So, you’ve decided to buy real estate. But the task seems a little daunting. What about all the pieces required to buy a property and to make sure you’re getting a good deal? Don’t you need a ton of expertise beforehand?

You don’t need as much expertise to start with as you think. And that’s because there’s a lot out there already. Each step to buy real estate involves a professional: Real Estate Agents, Mortgage Brokers, Mortgage Specialists in Banks, Lawyers/Notaries, Inspectors, etc. You’ll be working with multiple experts, so you don’t need to have exhaustive expertise in each of these components.

Where do you start?

So, where do you start if you want to buy real estate? What are the best research sites? How much should you know before you meet with the experts? Does it all seem daunting?

The best advice we can give you is to meet up with the experts first.

If you’re interested in buying property, that’s more than enough reason to go out and meet the professionals.

It’s possible that you love doing research, you’re pumped to start, and you have a plan. But if you’re like many other people who don’t know where to start or don’t have time, don’t worry. Preliminary research can be daunting because you’re doing it all yourself. The easy tip is to go out and meet with people and then start your “studying”. Otherwise, it can be easy to get lost in the information out there.

When you’re looking to buy real estate, two of the most critical experts you’ll meet in the beginning are free to meet: Real Estate Agents (the service is free if you’re buying) and Mortgage Specialists/Brokers. So, take advantage of that and learn from them. Brushing up in advance is optional but not required. And check out Building Boardwalk for some great resources for first-time buyers!

However, this doesn’t equal a call to action. You shouldn’t buy the first place you see or get the first mortgage rate you’re offered. At this point, you’re still in the information-gathering phase.

But remember, it’s easier to start if you have an appointment with a person rather than your laptop!

Money Talk

In terms of financial expertise, the numbers won’t be very complicated when you’re buying your first property. There are resources and calculators online; we like this one. And if you’re going to rent it out, is your monthly rental income covering your property expenses?

The numbers only start getting more advanced when you start buying more than one property. But by then, you’ll already know the basics.

Tips

Here are a few tips to get started and help you make the most of your time when you’re looking to buy real estate:

Real Estate Agents

• Looking online can be a good place to find a Real Estate Agent. But your best bet is to ask people you trust for their recommendations and who they enjoyed working with. Then, get to touring a couple of neighbourhoods with your Agent.

• Don’t be afraid to consult more than one Agent (assuming you don’t sign anything that states otherwise)! If you’re buying, it’s no cost to you.

• Its possible but rare that you’ll find the perfect Agent right away. Each one will have different perspectives. By seeing more than one, you’ll  be able to see more properties, get access to more exclusive listings and counter-verify information to be sure that you have a solid, overall picture of the market. Just stick to this rule of thumb: if an Agent shows you a place, use them for that specific property.
• Make use of your Real Estate Agent’s extensive knowledge of the local housing market. They’ll be able to offer plenty of information on price trends, interesting (or not!) neighbourhoods, quick visual assessments of properties you visit, etc.
• Its important to ask about any new developments. This could potentially impact the future value of property. Agents, especially good ones, are close to the market they work in and have news on what’s coming. For Agents that also offer rental services, they can help give you a baseline of how much rental income you can earn with your property.

Mortgage Professionals

• A Mortgage Specialist (or Officer) represents the products of one lender (like a bank), while a Mortgage Brokers can represent many lenders.
• Meet with a Mortgage Specialist at a bank and get pre-approved. It’ll allow you to gauge how much you can afford, what documents you’ll need and how the process works.

• Again, you should consult more than one Mortgage Specialist/Broker. They’ll advise you on different mortgage products and how these will affect your buying decisions. It also allows you to shop around for rates. You can then verify those rates against each other and negotiate.

Other Experts

• If you’re planning on doing major renovations right away or flipping your property, speak to a contractor for ideas. Ask what’s possible and ask them about costs/estimates. But just be careful you don’t have to pay for the consultation!
• Notaries offer a pretty standard service. Personal referrals are a good idea, or you can ask your other trusted specialists, i.e. Real Estate Agent, Mortgage Broker/Specialist. Some Mortgage Brokers/Specialists offer a special to cover these costs – so, don’t forget to ask!

And Finally…

• Just do it. Just make the appointments.
• Don’t be afraid to ask questions! And to ask many questions! Prepare your questions in advance or do it on the fly. Either way, that’s what the experts are here for and that’s why they’re getting paid.

Meeting with many specialists, even many of each kind, will be invaluable to helping you learn about the industry as well as about a specific area. And, with time, you’ll build your own team of experts, who reflect your personal approach and style to buying property.