Benefits for a First Time Home Suite Home Buyer
Your friends and relations may be telling you to buy a home with a suite but is that right for you? Before committing to this decision make a list of the benefits of becoming an owner of a home with a suite. And when this process confirms this is the right decision for you then proceed in the next step to buying your first home with a suite.
Considerations for the First Time Buyer of a Home with a Suite
The first thing a first time buyer of a Home with a Suite needs to do is to talk with a Bank or Mortgage Broker to determine the value of the home you can afford. And you need to find a lender that will give you some credit for the income generated by the suite. Then approximately 90% of all home searches begin on the Internet using the price limit that has already been determined. The Internet allows you to search through thousands of listings quickly and easily in this manner. Some of the specialized web sites, like HomeSuiteHomes allow you to narrow your search, to see any virtual tours, to view all property photos, to locate the property via sites such as Google Earth, to see the Walking Score of the home, to view the location of the property relative to schools, attractions, shopping, public transportation, to save your narrowed searches, to save your preferred property listings, and to email select home listings that you feel may interest other friends and relatives. For select properties you can also use a Mortgage Calculator to make certain you can afford those homes that interest you - and don't forget to credit yourself with about 80% of the additional produced by the suite . This quick and easy search capability should allow you to be very specific when you meet with a REALTOR® to begin the home purchase process.
How Long does it take to Buy Your First Home Suite Home?
Most Buyers will find their new home with a suite within a couple of weeks or less. The key is how motivated are you? If you are not committed to buying that first home then it may never happen. Good REALTOR®s will determine if you are really committed to your first home purchase and if so what you are looking for in a home in addition to the suite and why. Your REALTOR® will then only show you those homes that are still available (with no accepted offers) and that meet this criteria. In some instances a REALTOR® may also preview those homes whose criteria is questionable in order that they and you do not waste time.
How many home showings should you expect to see?
The general average number of homes showen to a Buyer in one day is six. You will find that any more than that and you will find the features of the homes start to run together and it will be more difficult to determine which homes your prefer. Most REALTOR®s will not be able to dedicate every day to finding, previewing if neccessary, scheduling, confirming, and then touring with you and so expect to maybe do showings every other day for the two weeks. That means you may see up to 36 homes over this period.
How to assess the features of each home showing?
- Take a close-up picture with your phone or camera of each house address as you home showing tour continues.
- Note those features you like about each house and highlight those features that are "deal-breakers" for you. Pay particular attention to whether the suite has its own laundry.
- Check out the location of each home, it's neighbourhood, and what is next door.
- Determine if there is a current occupant of the suite and take into account what rent is being charged, and whether or not you would want the tenant to continue renting.
- Right after each home showing rate the home.
- If there was no clear choice after seeing all the homes decide on which of your highly rated homes you would like to view a second time.
- You will probably notice features of each home - good and bad - that you did not notice the first time.
When you have made your first selection of a home with a suite your REALTOR® will then complete a Current Market Analysis and recommend an offer or range of offers. It is then your decision on what offer you wish to present. Your REALTOR® can review the strategy of presenting your first offer relative to the end price you wish to pay and considering the market at the time. In a Seller Market for instance you may not have much opportunity to negotiate price. And in fact should there be multiple offers the accepted offer may ever be more than the asking price.