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Ben Sage, Moving Woodstock

6 Things to think about when preparing to make an offer.

Posted on December 16, 2013 by Ben Sage in Buyer

So you’re getting ready to make an offer!  Here are 6 things you will want to be thinking about:

1. What do YOU want?

  • Think about your ideal closing date
  • If upgrading: Do we want to own two houses for a short period of time?
  • Do you have appliances? Are the appliances in the new house better? Do you want to buy new appliances?

2. Are you Ready?

  • Is your deposit and approximate closing costs ready to go?
  • Have you taken on any additional debt / financing since your pre-approval?
  • Has your job status changed since your pre-approval?

3. Analyze your costs

  • Use an online mortgage calculator (I use ING Direct’s Calculator) to determine your monthly mortgage costs.
  • Have you included Property taxes in your monthly carrying cost?  How much are property taxes?
  • What about Water, Sewer, Heat and Hydro?  Don’t forget, I can likely get you historic utility costs on the home before we make an offer!

4. Check out the neighbourhood

  • Have you driven around the area at different times of the day, to see what the neighbourhood looks like?  Lots of people at work?  Are there kids playing on the street?  Is it busy on the weekends?  Is that what you want?
  • Ask me about the school catchment area.  Check out the Woodstock Police Crime Map.
  • Which churches, stores, and parks are nearby?
  • How close is it to work?
  • How close is it to train tracks or other negative value influences?

5. Talk to me about Strategy

  • Be informed as to what other homes have sold for in the neighbourhood.
  • How long does it take to sell a house in this neighbourhood?
  • How long has the home been on the market?
  • What are the trends in the neighbourhood?
  • Why are they selling?

6. Read the Paperwork in Advance

  • Check out the Agreement of Purchase and Sale document (here).  Any questions?

This is by no means an exhaustive list, but a good start when considering making an offer.

Every scenario is different, so I will customize your experience according to your needs.

 


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