Are you ready to take on the challenge of buying a home in 2022? Like any big project, a successful home buying experience is all about getting the details right from start to finish. And while it can be a long process, buying a home is exhilarating, rewarding and a big commitment. The hunt for your dream home will stall rapidly if you don’t know what that “dream” looks like. Before you fire up those real estate search engines, you must think specifically about your dream home, sit down and make a list of your needs and wants — and yes, those are two different things. If you skip this step, you are only setting yourself up for disappointment further down the line. So how do you get ahead in a market full of so many options? The key is preparation.
See, I told you there'd be some fun steps! And coming up with a list of must-haves and nice-to-haves for your house is definitely one of them. Whether you’re looking for a starter home or somewhere you can imagine living for years to come, If you're all about having a backyard or if you're in a more heavily populated area or you don't want to deal with all that maintenance - there are lots of little details, and bigger decisions you might make when drawing up your list: Ask yourself, “Which type of home will best suit my needs” a duplex, a townhouse, a condominium or an apartment? “Which specific features do I want my ideal home to have”? While it's good to have some flexibility in this list, you are making perhaps the biggest purchase of your life, and you deserve to have that purchase fit both your needs and wants as closely as possible.
This should be included in your wish list. What is your ideal location? Remember this - you can change the colour of your home by repainting or adding an extension to increase the size of your home, but you can NOT alter where your home is located, hence it is very important to consider your surroundings. Think about factors like safety, amenities, (Walkability, green spaces, restaurant/coffee shop etc) it is also smart to find out if there are schools nearby, even if you do not plan to have children, school quality can impact your home’s value(It can help or hurt your resale price should you choose to sell down the line)
How much money do you need to buy a house? That’s the second question you’ll want to consider, especially if you’re buying a home for the first time. Before you start house hunting, you need to determine how much you can afford. Weigh the pros and cons of different types of homes given your lifestyle, e.g a condominium or townhouse may be more affordable than a penthouse. Consider your income and existing monthly expenses. Keep in mind that homeownership comes with several maintenance costs that you do not need to worry about while renting. Meaning you may need to budget extra for lawyers and other costs. Getting your finances in order before searching for your dream home can make all the difference in a competitive market. Ask yourself: What’s your price range? How much do you have saved for a down payment? Or how much can you save per month? Determining your budget and how much financial wiggle room you have can help put your must-haves more clearly into view.
You might think to yourself that “I don’t need an agent”, but obtaining professional help can make the process of buying your home much easier. Their knowledge of the home buying process, negotiating skills, familiarity with the area you want to live in, and their knowledge about the market value of homes can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent Your agent will look out for your best interests by finding homes that meet your criteria, get you showings, help you write offers and negotiate.Having an agent by your side can help you navigate the real estate market.
It is time to take scrolling through online real estate listings to the next level and actually see some homes in person. Remember the wish you made? This is where it comes in handy, your real estate agent will search and show you homes that feature your top priorities and are within your budget in other words homes that fit your criteria. Make the most of your show house tours. Take photos with your phone to help jog your memory. It might be easy to recall that charming breakfast nook or the extra bedroom that would make a perfect home office, but the decking that needs replacement could be out of sight, out of mind. Only you can decide which property is right for you. Make sure you see plenty of homes before you decide which one you want to make an offer on. You may need to spend some time searching for the perfect home, so don’t get discouraged if your hunt takes longer than you expected.
When you begin your hunting for a home and show house tours keep in mind that no house is perfect. Try to look beyond the beautifully staged show house’s and focus on what is most important, the countertops, the floor, and the wall. Try to visualise yourself in the home. Stick to your budget - you may feel pressure to spend outside your comfort zone to beat another buyer's offer. Do not succumb to the pressure or get discouraged if you lose out on the first or second house or if the seller will not come down on the price. Sticking to a budget will help you avoid financial stress down the road and your real estate agent will help you look for homes that are below your budget to give some wiggle room for bidding.
Finally you have found your dream home! Now before you make an offer, hire someone to help you with the home inspection (assuming you can’t tell the difference between live wire & earth wire). A home inspection will help you make a more informed decision plus give you a better idea of the ongoing maintenance the property will require. The home inspection should cover items like Plumbing, wall, ceilings, & floors, electrical, ventilation, heating & AC etc. The results of the home inspection may impact your negotiations with the seller on the price as well as confirm if the home is up-to-par for your occupation.
You have finally made it to the last step and it's time to make this beautiful property your home officially! Your real estate agent will be a tremendous resource here, they will help you manage negotiations and write the offer letter on your behalf which makes the closing process less nerve-wracking. Do a final tour of the home with your real estate agent, and be sure you check that everything that was agreed upon with the seller (e.g. appliances that are supposed to come with the home) is actually there – don’t be afraid to walk away if you can’t reach an agreement. Draw what will perhaps be the biggest check of your life, get your keys, and start making plans to move into your new home. Congratulations, You did it! You’re officially a homeowner.
