Why Are You Having Trouble Buying a Property?

Have you spent weeks or even months looking for the perfect property? Although you’ve been visiting many properties, you haven’t made an offer to purchase. Too small, too big, too old or in a bad location, the perfect house just doesn’t seem to exist! Browse through this article to discover five tips that will help you review some of your criteria to find your cozy nest… once and for all!

1. Re-Evaluate Your Needs and Be More Flexible

Assessing your needs is an essential step before you begin your search on the real estate market. However, you may need to re-evaluate your needs if you find that, despite the passage of time, none of the properties you have visited seem to meet them.

Ask yourself about the following factors, while being flexible[1]:

• The appearance
• The living area
• The number of rooms
• Location
• The year of construction
• The renovations required

In short, being open to new options can be a winning strategy.

2. Review Your Budget

Since the beginning of the pandemic, the real estate market has been particularly active. And overheating means overbidding. While the number of buyers is much higher than the number of properties for sale, offers to purchase the same property are multiplying.

The result? You may have to increase your budget if you want to be in the running. But before taking the plunge, consider obtaining the advice of a mortgage consultant to stay within your budget and not jeopardize your other personal projects. Negotiating the terms of your mortgage pre-approval will be crucial to the success of your search and the evaluation of the various options available to you[2].

In all instances, keep in mind that the cost of acquiring the property is not limited to the purchase price. When considering your options, remember to take into account[3]:

• Closing fees
• The Welcome tax
• Property taxes
• Insurance
• Moving costs
• Renovation costs (if needed)

3. Choosing the Right Moment

Is it better to buy a property in the winter or spring? Are visits more profitable in the morning or in the late afternoon? Each season and time of day has its advantages and disadvantages!

It is true that the real estate market has seasonal fluctuations[4]. While the winter season is usually favourable to buyers who will have greater bargaining power, the spring and summer months usually allow sellers to get the best price for their property because of the strong competition.

If you are looking for a property that includes features that are popular with many buyers, you can expect to face a lot of competition, especially during the high season. So, consider making the best possible offer from the start, which will maximize your chances of standing out in a multiple bidding situation[5].

4. Using Centris’ Tools Effectively

The Centris.ca website is full of useful tools to make your search easier. One of these tools is the Polygon function. Once you enter the name of the city or municipality in the search field, you will see all the properties available for sale within a given radius. This way, your searches will be limited to a specific area, which will save you lots of headaches.

In addition, the Lifestyle feature allows you to select specific search criteria, such as public transportation and nearby services. Moreover, when you create your account, you will have the possibility to save your selection criteria, save favorites and even receive alerts.

5. Knowing How to Remain Objective

No matter what you may think, buying real estate is often an emotional transaction. So how do you stay objective when you’re visiting properties or making an offer to purchase?

These five tips may help you gain the perspective you need before making a commitment:

Know your financial situation, including your borrowing capabilities

• Evaluate the positive and the negative aspects of properties
• Consider the location and the immediate surroundings
• Consider a real estate broker’s opinion
• Respecting all the steps of the real estate transaction
  

In short, buying a property is a long-term project that requires a lot of preparation: there is no need to rush. If it is not possible to carry out this project in the short term, despite reviewing your selection criteria or because of your personal situation, take the time to prepare yourself for the next few months or years. Several real estate professionals are at your disposal to provide you with the best advice adapted to your reality: do not hesitate to consult them.

See also:

• Buying a Home: Have you Calculated the Closing Costs?
• Purchase of a Single-Family Home: The Pros and Cons
• 5 Tips to Stay Unbiased When Buying a Property