Buying
or selling a home is an exciting, but complex and often confusing
transaction. Youll want to be sure you get sound advice from real
estate experts before getting involved in what may be the biggest
financial investment you ever make.
You
probably wont have to look very far for advice as friends, family and
neighbors will be eager to share their "expert" opinions and personal
real estate stories with you.
But
if you are looking for solid, practical information on buying or
selling your home, the Ontario Real Estate Associations (OREA) "how to"
books are a great place to find it. You can order a free copy of How
to Buy Your Home and How to Sell Your Home
by calling at 1-800-563-HOME.
These
"how to" books are easy-to-use, step-by-step guides that take the
confusion out of buying or selling a home. The information in these
books can demystify the many terms used in real estate and help you
understand the process better.
Although
these books go a long way in helping you to understand a real estate
transaction, they cannot replace the services of a Realtor. A Realtor
has the knowledge and experience that the books simply cannot provide.
However, you will find great advice on how to select a Realtor in these
books.
A
Realtor has access to vast amounts of information and can pre-select
properties or potential buyers, advise you on the various financing
options and tell you when to bring in other experts (home inspector,
lawyers, insurance agent, etc.) required to complete the real estate
transaction.
How
to Buy Your Home
Whether
you are a first-time buyer or a repeat buyer, youll find lots of great
tips in this book. How to Buy Your Home can help you determine how much
home you can afford and if you are selling your current home to buy
another it explains the advantages and disadvantages of buying or
selling first.
Each
chapter deals with another aspect of the real estate transaction
including how to work with a Realtor and other professionals, how to
shop for a mortgage, how to talk to a banker, how to select a home
inspector, what additional costs to watch out for, how to close a deal
and make a smooth move to your new home.
How
to Sell Your Home
This
book begins by helping you assess your reasons for selling and
discusses alternatives to consider such as refinancing and renovation.
It also discusses the cycles in the real estate market and the
"seasonality" of home sales that may affect your decision on "when" to
sell. For example, changing interest rates can affect market cycles;
chilly winter weather may draw out fewer buyers, but youll also be
competing with fewer homes on the market.
The
book also discusses the advantages and disadvantages of buying first or
selling first and various financing options such as bridge financing
(borrowing funds for the purchase of your next home when the sale of
your current home is not yet complete).
How
to determine a realistic asking price, how to enhance your homes
appearance, how to market your home effectively, what to do when you
receive an offer and how to complete a sale are also covered in How to
Sell Your Home.
Both
books contain handy checklists, work sheets, tips, hints and advice.
Combined with the expertise a Realtor has to offer, these books can
help make home buying or selling a pleasant and profitable experience.
The
above article was prepared by the Vancouver Island Real Estate Board -
"An Association of REALTORS" for the information and benefit of
consumers.
Feb
2002
