So your financial life is sound, and you are ready to buy your own home. It’s fine to be excited and have plenty of idealistic hopes for how your journey will go. But it also can’t hurt to put some safeguards in place to ensure that you won’t run into any trouble during your first foray into homeownership.
If you are gearing up to buy your own home in 2022, here are some tips and pointers to ensure that your purchasing journey goes as smoothly as possible.
Consult with reputable professionals
When buying your first home, you need to be incredibly savvy. But you will also benefit greatly from partnering with the right real estate professionals. Here are the people and/or firms you need to consult with before you make big decisions:
- Get in touch with a reputable mortgage company that can help you ensure that the house is in good repair. They’ll help ensure the neighborhood is perfect and safe for you and your kids, and that your entire family will be happy with the home you end up with. The best mortgage firm can even take the stress out of the feeling that comes with not being able to afford a house you’ve already fallen in love with. Find a mortgage company that has your interests at heart. Make sure they are committed to helping you find the home that is perfect for you and your family.
- Connect with a real estate agent that has plenty of knowledge about the town or neighborhood you end up choosing. They will help you navigate this new terrain because they can answer any questions that may arise during the process.
Image: Sotheby’s listing, 880 Rue Père-Marquette, Apt. 301, Instagram @canada_sir
Unfortunately, not even the real estate industry is immune to scams and fraud of all kinds. So your first order of business is to ensure that you are only talking to reputable companies and agencies that have a proven track record of helping scores, if not hundreds, of happy homeowners. Make sure to only consult with the best of the best professionals in the industry. Protecting your hard-earned money is worth it.
Check your financial planning, and then check it again
When it comes to ensuring that you are financially prepared for homeownership, there is no such thing as too much checking. There are plenty of expenses linked with purchasing a house that so many buyers tend to neglect. That includes lawyer fees to property taxes to homeowners’ association fees to closing costs. And because a first home is not always brand new, you might have to run into additional repair and maintenance costs like appliances, fencing, roof, lawn care, and others.
Make sure you are financially prepared for all of these expenses. And add a financial cushion should you run into more unexpected costs, because chances are, you will.
Be prepared for a crisis
Speaking of unexpected costs, it’s not just the money you need to be ready with, although it should be your priority. The cold, hard truth is that big transactions like buying a house will not always run perfectly. More often than not, people run into a moment of crisis. Here are some examples:
- You might run into some problems during inspections. And you might have to shell out more money (not to mention more time before you can move in!) if bigger issues are discovered.
- You might run into some issues with negotiations. One example is coming across a gorgeous house that has everything you need, only for the owner to back out of the deal.
These are just two examples of how things can go south during the process. You need to be ready for whatever disappointment may come during your home-buying journey.
Don’t get too attached until the house is yours
One of the worst things you can do for yourself as a home buyer is setting yourself up for disappointment. It’s understandable to fall in love with a property once you’ve stepped inside and have envisioned yourself living in the space. After all, that’s the goal of many open houses.
But if you fail to manage your expectations once you’ve made an offer, you also set yourself up for a world of hurt if you don’t get the house. Avoid heartache and disappointment by allowing yourself to be pleasantly surprised and ready for every possible outcome.
While not every home-buying journey is perfect, you can take some precautionary measures to ensure that your interests are protected throughout the process. Don’t forget these tips as you buy your home in 2022 so you can live with no regrets. Good luck!
Top image: Sotheby’s listing, 678 Havencrest Court, Vernon, B.C., Instagram @canada_sir