3 Things Buyers Wish They Knew Before Buying a Home

Buying a home is exciting.

It can also be overwhelming.

There are listings to look at, financing to arrange, inspections to consider, offers to negotiate and dozens of smaller decisions along the way.

And sometimes the things buyers wish they had understood beforehand aren't the things they expected.

Here are three worth knowing before you start looking seriously.

1. Buying a Home Takes More Time Than You Think

Looking at homes is only one part of buying.

You may need to:

• Get your financing organized
• Determine what you can comfortably afford
• Search for suitable properties
• Attend showings
• Review property information
• Arrange inspections or other due diligence
• Make and negotiate an offer
• Work with your lawyer and lender
• Prepare for closing and moving

And once you find the right home, things can move quickly.

That's why it's useful to get organized before you fall in love with a property.

Know what you're looking for.

Understand your budget.

Have your financing conversation early.

And give yourself enough time to make decisions without feeling pressured.

2. The Purchase Price Isn't the Whole Cost of Buying

It's easy to focus on one number:

“Can I afford this house?”

But that's only part of the question.

Depending on the property and your circumstances, buying can involve costs such as:

• Land transfer tax
• Legal fees
• Home inspection
• Appraisal
• Moving expenses
• Adjustments on closing
• Insurance
• Immediate repairs or improvements

There can also be ongoing costs after you move in, including property taxes, utilities, maintenance and, where applicable, condo fees.

The better question isn't simply:

“Can I qualify for this mortgage?”

It's:

“Does this home fit comfortably within the overall financial picture I want?”

3. The Right Home Isn't Necessarily the Most Impressive One

This may be the biggest lesson of all.

A home can look fantastic online and still not be the right home for you.

Think about how you actually live.

Do you want stairs?

How much maintenance are you willing to handle?

Do you need a home office?

Do you want a yard?

How important is being close to family?

What about restaurants, shopping, transit or other amenities?

And perhaps most importantly:

What do you want your life to look like five or ten years from now?

The right home isn't necessarily the biggest home you can afford or the one with the most impressive finishes.

It's the home that fits your life.

Before You Start Looking at Homes in Hamilton

A little preparation can make the buying process considerably easier.

Before you start seriously looking, take some time to understand:

What can I comfortably afford?

What do I actually need in a home?

What am I willing to compromise on?

What location works for my life?

What other costs should I plan for?

Once those questions are clearer, the search becomes much more focused.

If you're looking for a home in Hamilton, I'm happy to help you work through those questions before you start booking showings.

Sometimes the most valuable part of the buying process happens before you see the first house.

Mike McCarthy, MBA
REALTOR®
Mike McCarthy Realty