House Hunting Checklist

Buying a new house can be an exciting experience. To make your life easier, I've compiled a list of things to consider before buying a home. Feel free to refer back to this list whenever you have questions or doubts about your purchase.

Do Your Research First

Start thinking about where you would like to live. Make a list of what you want in a neighborhood. Think about what is most important and what can be negotiated. Look at various neighbourhoods to see if they meet your needs.

Be Realistic

Have fun dreaming about what you'd like in your new home, and keep your expectations realistic. No matter how much you dream, any home you buy will not have everything you want. Aim for an 8/10 score on the 10 scales.

Get Your Finances in Order

When you're ready for a new home, you should consider your financial situation. Are you paying off any debt? How much can you afford to put towards a down payment? Will you be able to make monthly payments on a mortgage? You also need to think about what kind of house you'd like to live in. Would you rather live in an apartment or a single-family home? What amenities would you like to see in your new home?

Get Prequalified

First, you should contact your mortgage broker and get prequalified. You'll need to know what kind of loan you're eligible for, so make sure you talk to them about any special circumstances you might have. Then, you'll need to decide whether you're ready to buy right now. If you've got a job lined up, you might not be able to wait until you save enough money to buy a home. If you're planning to move into a new place soon, you might not want to put off buying a home because you won't have a permanent address yet.

Work With an Experienced Realtor® 

Real estate transactions are complicated and full of legal contracts, deadlines, and money-changing hands. It’s important to work with a professional who understands the ins and outs of a real estate transaction. A professional Realtor® will guide you through it, making sure your interests are protected. Realtors® have a fiduciary responsibility to their clients and follow a strict code of ethics. Interview at least three agents to find someone you feel comfortable working with.

Choose Your Moving Timeline

Set a realistic timeline for your move. Real estate transactions take several months to complete from the time you get your prequalification letter to the time you close on your new home. Keep an open line of communication with your real estate agent about how soon you want to move. 

There's No Right Time to Buy 

You may be wondering if now is a good time to buy a new home. The truth is, it's always a good time to buy. The sooner you start building equity, the sooner you'll be making a return on your investment. The best time to buy is the time that's right for you. 

Choose a Neighborhood 

You Love Your new home and will not be in a bubble. Make sure you consider the neighborhood when looking at homes. Make sure you have access to the things that are most important to you, e.g., schools, restaurants, shopping, and entertainment. You certainly don't want to buy a house you love in a neighborhood that doesn't meet your needs.

Don't Seek Too Much Advice 

When you tell people you are shopping for a house, expect to get tons of unsolicited advice and suggestions. It's human nature to want to help, but keep things in perspective. This is YOUR decision. Seek advice only from one or two people you truly trust. Remember, you're the one who will be living in the house.

Think Long-term

Real estate has the potential to help you grow your family's wealth. But it's not a get-rich-quick scheme. Real estate is a long-term investment. So, whatever home you decide to purchase, plan on staying in it for at least three years before selling. You might even consider other options, like renting it out, if you choose to move somewhere else.

Make Sure to Get a Home Inspection 

A home inspector will check everything, including the foundation, roof, plumbing, and electrical components in your home, to make sure you're buying a home that's worth what you're offering to pay. It's a small price to pay for peace of mind.

Don't Negotiate Yourself Out of a House 

Negotiation is definitely a part of the home-buying process. But, don't lose sight of what's most important when it's time to make an offer – you really want the house. Don't get so caught up in trying to get the best "deal" that you miss out on the home.

Factor in Some Repair Costs 

After Closing: Every home, even a brand-new construction home, will need some small repairs to make it what you want. Factor in a little extra money to spend on those small finishing touches after you close on the home. 

Be Ready to Make a Decision 

Real estate moves fast. When you see a home you love, be ready to make an offer. If you hesitate at this moment, you may miss out on a home. Remember, you don't have to see every house to make a decision. It's like dating – once you meet the one, you stop looking.

Bid Competitively 

Your parents may have taught you to "never pay the asking price" for anything from cars to houses. But long gone are the days of the buyer's market when buyers had most of the negotiation clout. These days you should put in a competitive offer that reflects how much you truly want the house. Don't Negotiate Yourself Out of a House Negotiation is definitely a part of the home-buying process. But, don't lose sight of what's most important when it's time to make an offer – you really want the house. 

Keep Contingencies to a Minimum 

Contingencies are conditions set by the buyers in the contract in order to close. An example would be that you must sell your home before you can close on the new one. Keep these conditions to a minimum. They're obstacles that could prevent you from getting to the closing table, which could keep your offer from being accepted by the seller. 

No Home Will Ever Be Perfect 

There is no such thing as a perfect house. That's a myth. Aim to find a home that has 80% or more of what you're looking for. Remember the three-sided triangle – price, location, and amenities. You can only fulfill two sides of the triangle. So, decide what's a priority and be flexible on the rest.

It's Normal to Second-Guess 

Your Decision: Buying a home is a big deal. It's completely natural to second-guess your decision. Just know that an investment in real estate is an investment in your future. So, no matter what house you purchase, it's a good decision. And if you decide in a few years to sell your home and move again, you can do that too. 

Don't Forget Why You Wanted to Buy a Home 

It's easy to get caught up in everything during a homebuying transaction. It can be overwhelming. Take a break and remember why you wanted to buy a home in the first place. You have dreams that you want to pursue – start a family, build a business, generate familial wealth, be near better schools for your kids, open more opportunities, etc. Go back to those reasons and focus on them.

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