This past Spring I bought my first house. Goodbye savings, hello 30 years of financial responsibilities!
Fortunately, I know a fair bit about the home-buying process. Not because I have a ton of personal experience, but because I work for a real estate investor and spend the majority of my day researching and writing about it. And thank goodness I do. Because buying a house is a BIG deal. It’s probably the most money you’ll ever spend, and in a seller’s market, you often have to make decisions in record time. Seriously, it’s pretty crazy when you think about it.
Anyway, after going through the process myself, I felt compelled to share a little advice. And because real estate content can be a bit dry sometimes, I thought I’d accentuate it with Schitt’s Creek GIF’s. You’re welcome!
Research is Important!
Buying a house is a big deal, and it’s important you know what you’re getting into. Before you start house shopping do some research and learn what’s involved in the process. What kinds of costs are involved? Where do you want to buy and what are the markets like in the area? How do you find the right agent? You don’t need to know everything, but some basic knowledge will make things easier.
Agents Can Be Awesome
When you’re buying a home there’s really no reason not to work with a real estate agent. He or she can help guide you through the process and make everything seem a little less overwhelming. My agent was great, and even though I found the house myself, her guidance during the actual buying process made everything less stressful.
It’s Tough to Keep Emotions in Check
This is the hardest one because buying a house is huge! Not only is it a ton of money, but you’re choosing where you and your family are going to live. But no matter what your situation, it’s really important that you don’t let your emotions dictate your decisions. It’s very, very easy to make a mistake when you’re thinking with your heart instead of your head.
Nobody Wins a Bidding war
Nobody ever really wins a bidding war – except the seller. You may get the house but if you’ve gone outside of your budget you haven’t won anything. Even if the house seems perfect and you desperately want it, it’s not worth it. Another one – that won’t cause your budget to go up in smoke – will eventually come along.
Don’t look at houses you can’t afford
The Property Brothers have a whole show based on showing people a house they love but can’t afford. It’s pretty mean because it totally breaks people’s hearts. (I know, I know, they get their dream house in the end.) But when it comes to anyone not working with the Property Brothers, always know the listing price BEFORE you go see the house, and do yourself a favour and don’t look at anything you can’t afford. It’s very easy to fall in love with something that’s out of your price range, and it always results in disappointment. Get pre-approved before you start looking and be realistic!
Inspections Are a Must When Buying a House
No one ever wants to spend extra money when they’re already making such a huge purchase, but I highly recommend getting a home inspection. If you don’t, you may get the house, but you may also get a lot of unexpected and very expensive problems with it.
Income Suites Can Make Houses Affordable
Houses are very expensive, and one of the best ways to offset costs when buying a house is to turn your home into an income property. In the end, I didn’t do this because I found a house for a really good price, but for a long time, I was looking for homes with separate entrances to the basement so that I could create an income suite.
Make sure you’ve got an emergency fund
No matter what kind of property you purchase – old or new, house or condo – there is always a chance something could go wrong, so make sure you’ve got an emergency fund to handle these issues. Remember, once you’re an owner and not a renter there’s no landlord to come to your rescue.
Happy house hunting!
