have contents insurance, for example, ask your agent what they can do for your new home.
Visit www.electrospec.ca for more information about home inspections.
Gil Strachan is a professional home inspector, representing Electrospec Home Inspection Services in east-central Ontario since 1994.