Smart Steps Every Home Buyer Should Follow
Navigate the market with confidence and make informed decisions on your next home purchase.
Experienced home buyers know there’s more to consider than a great neighbourhood and a solid foundation. They search with both their hearts and their heads — and they rely on the guidance of a trusted real estate professional. Before you get swept up in the excitement of finding your ideal home, make sure to follow these smart steps.
Perfect home you can’t afford
Don’t fall into the trap of chasing a perfect home you can’t afford. Do your homework and define a realistic budget. Get pre-approved for a mortgage or consult with your preferred lender, and keep an eye on the market, as changes can affect what you’re able to afford.
Neighbourhoods you would most like to live in
Before you start touring individual homes, identify the neighbourhoods you would most like to live in. Consider proximity to schools, shopping, highways, and public transit — all of which can impact your daily life and long-term satisfaction. Take note of common areas such as parks and playgrounds, as they reveal a lot about how residents care for their community; watch for signs of neglect or well-maintained spaces. Your real estate agent can also provide insight into how quickly homes are selling in each neighbourhood, which is a reliable indicator of where people want to live.
home buying checklist
Smart shoppers never go to the grocery store without a list — and neither should you when visiting open houses. Organize your thoughts on paper and create a master home wish list to guide your search. Break it down into must-haves, nice-to-have features, and deal breakers. Bring this list with you so you can compare homes based on your personal needs and priorities.
4. Find a home inspector
Even before you locate your ideal home, have a home inspector at the ready. He or she may even be able to offer you some pointers for things to look out for when you first see a place.
5. Take your time
Don’t try to squeeze more than four viewings into a single day – it can be more confusing than convenient. Take photos and make note of the pros and cons after viewing each property so you can take a look at the next home without struggling to remember details about the one before.
6. Street sense
Be sure to ask about mutual driveways, parking, zoning bylaws and upcoming construction. You may be in a neighbourhood that is about to be receiving power line upgrades or road repairs that can wreak havoc on getting from point A to point B after you move in.
7. Be a legal eagle
Ask for a survey of the property and take a good look at it. Fences may not be on actual property lines and right-of-way issues may come into play in the future with the sale of the home next door. Don’t just rely on your judgement; hire a lawyer to inspect all of the paperwork related to a prospective purchase and to advise you.
8. Get a second opinion
If you’ve found a home that really appeals to you, show it to someone else like a good friend or relative. Let them do all the talking in case they see something you hadn’t noticed. Having someone who isn’t personally vested in the property can give you the objective opinion you need before you make your decision.
9. Think it through
In a hot market, it can be hard not to make an immediate offer. While that may work in most cases, be sure to step back, pull out your list and carefully gauge if this property meets all of your must-have criteria. Savvy househunters say that when you find the right property, you can feel it down to your bones. If that’s the case for you, see if you can wait a day (or a few hours) before making an offer. The only thing worse than buyer’s remorse is letting a dream home get away.