Buying a home is a huge decision and one that you should be extremely well-informed about before entering into. Do you feel prepared and knowledgeable about the process? To help you out, here are 7 important things we believe you should know before buying a home:
Homeownership is not something to rush into
There are many factors to consider before taking the plunge into homeownership and you should take the time to talk these through with your partner, friends, and family members. Homeownership is not something that can easily be rushed out of – it’s a commitment. When purchasing a home you should plan to be there for at least five years.
You can shop around for mortgage lenders, as well as RealtorsⓇ
Purchasing your first home is a huge milestone, and you want to feel secure that you have the best people to guide you in your home buying journey. Taking the extra time to shop around for a mortgage lender or realtor will ensure that you are working with someone who has your best interests in mind.
You can get emotional
Even if you don’t think you will get emotional during the homebuying process, you may find yourself getting a little overcome. For example, getting very attached to a specific home can cause a lot of worry and stress in a multiple offer scenario. The negotiating process with the seller can also be stressful if they aren’t willing to compromise on price or other items. Even the process of house hunting can take a toll on you if it drags on for months and months. Having a RealtorⓇ you can trust and rely upon will really help ease some of these worries.
A home inspection is crucial
Don’t skimp on the home inspection! Make sure you use a reputable inspector who has experience with your particular type of home. More often than not, a home inspection will raise some issues, however, these can often be easily fixed or negotiated with the seller upon.
Make sure to factor in closing costs
Closing costs can often amount to between 3-5% of your home’s price, so it is very important that you factor these costs into your final figures. Final closing costs can include land transfer taxes, title insurance, appraisal fees, home inspection fees, and legal fees. There is a government rebate for the land transfer tax for first-time homebuyers
You can never plan for every expense
There are lots of expenses involved with owning a home that can be expected and budgeted for every month, such as bills and your mortgage payments. However, homeownership can also come with some surprise expenses. Did your refrigerator just shut down? Has your roof started leaking? The costs of property maintenance can often take first-time homeowners by surprise. Make sure you always have some money set aside for a rainy day, you never know when you might need it.
Don’t get caught up in appearances
Use your imagination to look beyond that hideous carpet or that ugly purple wallpaper! See the potential in a property, don’t get caught up in the superficial things that can easily be changed.
Ready to start hunting for your perfect home and looking for a knowledgeable RealtorⓇ to guide you? Our team of Ottawa real estate experts are ready to help! Contact the Royal LePage Performance Realty team today to get started.