TOP Things I Wish I Knew When I Was a First Time Home Buyer
February 7, 2025
Buying your first home is a life-changing decision, but it can also be overwhelming. With so much to consider, there are many lessons I learned along the way that I wish I had known at the start. Here are the top things I’d tell my first-time home-buying self:
- Understand the Full Scope of Your Budget When buying a home, it's easy to focus on the purchase price, but there’s much more to consider. Aside from your down payment, think about closing costs, insurance, property taxes, home maintenance, and utilities. These expenses can add up quickly, so make sure you have a clear picture of your financial commitment beyond just the mortgage.
- Get Pre-Approved for a Mortgage as Soon as Possible Being pre-approved for a mortgage helps set clear expectations on what you can afford. It also puts you ahead of other buyers in a competitive market. Sellers are more likely to take your offer seriously when they see you’ve already secured financing.
- Don’t Skip the Home Inspection Even if the house looks perfect, never skip the inspection. Home inspectors can identify potential issues that aren’t visible during a showing, such as hidden mold, plumbing problems, or issues with the electrical system. It may seem like an extra cost, but it can save you thousands in the long run.
- Learn to Manage Your Expectations No home is perfect, and compromises will likely need to be made. Whether it's missing that extra bedroom or needing to renovate a space, getting too attached to a "dream home" can cloud your judgment. Stay open-minded and realistic about what you can afford.
- Take Your Time with Offers and Negotiations Buying a home is exciting, but it’s essential to take your time before making an offer. Rushing through the process can result in overlooking crucial details, like property condition or neighbourhood amenities. A strong negotiation strategy can also help you secure a better price, so don't be afraid to make informed decisions with your agent.
- Understand the Closing Process The closing process is more complex than simply signing papers. You'll need to do your due diligence by reviewing documents, confirming the terms, and scheduling inspections. It’s critical to fully understand all the steps involved, so you aren’t caught off guard.
The journey to homeownership may seem daunting, but knowing these key tips can make it much easier. If you're starting your own journey, I’m here to offer guidance every step of the way.
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